The German financial watchdog is stopping the operations of a company KKT UG from Berlin that allows consumers to buy and sell cryptocurrencies at ATMs. Lack of necessary permission According to a March 4 statement, BaFin ordered Mr. Adam Gramowski, who runs KKT UG as managing editor, to cease cross-border proprietary trading. The order was issued on Feb. 26. On its website www.shitcoins.club, the company advertises 24 bitcoin machines für purchase and sale of cryptocurrencies in Germany. Moreover, its business apparently extends across the whole of Europe. According to his LinkedIn profile, Gramowski also works as CEO of Bitcoin Technologies …

The German financial watchdog (BaFin) issued a new summary leaflet detailing how cryptocurrencies are treated under newly enacted laws for 2020. The instructions are presented as BaFin’s interpretation of the new German legislature. The March 2 leaflet “specifies the new regulatory standards” that businesses will need to adhere to should they wish to provide crypto custody services. This is understood as a generic term to include all businesses that hold crypto for clients, including exchanges, financial services or banks. The new crypto regulation introduced on Jan. 1, 2020 was part of a wider initiative to align German law with the …

German regulator federal financial supervisory authority (BaFin) issued a warning against Bulgarian cryptocurrency broker 5 Capital on Nov. 11. The regulator has barred 5 Capital from operating in the country since the firm illegally offered Contracts for Difference (CFDs) designed to expose clients to the price movements of cryptocurrencies. Operating without license The regulator found that the company provided the service without the necessary license. Per the announcement, the broker is based out of Sofia, Bulgaria and solicits its users to use a website operated by its parent company, 21TEX. BaFin recommends investors to always check the identity of the …

The German-speaking world was highly active as far as crypto was concerned this past week. Among other stories, the German Federal Financial Supervisory Authority (BaFin) issued several items of interest to the crypto community, a new fund for blockchain startups launched in Hamburg and an Austrian crypto ATM service filed for bankruptcy following an armed robbery. BaFin publishes summary of current regulation On Aug. 16, the BaFin published a leaflet for issuers of crypto tokens that summarized current German legal standards in the field. By condensing active regulations in such a fashion, the BaFin reportedly hopes to encourage compliance among …

Luxembourg-registered financial firm Black Manta Capital Partners has received a license from the German Federal Financial Supervisory Authority (BaFin) for its Security Token Offering (STO) platform. A regulated STO platform in Germany Black Manta Capital Partners announced on Aug. 19 that its Berlin-based entity received a MiFID II license by BaFin for its regulated STO platform on Aug. 1 nine months after filing. Now, the company will be able to offer regulated brokerage services using blockchain technology. On its platform, the firm represents rights to an asset as tokens managed by on-chain contracts. This system reportedly allows for new access …

Starting next year, new Anti-Money Laundering (AML) regulations will come into effect in Germany. The regulations will require cryptocurrency businesses to hold a Federal Financial Supervisory Authority (BaFin)-issued license, Cointelegraph Deutschland reported on July 24. Possible innovation obstruction Per the report, the new regulations will require cryptocurrency-related businesses such as exchanges and wallet providers to be licensed by BaFin and comply with AML regulation, since crypto assets will be considered a financial instrument starting on January 1, 2020. According to local media FAZ, Bundestag Free Democratic Party Frank member Schäffler commented suggesting that the government is hurting local innovation and …

The German Federal Financial Supervisory Authority (BaFin) approved an Ethereum-based real estate bond for security issuance firm Fundament Group. The company announced the news in a press release shared with Cointelegraph on July 23. Regulated real estate bonds on the Ethereum blockchain The given bond backed by a portfolio of properties in major German cities with an issued volume of 250 million euros ($280 million). The firm’s solution reportedly leverages standardized and regulated financial instruments to build a real estate-backed asset that can be traded worldwide independently of banks. Providing liquidity to real estate investments through tokenization The company hopes …

Germany’s financial regulator has no knowledge of “cyber incidents” or market manipulation occurring on crypto trading platforms in the country, according to a press release on May 28. Referencing info from the Federal Financial Supervisory Authority (BaFin) — the financial watchdog that oversees banks, financial services institutions and insurance services — the government responded to a question from the Free Democratic Party (FDP), a centrist political party in the country, concerning information on cyber attacks, fraud, money laundering and market manipulation involving crypto assets. A translation of the written response reveals that it does not categorize financial crimes any differently …

The German Federal Financial Supervisory Authority (BaFin) issued a warning Nov. 29 that a firm called Platin Genesis DCC is not authorized or approved by the proper authorities. In the warning, BaFin states that Platin Genesis was advertising a "Platinum Coin Crypto Fund" on social media, which it claimed was “approved and released by BaFin.” The watchdog clarifies in its statement that this is not true. Per BaFin, the firm does not have permission under section 34 of the German Banking Act to conduct banking activities or offer financial services. The firm is not under BaFin’s supervision. The firm’s token …