Blockchain regulation continues to become tight and will not be eased in the nearest future.
Aiming to strengthen the country legislation observance, Germany now mentions that Bitcoin (BTC) ATMs need legislation approval before the operation start.
ATMs providing the assets such as Litecoin and Bitcoin will need to have the license from Germany’s financial regulator, BaFin.
“Proprietary trading is a financial service and financial commission business is a banking business, for which prior approval from BaFin is required.”
Though new rule does not provide much explanations related to other requirements. “Those who set up such crypto machines that do not have permission from BaFin are acting illegally,” the statement read.
The regulator also explained that property owners, businesses, etc., might bear the responsibility in case if they keep BTC ATM without license.
Many countries did the same way taking into account the 5th Anti-Money Laundering Directive, also known as 5AMLD.