11 Sep 2020
In an effort to increase the country’s legal overwatch, Germany now says Bitcoin (BTC) ATMs require regulatory approval before they are allowed to operate.
ATMs that offer assets such as Litecoin and Bitcoin now requires a license from Germany’s financial regulator, BaFin, a Sept. 8 statement from the entity said.
“Proprietary trading is a financial service and financial commission business is a banking business, for which prior approval from BaFin is required.”
This does not appear so much as a new ruling as it does a clarification of current legal requirements. “Those who set up such crypto machines that do not have permission from BaFin are acting illegally,” the statement read.
By Benjamin Pirus, Cointelegraph, 9 September 2020
Read more at Cointelegraph
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