German Regulator Pledges ‘Precise’ Oversight of ICOs
Germany's top financial regulator has issued a letter of advice in an attempt to clarify some of the regulatory uncertainties around ICOs.
While a grandfather clause allows crypto custodians to keep serving German customers without being penalized, those same companies are waiting on financial regulator BaFin to release final regulations around the law.
Two more governments have taken action against entities in the Karatbars ecosystem over sales of a purportedly gold-backed cryptocurrency.
In its latest guidance released in January, the regulator said firms already custodying digital assets for Germans would not be penalized for not having a license. Instead, they’d be grandfathered into the same protection that crypto custody firms based in Germany already have under the new law.
German startup Fundament has obtained regulatory approval to sell $280 million-worth of a real estate-backed ethereum token to retail investors.
The president of BaFin thinks blockchain-based applications are "revolutionary" and could turn the entire financial sector "upside down."