Regulation of Bitcoins in Germany: First comprehensive statement on Bitcoins by German Federal Financial Supervisory Authority (BaFin)
Bitcoins continue to keep supervisory authorities, businesses and users as well as speculators busy. On 19 December 2013 the German Federal Financial Supervisory Authority (BaFin) published its input to the vivid discussion on how Bitcoins are presently regulated in Germany. BaFin puts some points in concrete terms (especially trading with Bitcoins) and....
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In an oft overlooked statement German Federal Financial Supervisory Authority (BaFin) in December 2011 commented on Bitcoins. Although this statement directly concerns only Bitcoin businesses domiciled in Germany, one should be aware that BaFin is one of the most influential regulatory bodies in the EU. BaFin's statement could therefore be a blueprint for regulation in other European countries or EU regulation. Even if a particular Bitcoin business is not domiciled in Germany, it may be advisable for them to understand the BaFin statement and heed its possible consequences. The statement....
All over the news in Germany last weekend was a reply by the German Ministry of Finance to an inquiry in parliament. The Ministry announces that Bitcoins are officially recognized. Some weeks ago already the German Federal Financial Supervisory Authority (BaFin) amended a guidance to the definition of "financial instruments" in the German Banking Code and stated that Bitcoins are financial instruments. Through this official recognition and definition of Bitcoins Germany has become the first country in the world that sets clear-cut rules for Bitcoins. However, there are some drawbacks:....
Cryptocurrency exchange Coinbase has obtained approval from Germany’s financial regulator, Bafin, to provide cryptocurrency trading and custody services. Coinbase Germany will launch in the coming weeks. Coinbase, a Nasdaq-listed company, announced Monday that it has secured a cryptocurrency license in Germany. The company explained: “The German Federal Financial Supervisory Authority (Bafin) has awarded Coinbase Germany GmbH a license for crypto custody and trading, under the new licensing regime introduced in January 2020.” According to Coinbase, the Bafin licensing....
Bitcoin Deutschland GmbH has received confirmation that, from 7th August, it will be registered with BaFin, Germany's Federal Financial Supervisory Authority. The company operates bitcoin.de, a marketplace where people can exchange fiat currencies for bitcoins (and vice versa) with each other. Bitcoin.de has an arrangement with Fidor Bank, which means it is licensed to operate as a 'finance intermediary' while Fidor Bank bears the liability for bitcoin.de's operations. Stefan Greiner, of Xenion Legal, said: "This arrangement, as such, is nothing special as thousands of so-called....
German financial regulator BaFin wants retail investors to be aware of the risks associated with crypto investments, especially in the current bull market. Germany’s Federal Financial Supervisory Authority, or BaFin, has warned investors about the risks involved in cryptocurrency investments.In a consumer protection alert issued on its website on Friday, the regulator offered a cautionary tale about crypto involvement on the part of retail investors.As part of its statement, BaFin echoed similar admonitions espoused by several European regulators including the European Securities and....