Crypto ATMs in Germany must be BaFin Licensed, Aussie Gov Report and the Swiss Parliment

Global Regulations, 11th September – Coinfirm has a quick snapback on the week’s global compliance and regulatory news affecting our stakeholders.

Crypto ATMs Operating in Germany Must be BaFin Licensed

Germany’s Federal Financial Supervisory Authority or ‘BaFin’ has informed all new operators of cryptocurrency automated teller machines to seek regulatory licenses before commencement of operations. – READ MORE

Aussie Gov Report Says All Fintech Companies Will use Blockchain by 2030

The Australian government’s Senate Select Committee on Financial Technology and Regulatory Technology has released a draft report citing blockchain dozens of times and that “most fintech and regtech projects will either be built predominantly on distributed ledger technology or blockchain or heavily using that within the next ten years”.– READ MORE

Swiss Parliament Amends Several Crypto Laws

New laws governing the cryptocurrency and blockchain space in Switzerland were passed yesterday by parliamentarians to see amendments to the “Blockchain Act”. The changes affect the legal process of reclaiming digital assets from companies that enter bankruptcy and further defines legal requirements for AML risks with exchanges. – READ MORE

BoE’s Andrew Bailey Sees Payment Future in Stablecoins

Bank of England Governor Andrew Bailey was heard to be optimistic on the subject of stablecoins that “could offer some useful benefits. For example, they could further reduce frictions in payments, by potentially increasing the speed and lowering the cost of payments (particularly if global stablecoins were to be established). Stablecoins may offer increased convenience, including via integration with other technology, such as social media platforms or retail services” – READ MORE

Venezuela Blocks Access to Coinbase and MercaDolar

Following its recent ban on VPN providers Tunnelbear and Psiphon a few weeks ago, the Venezuelan government has blocked access to cryptocurrency exchange Coinbase and fiat remittance company MercaDolar. Although authorities remain quiet as to why, most cite capital flight risk amidst an inflation rate of 15,000%. – READ MORE

About Coinfirm

Coinfirm is a global leader in AML and regulatory technology for blockchain and cryptocurrencies. It offers the industry’s largest blockchain coverage, supporting over 1,400 cryptocurrencies and protocols including Bitcoin, Ethereum, Hyperledger, and many more. Coinfirm’s solutions are used by market leaders globally, ranging from crypto exchanges such as Binance, and protocols like XRP, to major financial institutions like PKO BP. The company’s services also include Reclaim Crypto, as well as Trudatum, a standalone regtech platform that allows any file to be registered, signed, and verified with 100% accuracy. For more information, please visit: https://www.coinfirm.com/