Wien Energy has started new blockchain technology tests

The largest energy group in Austria will soon issue more services on the market
08 February 2018   144

As Astrid Schober, Wien Energy's chief innovation officer, stated, the company tests new services on basis of blockchain technologies in Vienna's Viertel Zwei. Wien Energy intends to step up business case and enter the market when necessary experience will be gained.

New business model is aimed at connecting electric car stations using blockchain technology. Moreover, amenities land registry and power supply also would be included in forthcoming project.

Blockchain technology was introduced in Wien Energy earlier, but only for commercial transactions. According to Astrid Schober, the company would not stop on this success, but it will be searching for other business models as hard as possible. Wien Energy does not want to be left behind in the technology progress.

Wien Energy is an integral part of Eurochain, a consortium of European utility providers. Participants of a consortium are active in learning new potential models for providing their services. It means that the energy industry is interested in the implementation of blockchain technologies.

German Financial Regulator Clarifies Stance on ICOs

The Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) has clarified its position on ICOs
22 February 2018   53

German financial regulator admitted it was receiving many inquiries about the status of tokens and cryptocurrencies. According to an advisory letter, BaFin provides some basic definitions of ICOs and related terms. It is important because the results of a new survey showed that more than two-thirds of Germans know about bitcoin.

In this letter, BaFin educates the public and explains how tokens are typically generated, how blockchain works and that ICOs are used to raise funds for startup projects. The note states that for regulatory purposes, ICOs, tokens, coins, and cryptocurrencies are subject to the existing provisions in the field of securities supervision and other relevant national and EU laws.

The authority advises participants in ICOs to check and follow rules applicable to regulated financial instruments, such as securities. If businesses or individuals have any doubts about regulations, they should approach BaFin.

According to BaFin, companies should fulfill any obligations under the Banking Act and the Capital Investment Code, the Insurance Supervision Act and the Payment Services Supervision Act. The transactions may be prohibited if relevant regulatory requirements are not met.

The authority also states that legal classification of tokens requires precise examination. It will determine their status on a case-by-case basis after studying their features. The token should be transferable and tradable on cryptocurrency trading platforms in order to be classified as a security.