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Cryptocurrency “YEM” Blacksea Blockchain Consulting

Release Date: |

On 08.10.2021 an announcement pursuant to Article 4 para. 7 of the Banking Act (BWG; Bankwesengesetz) was published in the Official Gazette of the Wiener Zeitung (Amtsblatt zur Wiener Zeitung) as well as on the FMA website in relation to the cryptocurrency “YEM” and Blacksea Blockchain Consulting LLC.

Pursuant to the fourth sentence of Article 4 para. 7 of the Banking Act (BWG – Bankwesengesetz) the party subject to the publication may make an application to the FMA to review the lawfulness of the publication. In this case, the FMA shall announce the initiation of such proceedings in a similar manner.

Blacksea Blockchain Consulting LLC has made such an application to review the lawfulness of the publication dated 08.10.2021.

The lawfulness of the publication of 08.10.2021 shall therefore be reviewed in a procedure to be concluded by means of an administrative decision.

The FMA determined the legality of the publication dated 08.10.2021 in relation to Blacksea Blockchain Consulting in an administrative decision dated 16.02.2022. This administrative decision is legally final.

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