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Bitcoin Verbot Deutschland: BaFin Seals Shitcoins.club ATMs
Germany's relationship with Bitcoin remains complex. While the government has established regulations for cryptocurrency custodians with the Kryptoverwahrgesetz, the presence of Bitcoin ATMs in public spaces continues to be a point of contention. The Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin), Germany's financial regulatory authority, recently took decisive action, sealing all Bitcoin ATMs operated by Shitcoins.club.
Regulatory Uncertainty Surrounding Bitcoin ATMs
Bitcoin ATMs in Germany have long existed in a regulatory gray area. In 2011, the BaFin initially classified Bitcoin as a complementary currency, a designation that further complicated its legal status. While issuing regional gift vouchers is considered non-criminal, the Bundesbankgesetz prohibits the unauthorized issuance of monetary instruments. This ambiguity led to a legal battle, with a Berlin court temporarily overturning a Bitcoin ban in 2018, citing BaFin overreach. However, since the beginning of the year, BaFin has reasserted its authority to grant licenses, swiftly exercising this power.
The Shutdown of Shitcoins.club
In March, BaFin ordered Shitcoins.club to cease its cross-border trading activities. The operator, who also ran the website www.shitcoins.club, was found to be operating without the necessary license under the Kreditwesengesetz (KWG), engaging in unlicensed commercial trading. This affected 24 locations, nearly half of Germany's reported Bitcoin ATMs. The new Kryptoverwahrgesetz mandates licenses for commercial banking and financial services within Germany, a requirement Shitcoins.club failed to meet. After a four-month grace period, BaFin recently began sealing these ATMs. The Shitcoins.club website now displays a "service unavailable" message.
The Broader Picture: Bitcoin in Germany
This action highlights the ongoing challenges of regulating Bitcoin in Germany. The legal landscape is evolving, but the crackdown on Shitcoins.club serves as a stark warning to other operators. The future of Bitcoin ATMs in Germany remains uncertain, dependent on future regulatory developments and interpretations of existing laws. This situation underscores the need for clear and consistent regulatory frameworks for cryptocurrencies.
