BaFin, a German regulator, has just set guidelines so as to clarify the status of cryptocurrencies in Germany. According to the guidlines, the country officially recognized cryptographic assets, such as Bitcoin (BTC), as a financial instrument. Moreover, the depositors of such assets (including trading platforms) are regarded as financial institutions and, in order to be able to operate legally in the country, it is necessary for them to obtain a license from the regulator.