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“The moment Bitcoin is identified as a currency, it will legally disappear” – said Vienna stock exchange chief Boschan

Published

4 years ago

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Christoph Boschan is unlikely to become a convinced Bitcoin investor anytime soon. Most recently, the head of the Vienna Stock Exchange compared the Bitcoin hype with the tulip mania and attested a crash as soon as BTC was regulated as a currency or financial instrument. In an interview with BTC-ECHO, Boschan wants to clarify the question: Is there a threat of an exchange rate collapse?

In an interview with Die Presse , Christoph Boschan hit a low blow a few days ago: Bitcoin is “vastly inferior to any alternative course of action” and shows similarities with “the tulip mania”. He rounded off the criticism with the ironic formulation that Bitcoin was after all “extremely important for criminal payments”. The criticism again made waves in the crypto space. However, if the statements are straightened out a bit, an existing basic Bitcoin problem becomes apparent.

Bitcoin: a matter of regulation

Opinions are divided on Bitcoin, not only among investors but also among regulators. There is still no common European legislation that creates a binding framework for crypto values. Crypto regulation is a country issue. The EU Regulation on  Markets in Crypto Assets  (MiCA) is still in draft status .

Germany, on the other hand, has a special role in European comparison. Since 2020, crypto values, including Bitcoin, have been included as financial instruments in the German Banking Act . In contrast to the MiCA draft, which provides for a separate division of tokens, e-money tokens, utility tokens and other crypto values, German legislation tries to create a uniform framework.

In Austria, however, Bitcoin is classified neither as a currency nor a financial instrument, but as a property right. This is “the great stroke of luck for Bitcoin” and “ultimately an expression of our liberal economic order”, as Christoph Boschan explains

Bitcoin is currently classified as a property right rather than a currency or financial instrument. It cannot be otherwise, because if it were classified as a currency its existence would simply not be permitted, its issuance and use would be forbidden and prosecuted in many cases – Articles 16 and 128 of our EU treaty only give the ECB the right to issue a currency.

Christoph Boschan

According to the CEO of the Vienna Stock Exchange, the regulatory status can be reduced to the following formula: “The moment BTC is identified as a currency, it disappears legally”. A supposedly sensational thesis that may lure crypto enthusiasts out of the reserve, but according to Boschan only reflects the “current legal situation”. After all, Bitcoin cannot be classified as a currency, since the “house right” for the issue of currencies lies with the EU.

Ripple precedent

According to Boschan, the same applies “to regulation as a financial instrument”. Finally, the example of Ripple shows “what it means to be viewed as a financial instrument”. In December last year, the US Securities and Exchange Commission (SEC) declared the Ripple currency XRP a security token, which resulted in a legal dispute with the Californian FinTech.

But this example shows that the legal situation for the token economy is anything but clear. Contrary to the attitude of the SEC, XRP is not classified as a security in other jurisdictions, but as a utility token. In addition, it is unclear whether the SEC is right with its move. Ultimately, the competent courts will decide on the regulatory status. The precedent Ripple shows: crypto assets and regulation are still in the discovery phase.

Bitcoin regulation shows gaps

The blanket criticism that the Vienna Stock Exchange boss unloads representative of supposedly Bitcoin-skeptical stock exchange representatives may be understandable from a crypto investor’s point of view, but it is not more correct. Statements such as: “If you regulate Bitcoin like a currency or a financial instrument, then it is no longer worth anything”, should be understood less as a rejection or attack on Bitcoin and the financial infrastructure behind it, and rather as a pointer to a lack of regulations.

As a manager, however, I can conclude with astonishment that the BTC industry is looking for such proximity to “currencies” or “financial instruments” and that this is the basis for sales. This is not strategically smart, but rather toxic, because the other way around it becomes a shoe, both – both the identification as a currency and as a financial instrument – are the greatest Achilles heels of the value of Bitcoin.

Christoph Boschan

Ultimately, however, it depends on the design of the legal framework. After all, Bitcoin is classified as a financial instrument in Germany, but it has not lost its value.

A common misconception?

A few friends from the crypto environment are likely to have Boschan also made the statement that Bitcoin is a vehicle for illegal purposes. According to Boschan, this view is derived from “very simple observation from the reality of life”. Whenever the Vienna Stock Exchange is exposed to blackmailing cyberattacks, “the payment requests come exclusively in BTC, […] not in euros, not in dollars, not in yen, not in gold, not in stocks, bonds or other derivatives, all of which are digital would be even smoother ”.

Obviously, the criminals use the most obvious instrument for them.

