Mark Branson, a German regulator on the helm of the Federal Monetary Supervisory Authority (BAFIN), It is nonetheless Regardless of the numerous advances cryptocurrency has revamped the previous few years by way of institutional adoption, it’s nonetheless solidly anti-vitocoin.
In line with Branson, the truth that Bitcoin and different standard cryptocurrencies are gaining mainstream adoption would not make them “good” investments.
He emphasizes that buyers ought to know precisely what they’re doing when they’re engaged in cryptocurrency buying and selling.
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Reflecting criticism from different cryptocurrency lovers, Branson likens crypto to casinos, claiming that Bitcoin and different cryptocurrencies don’t have any inherent worth.
Branson, who led Baffin in 2021, beforehand claimed that Bitcoin is standard with criminals due to its anonymity.
Former financial institution managers shouldn’t lock Bitcoin or different cryptocurrencies out of the regulatory system.
German Cryptocurrency Rules
Like different EU members, Germany at present operates beneath the excellent MICA regulatory framework that got here into impact in late 2024.
Beginning in December 2024, all native cryptocurrency asset suppliers will probably be licensed from Bafin to permit them to function legally.
Bafin has gained extra regulatory energy. Presently, platforms that don’t observe the suitable licensing necessities might be shut down.
