Nonfungible tokens (NFTs) are constantly in the news. NFT platforms are springing up like mushrooms and champions are emerging, such as OpenSea. It is a real platform economy that is emerging, like those in which YouTube or Booking.com gained a foothold. But it is a very young economy — one that is struggling to understand the legal issues that apply to it. Regulators are starting to take an interest in the subject, and there is risk of a backlash if the industry does not regulate itself quickly. And, as always, the first blows are expected east of the Atlantic. In …

On Jan. 31, Meta, formerly known as Facebook, announced that it was pulling from its stablecoin project, Diem, formerly known as Libra. Intellectual property and other assets related to the operations of the Diem Payment Network were to be sold to Silvergate Capital Corporation, essentially meaning the end to Mark Zuckerberg and his corporations’ stablecoin aspirations, at least in their current shape. This also marks the end of a once-groundbreaking initiative that was revealed in 2019 with a promise to bring a global alternative to fiat money to Facebook’s 2-billion-strong user base. Here is how this plan went from the …

Bitcoin (BTC) craze among lawmakers has reached the Belgian parliament now, as Brussels member of parliament Christophe De Beukelaer became the first European politician to convert his salary to Bitcoin. The Brussels MP’s monthly salary of EUR 5,500 will be converted to Bitcoin using Bit4You crypto trading platform, reported Bruzz. Beukelaer who represents Humanist Democratic Centre (CDH) party, hopes his move would inspire other politicians in the region to show a similar interest in the nascent tech. Beukelaer cited the example of New York City Mayor Eric Adams and how American politicians are working to make their native state or …

An interesting year has come to an end for the crypto industry in Germany. Although blockchain technology and cryptocurrencies have not yet found wide acceptance in the country, more and more domestic institutions and investors are becoming interested in the crypto world thanks to legal clarity. Here, we’ll look back at the most important developments in the German blockchain and cryptocurrency industries in 2021. Securities law reform to embrace blockchain In terms of legal challenges, German legislators have increasingly been taking a lead role and 2021 was no exception. Since June 2021, the Electronic Securities Act (Gesetz über elektronische Wertpapiere) …

Decentralized finance, known as DeFi, is a new use of blockchain technology that is growing rapidly, with over $237 billion in value locked up in DeFi projects as of January 2022. Regulators are aware of this phenomenon and are beginning to act to regulate it. In this article, we briefly review the fundamentals and risks of DeFi before presenting the regulatory context. The fundamentals of DeFi DeFi is a set of alternative financial systems based on the blockchain that allows for more advanced financial operations than the simple transfer of value, such as currency exchange, lending or borrowing, in a …

Founded by BitMEX Group CEO Alexander Höptner and CFO Stephan Lutz, BXM Operations AG announced today its plans to acquire Bankhaus von der Heydt, one of the oldest banks in Europe, to create a regulated crypto one-stop-shop in Germany, Austria and Switzerland. Dietrich von Boetticher, the owner of the German bank, and BXM have already signed a purchase agreement. However, it still requires the approval of BaFin, the German financial services regulatory authority. The purchase is expected to be complete by mid-2022. According to the announcement, the company’s objective is to expand its operations in Europe. Following the launch of …

Brazilian 2TM Group, the operator of Latin America’s largest cryptocurrency exchange, Mercado Bitcoin, is moving to expand its global footprint with a strategic acquisition in Portugal. The company officially announced Wednesday the acquisition of a controlling stake in CriptoLoja, a Lisbon-based crypto exchange licensed by the Portuguese central bank. Subject to approval by Banco de Portugal, the new deal intends to help 2TM start its expansion into Europe with over-the-counter exchange services. The company also plans to offer the services of Mercado Bitcoin to retail and institutional investors in Portugal. “We will access the European market using the clear synergies …

Brewers and farmers from Belgian Barrels Alliance (BBA) have partnered with Zeromint to offer nonfungible tokens (NFTs) aimed at preserving the UNESCO recognized Belgian beer culture and heritage. As a part of the partnership, Zeromint will mint and offer exclusive NFTs on the GoChain blockchain, which will be made available for international beer fans via BBA. Starting today, the organization will run several BBA NFT collection projects around sustainability and the preservation of Belgian beer heritage for the next 14 days. According to the official statement, the first Belgian Barrels NFT auction will be used to recruit 11 participants for …

Cryptocurrency ATMs offer people the convenience of either physically cashing out their crypto, or in some cases, buying some right off the street. Their spread represents the growing interest in and acceptance of cryptocurrencies. However, despite their growth, most of these ATMs operate in a way that goes against some of the core principles of the underlying blockchain technology. Existing crypto ATMs are not only rather centralized physically, with nearly 75% located in North America and roughly the other quarter in Europe, but have also been monopolized and are anti-privacy by design. In keeping with core blockchain principles of privacy …

Billion-dollar companies across the globe are betting big on Bitcoin (BTC). Recent analysis from European investment manager Nickel Digital Asset Management found that 20 publically listed companies with a market capitalization of over $1 trillion have about $9.6 billion invested in BTC. Individual investors are also taking an increasing interest in the asset. The “Third Annual Bitcoin Investor Study” from Grayscale Research found that demand for Bitcoin has risen tremendously. According to the study, 55% of current Bitcoin investors began buying the asset over just the last 12 months. Grayscale’s report also notes that the market for those interested in …

German savings banks are reportedly planning to allow customers to invest in major digital currencies like Bitcoin (BTC) and Ether (ETH) directly from checking accounts. Savings banks in German-speaking countries, also known as Sparkassen, are working on a pilot to launch an in-house cryptocurrency wallet and exchange next year, local business magazine Capital reported Dec. 13. The pilot project is subject to approval by Sparkasse committees early next year, while the banking association aims to develop related services at the beginning of 2022. An expert group from German IT service provider S-Payment is reportedly designing the concept for the project. …

French crypto-friendly fintech startup Lydia has raised $100 million in a series C funding round, as per a report in TechCrunch. The latest capital raise reportedly helped Lydia attain unicorn status with a valuation of over $1 billion. The $100 million fundraise comes nearly a year after its series B funding round of $86 million in December 2020. The round was led by existing investors Tencent and Accel and also saw participation from Dragoneer and Echo Street. The fintech startup aims to use the fresh capital to expand its footprint in Europe. The firm hopes to onboard 10 million European …