The German Federal Financial Supervisory Authority (BaFin) has issued a fresh reminder via a press release, highlighting the stringent regulatory requirements for operators of crypto business models in Germany. Services encompassing trading, custody, and advising in relation to cryptocurrencies are particularly under the microscope.
A key area of interest is the operation of cryptocurrency ATMs, designed to enable users to directly buy or sell cryptocurrencies for cash. Recently, BaFin has seized a significant number of unlawfully installed crypto ATMs across major German cities.
The authority emphasizes that operators must possess the appropriate licenses to operate such machines. Operators who fail to adhere to these legal prerequisites face serious sanctions, spanning from steep fines to criminal repercussions.
WINHELLER attorneys support during license procedures
For businesses operating within this swiftly expanding and intricate market, securing legal protection and acquiring all necessary permits is vital. As a law firm specializing in crypto business models, we bring our extensive expertise to the table.
We provide assistance in applying for the required licenses with BaFin and the Bundesbank, including those for crypto ATMs. We will guide you in making your business model legally compliant and secure. We ensure you fulfill the legal requirements, paving the way for a successful operation of your crypto business. Do not hesitate to contact us with your queries!
WINHELLER supports during financial supervisory authority procedures
Have you been approached by the Deutsche Bundesbank or BaFin because you kick-started your project without seeking advice beforehand?
We are more than willing to assist you, develop a solution together, and take charge of communication with the financial authorities on your behalf. Please do not hesitate to share your questions and any past correspondence with the financial authorities with us.
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