The Federal Financial Supervisory Authority for Germany has published clear conditions for crypto ATM operators.
In a new statement, BaFin draws attention to crypto ATMs and warns that unlicensed operation is illegal. All entities that operate these vending machines trade financial commissions and must therefore obtain approval from BaFin pursuant to § 32 (1) KWG.
The regulatory also stated:
Those who have set up such crypto machines, which do not have a permit from BaFin, act illegally and are therefore also subject to criminal prosecution under § 54 (1) no. 2 KWG.
The warnings do not only concern the operators themselves, but also the owners of the premises where the crypto ATMs are located. Landlords should therefore always make sure that the operator has obtained a BaFin license, as business registration alone is not enough.
Read also: The Governor of the Bank of England draws attention to Cryptocurrencies and Stablecoins
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