The Federal government has presented a draft in the future to better combat money laundering. The draft provides for, among other things, that companies operating in currencies with Bitcoin and other Crypto -, are in future to be by the German Federal financial services Supervisory authority monitored. This would have impact on the legality of Bitcoin ATMs.
By Phillip Horch
3. August 2019BTC$10.763,00 2.39%part Facebook Twitter LinkedIn xing mail
The draft law of the Federal government, stipulates that from next year all companies that have anything to do with crypto-currencies, are subject to the supervision of the Federal Agency for financial services supervision.
First of all, crypto-currencies are defined in the draft as a „crypto-values“:
pattern example of such cryptographic values of the Bitcoin is. This was designed according to the Whitepaper, its developers as „A Peer-to-Peer Electronic Cash System“. One of the generally accepted functions of Money the function
in addition to the payment and as a store of value function as a unit of account. Cryptographic token in the Form of „virtual currencies“ are to be regularly to purchase Goods and services and thus represent units of account for the pricing of these Goods and services. In addition, it is important to note that even the oldest cryptographic values less than ten years after their creation, are still in a price discovery phase.
Otherwise: Bitcoin and other crypto to currencies, according to the law in the future, as the units of account are said to be classified. In order for providers to maintain dealing with Bitcoin & co. fall, in the future, under the supervision of the BaFin:
The respective financial service providers are Obliged according to § 2 paragraph 2 Amla money laundering regulations and includes, to the extent of the Surveillance by the German Federal financial services Supervisory authority (Bundesanstalt).
This has ultimately an impact on the (Non-)approval of Bitcoin ATMs.
Bitcoin ATM: Still legal
In October 2018, there was a much-discussed judgment of the court of Berlin. Therein it was said that BaFin had exceeded its powers. Because she had determined that trading with Bitcoin is via vending machines is illegal. The Berlin court of appeal found, however, that Bitcoin is not a financial instrument within the meaning of the banking act and therefore not under the Supervision of the BaFin, the case.
Bitcoin lacked the necessary definitional classification. Therefore, the BaFin could not decide whether the trading with BTC is legal or illegal.
The changes with the new law, if it is waved through. As a result, the BaFin determined on the legal Status of Bitcoin ATM. It maintains its course, it means then, therefore Of the Bitcoin ATM, provided that they are not permitted by the BaFin.
Similar applies to the entire Bitcoin Ecosystem, especially for crypto-exchanges, brokers, and Banking provider.
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