In an attempt to tighten legal supervision in the country, Germany now says that Bitcoin ATMs (BTC) require approval from the authorities before they are allowed to operate.

The organization said in a statement on September 8 that ATMs offering assets such as Litecoin and Bitcoin now require a license from the German financial regulator BaFin.

“Real estate trading is a financial service and commission business is a banking business that requires prior approval from BaFin.”
This is not so much a new regulation as it illustrates current requirements in the law. “Those who have created such crypto machines that have not received permission from BaFin are acting illegally,” the statement said.

Cointelegraph contacted BaFin for more information, but did not receive a response at the time of posting. This article will be updated accordingly if responses are received.

The supervisory authority also emphasized that property owners, companies, etc. can be held liable for bitcoin ATMs set up in their territory if the ATMs are not licensed, regardless of who actually owns them.

In recent months, several countries have tightened their monitoring of cryptocurrencies, including the EU, with the Fifth Money Laundering Directive, also known as 5AMLD.

Source: CoinTelegraph

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