Christoph Boschan

As is so often the case, the devil is in the details. Wanting to push Bitcoin and Co. into the corner of a shadow currency, which is primarily used by criminals, belongs in the realm of fables . As the blockchain analysis company Chainalysis outlines in the current 2021 Crime Report , only a small fraction of 0.34 percent of all crypto transactions were for illegal purposes in 2020. Compared to the previous year, the criminal crypto cash flows have decreased by almost 2 percent, “the crime related to cryptocurrencies has decreased significantly in 2020”.

However, what is generally true of illegal crypto transactions is not particularly true of ransomware attacks. According to the report, “the total amount paid by ransomware victims has increased by 311 percent this year”. Accordingly, “no other category of cryptocurrency-based crime has had a higher growth rate”. According to Chainalysis, 2020 is not only the Covid year, but also “the year ransomware exploded”.

Bitcoin economy wins through exchange

In this light, Boschan’s remarks seem to be a very sober confirmation of the increase in ransomware identified by Chainalysis. So the Vienna Stock Exchange CEO finally defends himself against the attempt to put him “across the board in the anti-crypto corner”. Because the opposite is ultimately the case:

As an infrastructure provider whose foundation is databases, we are extremely attentive and very open-minded about developments relating to distributed database infrastructures. We have dozens of initiatives behind us and we certainly share the fascination that can trigger.

Christoph Boschan

Against this background, the Bitcoin-critical tones are already losing their explosive power. Boschan’s statements can certainly be read as a call to action to embed the crypto market in clear regulations. Ultimately, this creates the basis for sustainable growth in the industry, on which a wide variety of service providers are based. In the long term, the Bitcoin economy can only benefit from an unbiased discourse with traditional financial market players.

 

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Blockchain

Beyondi and Tokenis3 Collaborate to Transform Asset Tokenization

Published

4 weeks ago

on

March 5, 2025

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Beyondi and Tokenis3 Collaborate to Transform Asset Tokenization

In a bold move to reshape the future of digital assets, Beyondi and Tokenis3 have joined forces to elevate real-world asset (RWA) tokenization to new heights. This strategic collaboration merges Tokenis3’s legal expertise in Regulatorily Enforceable Tokens (RET) with Beyondi’s innovative blockchain solutions, aiming to revolutionize security, compliance, and efficiency in the rapidly evolving digital asset space.

The Future of Digital Asset Innovation

RWA tokenization is not just changing how ownership is managed, it’s addressing some of the most pressing challenges in traditional asset ownership: illiquidity, high costs, and limited accessibility. Through their partnership, Beyondi and Tokenis3 are committed to accelerating these advancements.Central to this mission is Tokenis3’s Tokenization Assessment Report (TAR), a comprehensive evaluation framework that guarantees digital assets meet the most rigorous legal and technological standards. Beyondi strengthens this foundation with secure, scalable, and adaptable blockchain infrastructure designed to empower global businesses and institutions to thrive in the digital age.

Beyondi: Leading Blockchain Innovation Since 2015

Since its inception in 2015, Beyondi has been a spearhead in blockchain and emerging technologies. The company empowers founders, teams, and investors to navigate the complexities of the crypto market with confidence. Offering a wide suite of services, ranging from R&D venture building and advisory to incubation and fundraising, Beyondi seamlessly blends technical excellence with market insight to deliver transformative solutions across industries such as finance, healthcare, government, and entertainment.

Collaboration is at the heart of Beyondi’s approach. Using methodologies like Rapid Application Development (RAD) and Kanban, the team works closely with clients to deliver agile, innovative solutions. With expertise spanning IoT, Hyperledger frameworks, web and mobile development, and team augmentation, Beyondi is uniquely positioned to craft tailored, future-ready blockchain solutions.

Tokenis3: Redefining Secure and Compliant Tokenization

Tokenis3 emerges as a pioneer in digital asset assessment and tokenization, providing the essential trust and security that is lacking in today’s complex digital landscape. Their TAR establishes enforceable legal terms, ensures technological compliance, and prioritizes sustainability, a forward-thinking approach that sets them apart, offering a robust framework for both issuers and token holders. This approach enhances the credibility and security of tokenized assets, fostering trust and long-term engagement.

Shaping the Future of Asset Tokenization

The collaboration between Beyondi and Tokenis3 signals a new era for asset tokenization. By combining their respective strengths, the two companies aim to establish groundbreaking standards for security, transparency, and efficiency in the digital asset ecosystem. This partnership is not just about improving the present, it’s about responsibly shaping how assets are created, managed, and secured as the world moves forward in the digital age.

