The German equivalent of the KNF - BaFin - believes that bitcoins of the Polish company in Germany are illegal. Shitcoins.club has a problem? Shitcoins.club a BaFin As reported by Comparic.pl, KKT UG has been ordered to halt "cross-border cryptocurrency operations" in Germany. The financial market regulator BaFin is behind the decision. We add that the company owns a platform through which you can buy and sell cryptocurrencies (shitcoins.club). In addition, it has more than 30 of its own bitomats, which are located throughout the country. Currently, cryptocurrencies in Germany are already recognized as financial instruments, so the related activities are strictly regulated and licensed. Unfortunately, the said KKT UG does not have the necessary approvals and licenses to conduct such activities. "According to BaFin's current findings, KKT UG and its CEO Mr. Adam Gramowski are responsible for the website www.shitcoins.club, as well as for the ATMs for buying and selling cryptocurrencies that KKT UG issues and operates in Germany and which it advertises on the aforementioned website," - informed BaFin in the Polish-language version of the statement. Changes in German law Germany has had a new law on cryptocurrencies since this year. As the Handelsblatt news agency explained: "Starting in 2020, financial institutions will be able to offer their customers online banking virtually at the touch of a button, as well as classic securities such as stocks and bonds, and cryptocurrencies." The Association of German Banks - a large lobbying group representing more than 200 financial institutions - supports the bill, arguing that supervised financial institutions have the experience and risk mechanisms to safeguard customer assets. Sven Hildebrandt - head of Distributed Ledger Consulting - told the media in the fall: "Germany is well on its way to becoming a crypto sky. German lawmakers are playing a pioneering role in regulating cryptocurrency. " As you can see, the regulations have been well appreciated by the digital currency market in our western neighbor, but... you have to comply. Why did the company KKT UG not do so? It is not clear. It is possible that it has plans to comply with the regulations or withdraw from the German market. Tags ATM Bitcomat Germany shitcoins.club
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