The cryptocurrency industry have created a host of legal questions as old definitions are forced on brand new innovations. Should switching between the most profitable coin to mine at each time be considered some type of fund management? Austrian regulators seem to think so.
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Unauthorized Alternative Investment Fund Management
The Regulators say that the venture was requested to cease the unauthorized business operation. Meanwhile, the procedure concerning this matter is still pending. Invia Gmbh is neither licensed by, nor supervised by, the FMA. The FMA adds that it has decided to communicate this information to the public after having received “a large number of inquiries from consumers.”
“Mining 2.0”
This type of service is hardly new, as many cryptocurrency mining pools and clouds, as well as just software solutions, have been offering the same for years now. It is possible that by promoting the company to newbies in the field Invia triggered the FMA, which didn’t notice other services before.
Should active managed mining be considered similar to management of an investment fund, requiring an authorization? Share your thoughts in the comments section below.
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Source: Bitcoin.com