Blockchain regulation in Germany continues to increase, and now Bitcoin ATMs require regulatory approval before they are allowed to operate, according to a Coin Telegraph report.
ATMs offering assets, such as include Litecoin and Bitcoin, require a license from Germany’s financial regulator, BaFin.
“Proprietary trading is a financial service and financial commission business is a banking business, for which prior approval from BaFin is required,” according to a BaFin statement.
This change is not so much as a new ruling as it is a clarification of legal requirements that state anyone who sets up crypto machines without permission from the BaFin is operating machines illegally. Property owners and businesses could be made liable for unlicensed Bitcoin ATMs set up on their property, regardless of who owns the machine, according to the news report.