Altcoin News: German Financial Supervisory Authority Approves €250 Million to Build a Token

July 23, 2019, by Marko Vidrih on ALTCOIN MAGAZINE

German blockchain-startup Fundament has received the approval of the local regulator to issue secured real estate tokenized bonds to offer to a wide range of investors, CoinDesk writes.

As the Federal Financial Supervision Authority of Germany (BaFIN) reported this Tuesday, the company was granted the right to raise 250 million euros by offering a regulated token to retail investors anywhere in the world without a minimum limit on the size of the investment.

“We can confirm that we granted approval for a Fundament Group prospectus. It has indeed been the first time we have approved a prospectus regarding blockchain-based real estate bonds, but not the first time in respect to blockchain technology as such,” the agency said.

The organizers of Fundament argue that ensuring the compliance of the project with the second EU Directive (MiFID II) has proven to be a daunting task. Initially, the prospectus was filed on December 2018, after which every 2 or 3 weeks the regulator sent the startup 20-page documents with lists of new requirements.

Earlier, the US Securities and Exchange Commission (SEC) issued a developer for the Blockstack decentralized computer network and application ecosystem permission to sell tokens to retail investors in accordance with rule A +.

Author: Marko Vidrih