the Bitcoin exchanges and vendors that offer products to crypto-currencies, have it in Germany. So, the Finatex LTD from Aachen, Germany, fell now, the regulatory efforts of BaFin to the victim. This decided that the company needs to adjust the operation of your trading platform www.crypto-capitals.com .
By Phillip Horch
12. November 2018 share Facebook Twitter LinkedIn xing mail
Bitcoin trading platforms are facing in Germany, is still an unsettled legal situation. For operators of trading platforms for Bitcoin CFDs the situation, however, is clear. Here you need a Genehnmigung. The Crypto capital is currently a Problem.
The Finatex Ltd. from Aachen, Germany, operating in this connection, a trading platform for Bitcoin, Altcoins, and other Assets. The trade was, however, indirectly: because www.crypto-capitals.com you could book options and contracts for difference (Contracts of Difference CFDs) on crypto-currencies, and other Assets. This went on for so long well, until the BaFin switched between it and the “setting of cross-border proprietary trading” ordered. So it is on the side of the German Federal financial services Supervisory authority:
By providing their customers the access to the offered options and contracts, it operates the proprietary trading within the meaning of § 1 paragraph 1a sentence 2 no. 4 lit. c of the German banking act (KWG) as a service to other in the Federal Republic of Germany. For the purpose, in accordance with § 32 paragraph 1 of the banking act authorisation required for you, however.
The decision is, by law, immediately enforceable.
Accordingly, www.crypto-capitals.com must set the operation for the time being. And until you get permission.
Bitcoin, in Germany waiting for regulatory
With permits, however, the situation – especially in terms of the direct trade with crypto currencies – is difficult. To determine because, as from a judgment of the superior court of Berlin in relation to the prohibition of a Bitcoin exchange found that there is in the area of competence of the BaFin, such as crypto-currencies to be legally handled. A better Definition and a regulatory submission was, however, the Berlin court of appeal guilty.
after it came to Protest the actions of the Bitcoin Community in Germany. So Bitwala began with an “Out of Order” Bitcoin-vending machine in front of Berlin’s Brandenburg gate, in order to attract attention to the Regulation around crypto-currencies. In the same train, the Blockchain-companies in Newfoundland, wrote an open letter to the Bundestag. In it they called on the government of the Federal Republic to deal with the topic of Bitcoin, and regulation. No answer came so far.
Update: 12.11 rectification: The lack of approval relates to CFDs, which are clearly approved, and for which you need a license from the BaFin. (Thank you to the Community!).