German Finance Regulator Chief on "Revolutionary" Blockchain

Hufeld explained "These apps are not only safe from failures of individual computers or providers, they also promote the development of a 'blockchain economy.'"

The chief of Germany's financial watchdog said that blockchain applications have promise in areas that lack "an effective control mechanisms or trustworthy institutions" such as in foreign trade or development aid.

In addition, BaFin issued new guidelines in February outlining how and when it would consider tokens issued during ICOs to be securities, saying it would take a case-by-case approach in determining the legal status of individual tokens.