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Upcoming Layer 1 merging from UAE: Gaya Blockchain

Published

3 months ago

on

January 10, 2025

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Gaya Blockchain is an upcoming innovative blockchain that unifies gaming, decentralized finance (DeFi), SocialFi, and real-world asset tokenization into a single, user-friendly ecosystem.

Raised 20 million AED from Capstone Technology Group as their lead VC based out of UAE.

Gaya will be powered by its native utility token, GayaCoin, GAYA aims to bridge fragmented digital domains while promoting sustainability, inclusivity, and user empowerment.
– GayaCoin public-sale is mentioned to be released Q1 2025.

GAYA has ambitions to not just please the institutional market as the most advanced Blockchain coming from UAE but also to facilitate a better consumer engagement than EVM for developers and users.

Founding team Abdullah Al-Maksour, Aws Bashir & Sanad Al-Asiri.

Twitter (X): https://x.com/GayaBlockchain
Instagram: https://www.instagram.com/gaya.blockchain?igsh=MTFwY3E2eGxuZzd2dA==
Website: https://www.gayablockchain.io/ 

Key Highlights

  1. Unified Ecosystem: GAYA integrates diverse digital domains like gaming, DeFi, SocialFi, and tokenized real-world assets into a cohesive platform.
  2. Sustainability: The platform pioneers eco-conscious blockchain practices, including carbon tracking and incentivized green initiatives.
  3. Empowering Users: Democratizes access to premium assets and decentralized governance, giving users control over the platform’s future.
  4. Strategic Regional Leadership: As the first Layer 1 blockchain in the UAE, GAYA is uniquely positioned to bridge local and global blockchain adoption.

Vision and Mission

GAYA envisions a blockchain future driven by sustainability, inclusivity, and user empowerment. Its mission includes:

  • Unifying Digital Ecosystems: Bringing together gaming, DeFi, SocialFi, and tokenized real-world assets on one accessible platform.
  • Promoting Sustainability: Adopting eco-friendly blockchain practices, including low-energy protocols and incentives for green initiatives.
  • Empowering Users: Ensuring decentralized governance and broad access to premium digital tools.

Ecosystem Overview

GAYA operates on a scalable Layer 1 blockchain and supports decentralized applications (dApps) powered by GayaCoin. Key components include:

1. Play-to-Earn Gaming

  • Players earn GayaCoin and NFTs, which can be traded, staked, or reinvested within the ecosystem.
  • Combines engaging gameplay with tangible financial rewards.

2. DeFi Platform

  • Offers staking, lending, and borrowing services focused on sustainability.
  • Prioritizes green investment opportunities.

3. SocialFi Integration

  • Rewards content creators via decentralized revenue-sharing models.
  • Features innovative governance structures to empower users.

4. Real-World Asset Tokenization

  • Enables fractional ownership of tangible assets like renewable energy projects.
  • Facilitates eco-conscious investments, making sustainable assets more accessible.

Strategic Positioning

As the UAE’s first Layer 1 blockchain, GAYA integrates culturally relevant and energy-efficient solutions to drive adoption both locally and globally. The platform’s unique positioning allows it to:

  • Lead Sustainability: Through low-energy protocols and eco-incentives, GAYA minimizes its environmental impact.
  • Empower Users: Fosters inclusivity with decentralized governance, enabling users to shape the platform.
  • Support Developers: Provides robust tools like SDKs, APIs, and a Testnet, coupled with incentives such as grants and bug bounties.

Core Features of GAYA

GAYA’s unique infrastructure is designed to tackle major blockchain challenges like scalability, sustainability, interoperability, and governance. Below are its standout features:

1. Layer 1 Blockchain

  • Proof-of-Stake (PoS) consensus mechanism eliminates energy-intensive mining.
  • High Throughput: Processes thousands of transactions per second (TPS) with minimal latency.
  • Security and Decentralization: Ensures robust network integrity without intermediary chains.

2. Eco-Conscious Design

  • Carbon Tracking: Records the carbon impact of transactions, promoting eco-conscious usage.
  • Sustainability Incentives: Rewards users who support green initiatives.
  • Energy Efficiency: PoS minimizes energy consumption while maintaining security.

3. Interoperability via Gaya Virtual Machine (GVM)

  • Ethereum Compatibility: Fully supports Ethereum Virtual Machine (EVM), enabling seamless migration of Ethereum-based dApps.
  • Enhanced Collaboration: Promotes interoperability between GAYA and Ethereum ecosystems.
  • Scalability: Built to handle large-scale dApps with consistent performance.

