Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Crypto Exchanges => Topic started by: mlawson71 on August 04, 2019, 04:49:16 PM
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All crypto businesses in Germany will have to acquire a Federal Financial Supervisory Authority (BaFin) license starting from 2020. The new rules are in connection with the Anti Money Laundering (AML) regulations that soon will come into force in the Federal Republic.
Brokers that offer crypto CFDs however will not be required to get such a special license, although all crypto derivatives fall under the current regulations as outlined by the European Securities and Markets Authority (ESMA).
The new BaFin rules will oblige all crypto currency businesses like crypto exchanges and crypto wallet providers to be licensed by BaFin and to comply with AML regulations. This is happening because as of January 2020 all crypto assets in Germany will be considered financial instruments.
Source (https://theforexreview.com/2019/07/29/crypto-companies-in-germany-will-need-bafin-license/)