The Ministry of Finance in Germany has recently recommended that the country recognizes blockchain-based securities as a legitimate form of financial instrument and regulate them in the same way.
A paper went live in the digital currency news after it was published on Friday, where the agency says that securities can be issued in an electronic form and should not have to be documented on paper.
“German law should generally be opened up for electronic securities, i.e. the currently mandatory documentary embodiment of securities (paper form) should no longer apply without restriction,” an extract of the paper said, according to translation from German.
Right now, legislative efforts should create a framework that will regulate these digital instruments – along with the flexibility to adjust the rules to the changing reality of blockchain technology, as the ministry added.
“In view of the fact that the technical standards and requirements can change rapidly, authorization should be provided to regulate the specific technical details by legal regulation.”
The initiative is expected to start with electronic bonds and only later move to digital shares, mostly because of the amount of regulation necessary.
Also, there is a need for “separate regulations which should be provided for the acquisition and transfer of electronic securities as well as good faith protection.”
Margin Trading Service Soon Available On Binance Crypto Exchange
Robinhood Brings Zero-Fee Crypto Trading App To New York Investors
“Currently, you can invest in seven cryptocurrencies on Robinhood Crypto: Bitcoin, Bitcoin Cash, Bitcoin SV, Ethereum, Ethereum Classic, Litecoin, and Dogecoin. You can also track price movements and news for those and 10 additional cryptocurrencies.”Crypto enthusiast has avoided going to New York because the state has a very stringent regulations system for the crypto sector. For some, BitLicense is a classic move of regulation-before-innovation which is a law that creates an unnecessary burden for small startups by making them go through expensive procedures. For example, there is a $5,000 fee to NYDFs with no approval guarantee as well as the $45,000 worth of legal paperwork as it was revealed by one of the BitLicense applicants Coinsettler Jaron Lukasiewicz in 2015. Costs like these have influenced many New York startups to find a place with a friendlier crypto climate such as California or even European countries such as Switzerland. At the same time, crypto startups that managed to build a financial foundation for themselves, now are trying to find a comfortable place while entering New York. As mentioned in the altcoin news previously, Robinhood is the 10th company in a period of four years that received a BitLicense. According to the vice president of product Josh Elman, this decision to go into Wall Street is ‘’a crucial next step.’’:
“We’ve introduced millions of people to equity investing on Robinhood, and want to do the same for everyone interested in crypto.”The Fintech startup now has six million users around the US and by entering New York Robinhood plans to add a few million more. Their networth reached $5.6 billion after the last funding round that closed in March 2018. In the meantime, Robinhood managed to raise about $539 million capital so far.
Samsung Pay Gets Ready For Crypto Integration: Report
“Samsung Electronics appears to be moving to integrate cryptocurrencies to Samsung Pay, which accounts for 80 percent of the South Korean simple payment market. The company has recently transferred the blockchain task force (TF) of the mobile business division to the service business division.’’Previously in 2018, the Korea Herald reported that Samsung Pay made a 58 percent increase in its users base. The industry tracker WiseApp found that the platform was mostly used as a financial application in late 2018 where more than 10.4 million users got their hands on it. In 2017, the platform had about 6.6 million users which make an incredible step forward for Samsung. The 10 million users represent the 20 percent of the entire South Korean population and the platform has also thousands of users around the world that use the application because of its technology called magnetic secure transmission. This technology enables users to transact at a conventional point of sale terminals. Now, the strategy of Samsung Pay is to make sure that a niche market is secured and will expand its user base even further. Samsung already integrated a crypto wallet-the Samsung Blockchain Wallet back in February along with its Samsung S10 device which allows users to send, receive and hold cryptocurrencies in the built-in wallet. The South Korean altcoin news outlet Donga noted:
‘’Samsung Pay has recently extended the transaction period for overseas users and integrated an international payment processing service, aggressively targeting the global financial services market.’’With reports suggesting that the tech giant is considering the possibility of launching a blockchain network, it is expected that Samsung will continue to march forward to target the rapidly growing sector. Under the leadership of the current vice president of the business division Kim Yong-Jae, the blockchain task force at Samsung has started new other crypto projects.
P2P LocalBitcoins Trading Platform Restricts Services For Iranian Users
Join us on Facebook
- Two Miners Reportedly Executed A 51% Attack On Bitcoin Cash (BCH) Blockchain
- Litecoin (LTC) Price Rallies Towards $105: Analysis
- Bitcoin’s Price Goes To $8K Again, Bullish Indicators Are Returning
- Margin Trading Service Soon Available On Binance Crypto Exchange
- Robinhood Brings Zero-Fee Crypto Trading App To New York Investors
UPCOMING EVENTS RECOMMEND BY DC FORECASTS
Bitcoin News3 days ago
Bitcoin Whitepaper Copyright Registration Filed By Craig Wright
Analysis2 days ago
Expected Bitcoin Drop Leads Major Crypto Assets To Drop By 7%
Bitcoin News4 days ago
Teen Bitcoin Millionaire: BTC Will Die If 4 Major Issues Are Not Solved
Blockchain News3 days ago
YouTuber PewDiePie Helps Blockchain Platform Grow Its User Base By 67%
Altcoin News3 days ago
Tether Issuer Claims It Had Invested Its Reserves Into Bitcoin
Regulation3 days ago
Central Bank Of Laos Warns Against Using Cryptocurrency
Bitcoin News5 days ago
Tom Lee Thinks That Bitcoin’s $8,000 Upswing Confirms End Of Crypto Winter
Altcoin News4 days ago
Matic Network Surges 76% In A Day, Slowly Becomes A Favorite