Category Archives: Germany cryptocurrency news

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German Stock Exchange, Börse Stuttgart to Start Crypto Exchange

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Börse Stuttgart, the second largest German stock exchange has announced plans of launching a crypto exchange with initial support for Bitcoin, Ethereum, Ripple, and Litecoin.

The stock exchange will be launching the platform through Bison App, which is developed by Sowa Labs — a subsidiary of the stock exchange.

Tweeting the plans of a crypto exchange, Bison App said the beta testing phase would kick off in January.

Hailed as “the first crypto app in the world to be backed by a traditional stock exchange” by Managing Director Ulli Spankowski of Sowa Labs, the Bison App was developed in answer to Robinhood, a trading platform that had no fee. Initially set to launch in September this year, delays in development has meant the date has been pushed to the start of 2019.

The Bison App confirmed the initial supported coins and tokens, “Yes, we start with @BTC @ETH, #LTC and #XRP 🙂 more cryptocurrencies are then included step by step.”

Early information releases have mentioned that the platform would try to make trading and signing up as easy as possible, with a simplified ID check, design, and user experience. The Managing Director claimed the KYC check would take no more than a few minutes, as opposed to days taken by other exchanges.

Users will also have a helping hand in judging traders’ moods through a new ‘Cryptoradar’ tool that will deliver analyzed information of more than 25,000 tweets from different crypto traders. This will allow traders to make decisions based on the developing mental swings of traders and take advantage of forehand knowledge.

Germany has been making strides in the crypto industry lately. The only regulated crypto exchange as yet in Germany last month acquired a major trading bank. With Börse Stuttgart now stepping into the digital asset scene, crypto and traditional financial institutes are merging together.

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German Financial Regulator Aims to Regulate Crypto but Faces Challenges

German financial watchdog BaFin is showing intention of increasing regulation of cryptocurrencies and ICOs in the country as Bitcoin trading volumes increase with time. But the organization is currently struggling to implementing the right regulations because of recent court decisions and lack of consensus on the matter among regional regulators.

While the government has so far refrained from over-regulating the space, resulting in unprecedented growth, several challenges remain for the authorities. Recently, a mining project in Germany Envion failed to deliver after raising EUR 100 million from investors in an ICO. Now because of the lack of regulation, investors are left with almost nothing and there is no responsibility on the coin project to deliver after raising money.

According to Felix Hufeld, the head of the BaFin, new regulations are essential for the industry. But he also said, “We don’t want to stifle innovation, but at the same time we have to defend ourselves against risks.”

While BaFin did spring into action and try to impose new regulation, a Berlin court jumped in and ruled that cryptocurrencies may not be seen as accounting units and canceled the initial outlines of the regulator. Hufeld was visibly helpless after this move and said: “Investors now have only minimal rights. I can only advise private investors to steer well clear.”

German cryptocurrency companies and community are also demanding clear guidelines for the sector. As a result, newly installed Bitcoin ATMs are not operational and several companies are facing difficulties.

The European Union itself is in a fix regarding regulations for the industry. Pro-crypto nations are lobbying for loose regulations while others want stricter safeguards to protect the investors.

Other nations like Japan, South Korea and the US are in a similar fix regarding the situation. Some have enacted regulations but still await further feedback and corrections.

 

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