To improve legal control within the country, Germany says Bitcoin (BTC) ATMs now require regulatory approval before they can be operated.
A license from the German financial supervisory authority BaFin is now required for ATMs that offer assets such as Litecoin and Bitcoin. after a statement of the company on September 8th.
“Trading on your own account is a financial service, and business with financial commissions is a banking business that requires prior approval from BaFin.”
This appears to be less of a new law than a clarification of the current legal requirements. “Those who set up such cryptocurrency machines that do not have permission from BaFin are acting illegally.” can be read in the statement.
Cointelegraph contacted BaFin to find out more details. however, received no response at the time of this writing. This article will be updated accordingly when a response is received.
The regulator also stated that owners, companies, etc., could be held liable for Bitcoin ATMs installed on their property if those ATMs are not licensed. regardless of who the actual owner of them is.
Many nations have stepped up their vigilance regarding cryptocurrencies in the past few months. including the European Union with its Fifth Anti-Money Laundering Directive, also known as 5AMLD.