German court ruled cryptocurrency dealing was not subject to mandatory licensing

According to a ruling by the Berlin Court of Appeals, Bitcoin is not financial instrument in the German Banking Act (KWG), what means trading can not be punishable. Federal Financial Supervisory Authority (BaFin) decided classified Bitcoin as a unit of account according to KWG which makes the trading of the cryptocurrencies licensed. But judges wrote in their judgment that BaFin exceeded its competences with this classification from 2013: "The task of the BaFin is" the preventive security of credit and financial services, but not the extension of the scope of criminal standards. That is exclusively for the legislator.

Judgment says:

"issued neither by a central bank nor a public authority," it would be "no currency and no cash in the classical sense,"

After this judgment Monte24 Casino and Video Store imported a Bitcoin ATM from Austria, where crypto regulations were not so strict.

source: www.wired.de



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