German financial regulators have approved a security token offering (STO) based on a Bitcoin (BTC) sidechain. Germany’s Federal Financial Supervisory Authority (BaFin) has greenlighted the EXOeu token by game publisher Exordium, making local retail investors eligible to participate in the sale on Stokr, a major European digital marketplace. German investors can invest in EXOeu via Stokr with a minimum investment amount of $100. EXOeu is the second STO ever approved for the German market on Stokr after BaFin approved an STO by parking network ParkinGO last year. Launched in January 2021, the EXOeu security token is raising funds for the …
The European Securities and Markets Authority (ESMA) has published its report on trends, risks and vulnerabilities in the European Union markets during the first half of 2021 (1H21). Its takeaways included the argument that crypto markets’ extraordinary volatility and growth make a compelling case for the need for a targeted regulatory regime, as sketched out in the European Commission’s proposed Markets in Crypto-Assets regulations. Much has been riding on the EU and global market’s recovery during 1H21 amid the ongoing impact of the COVID-19 pandemic. ESMA’s report notes that the economic outlook has continued to improve overall, with the European …
The European Union is reportedly looking to bolster technological development in the region with a planned $177 billion investment war chest. According to Bloomberg, EU officials plan to fund direct investments in areas like blockchain, data infrastructure, 5G, and quantum computing, among others. The planned $177 billion investment fund is about 20% of the 750 billion euros ($887 billion) stimulus package agreed upon by EU leaders back in July 2020 to kickstart economic recovery amid the ongoing COVID-19 pandemic. Speaking on Wednesday, Ursula von der Leyen, President of the European Commission, stressed the importance of investing in digital technology for …
Eurex, a derivatives exchange owned by German stock market operator Deutsche Boerse, has debuted cryptocurrency derivatives trading with ETC Group’s Bitcoin (BTC) exchange-traded note (ETN) futures product. Eurex officially announced Monday the launch of the Bitcoin ETN Futures contract developed by London-based crypto derivatives issuer ETC Group. “As the first step in our portfolio of crypto derivatives, the offering is the first regulated market in Bitcoin-related derivatives in Europe,” Eurex said. Trusted path to #crypto: today, we launched #Bitcoin ETN #Futures. As the first step in our portfolio of #CryptoDerivatives, the offering is the first regulated market in Bitcoin-related #derivatives …
Too much is happening in the realm of crypto policy and regulation to leave the biggest developments of each week without a roundup and at least some conceptual reflection. Starting today, we are getting back to decoding crypto law and everything around it that is worth decoding. Who’s next to follow El Salvador? Eyeballs galore will be pinned to the great Salvadoran experiment from now on. People with PhDs in economics and applied statistics within central banks and research institutes will chase every accessible data point that could be remotely helpful in making sense of the effects of Bitcoin’s adoption …
As if he didn’t have enough to do, Gary Gensler appeared before the European Parliament on Sept. 1 to share his policy recommendations regarding the regulation of crypto assets and other matters. While the United States Securities and Exchange Commission Chair made clear that he was presenting his own views — not those of the Commission — his (virtual) appearance necessarily raised questions. Does Gensler, regarded by some as America’s most crypto-savvy regulator, believe that cryptocurrency and blockchain policy has to be harmonized globally? If so, can he make common cause with the Europeans — or do the U.S. and …
Gary Gensler, the chairman of the United States Securities and Exchange Commission, has appeared virtually before the European Parliament to share his policy recommendations regarding the regulation of crypto assets. Speaking to the Parliament’s Committee on Economic and Monetary Affairs on Wednesday, Gensler highlighted the role financial technologies are playing in globalizing economic flows and undermining siloed national markets: “I think the transformation we’re living through right now could be every bit as big as the internet in the 1990s.” Gensler highlighted the $2.1-trillion cryptocurrency markets as a “truly global” asset class, stating, “It has no borders or boundaries. It …
Recent research has revealed that Eastern Europe remains a very high source of cybercrime activity — both from perpetrators of scams and users of darknet markets — in the cryptocurrency sector. Cryptocurrency addresses based in the Eastern European region have the second-highest exposure to illicit activity after Africa, according to a report published today by blockchain research firm Chainalysis. However, Eastern Europe has a much larger overall crypto economy than both Africa and Latin America (which came in third). The findings echo research carried out last year. The research analyzed the illicit share of cryptocurrency activity by region between July …
A large-scale poll across 12 European Union member states revealed that a majority of Europeans would prefer local governments to create and regulate cryptocurrencies. Redfield & Wilton Strategies carried out a survey for Euronews, polling 31,000 respondents from Estonia, France, Germany, Greece, Hungary, Italy, Latvia, Lithuania, the Netherlands, Poland, Portugal and Spain. Against the backdrop of the new crypto laws proposed by the European Commission (EC), a lion’s share of respondents from all nations supported the creation of a national cryptocurrency. The main reason for an in-house token, however, is attributed to gaining financial independence from the European Union. Out …
According to regional media reports, the Financial Administration of the Republic of Slovenia, or FURS, is considering imposing a 10% taxable income bill on cryptocurrency asset activity in the near future. Under the current legislation method, the authority analyzes an individual's digital asset activity on a case-by-case basis by trawling through their buy and sell transactions. This can result in a stagnant and tedious crypto administrative process. The introduction of this progressive initiative aims to digitally streamline the process, focusing solely on the purchase of goods and services, or the conversion of crypto assets into fiat currencies. Within these parameters, …
Major United States-based cryptocurrency exchange Kraken is planning to officially expand into the European market, following in the footsteps of rival exchange Coinbase. Kraken co-founder and CEO Jesse Powell said that his firm is actively working on receiving a European license, targeting several local jurisdictions for a potential regulatory approval already this year. In a Tuesday interview with German business news agency The Handelsblatt, Powell noted that Kraken has been in talks with multiple European regulators, with countries like Malta, Luxembourg, and Ireland being the most likely jurisdictions to license the U.S. crypto exchange. The CEO reportedly stated that Kraken …
Deutsche Boerse-backed digital asset firm Crypto Finance AG and Swiss business-to-business transaction bank InCore are launching a new tokenization tool based on the Tezos blockchain. InCore Bank officially announced on Tuesday a new collaboration with Crypto Finance AG and Swiss IT consulting firm Inacta to introduce new digital financial products based on Tezos, a decentralized, open-source, proof-of-stake blockchain network. The involved companies have developed a new Tezos token standard for asset tokenization built on the Tezos FA2 standard, a multi-asset interface for Tezos allowing developers to invent token types like nonfungible tokens. Using the Tezos FA2, Inacta has developed the …