Key Milestones and Future Outlook

  • Funding Success: GAYA has raised over 20 million AED from Capstone Technology Group, a leading UAE-based venture capital firm.
  • Token Generation Event (TGE): Scheduled for Q1 2025, the launch of the $GAYA token marks a significant step forward.
  • Leadership Team: The platform is led by Abdullah Al-Maksour, Aws Bashir, and Sanad Al-Asiri, all UAE residents with a vision to shape the blockchain landscape.


Why GAYA Stands Out

  1. Sustainability Focus: By embedding green practices and rewards, GAYA aligns with global sustainability goals.
  2. User-Centric Approach: Decentralized governance ensures users have a say in the platform’s evolution.
  3. Innovative Technology: GVM’s compatibility and high-performance features enable seamless dApp integration.
  4. Regional and Global Impact: As the UAE’s pioneering Layer 1 blockchain, GAYA bridges the gap between regional innovation and global adoption.

Conclusion

GAYA represents a paradigm shift in blockchain technology by seamlessly blending gaming, DeFi, SocialFi, and real-world asset tokenization. Its commitment to sustainability, inclusivity, and user empowerment makes it a standout platform in the blockchain space. With a robust infrastructure, eco-conscious design, and a forward-thinking team, GAYA is poised to redefine how digital ecosystems operate, both in the UAE and beyond.Stay tuned for the GayaCoin TGE launch in Q1 2025.

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Blockchain

SwapSpace app review: seamless crypto exchanges anytime, anywhere

Published

3 months ago

on

December 23, 2024

By

Cryptocurrency swaps have traditionally been riddled with challenges: complex processes, hidden fees, and the hassle of comparing rates across multiple platforms. SwapSpace revolutionized this landscape as a crypto exchange aggregator, offering a user-friendly solution to streamline swaps. Now, with the launch of its mobile app, SwapSpace takes convenience to a whole new level.

What is the SwapSpace Mobile App?
The SwapSpace mobile app brings the platform’s celebrated features to your fingertips. Acting as a one-stop solution for crypto swapping, the app allows users to compare rates from over 30 trusted exchange partners and access 2,700+ coins—all with zero extra fees.

You can connect your wallet when logging into the app and enjoy the benefits of the Invaders Loyalty program, collecting diamonds and using them to upgrade your invader for higher cashback levels. 

How It Works
Swapping crypto on the SwapSpace app is as easy as 1-2-3:

  1. Select the cryptocurrencies you want to exchange.
  2. Compare offers from multiple providers and pick the best rate.

  3. Enter your wallet address, the one you’ll use to receive your crypto, and confirm the transaction. You will be given an address to send your crypto to and plenty of time to send the coins to it.

  4. You can now expect the incoming transaction with your crypto in your wallet. The app will keep you updated on the status of your swap via push notifications.

In just a few taps, your crypto is swapped and sent directly to your wallet. 

Key Features

  • Rate Comparison: The app aggregates real-time rates from top exchanges like Binance and Bybit to ensure you always get the best deal.
  • Cross-Chain Swaps: Bridge assets across 95 blockchains effortlessly.
  • Ease of Use: The intuitive interface makes it accessible to beginners while offering the flexibility advanced users need.
  • NFT-based Loyalty Program: Earn up to 50% cashback on revenue share by upgrading your Invader NFT by spending Diamonds. Earn double Diamond rewards by performing swaps exclusively in-app.
  • Extra Rewards: To commemorate the launch of the mobile application, every 100th swap done through the app will reward the user who did it with a prize of $100 in USDT.

Why Choose SwapSpace Mobile App?
The app is perfect for traders, investors, and crypto enthusiasts alike:

  • For Traders: Save time and money by comparing rates instantly.
  • For Beginners: A simple, no-sign-up platform to start your crypto journey. Discover new meme coins as soon as they appear on trading platforms.
  • For Privacy Advocates: Registration-free swaps for maximum security.
  • For Altcoin Investors: Access niche coins and trending tokens quickly, bridge your assets across 95 chains.


The SwapSpace mobile app is a must-have tool for anyone looking to trade crypto securely, quickly, and cost-effectively. With its robust features, transparent processes, and commitment to user convenience, the app is set to become an essential companion for every crypto enthusiast.

Try the SwapSpace mobile app today and experience a better way to swap crypto. Download now, directly on the SwapSpace website. Available for Android now, with Google Play Store and Apple App Store versions coming in 2025.

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