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US Develops Cryptocurrency Intelligence Program Targeting P2P Sites, Forums, Darknet Markets

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The U.S. Department of Homeland Security has revealed a cryptocurrency intelligence program aimed at identifying unlicensed crypto businesses using P2P sites, online forums, and darknet markets. These areas have consistently presented “a significant challenge to law enforcement” and the Financial Crimes Enforcement Network (FinCEN).

Also read: Regulatory Roundup — Trump’s Cryptocurrency Proposals, IRS Changes Rule, China Quarantines Cash

Cryptocurrency Intelligence Program

The Department of Homeland Security (DHS) released its budget overview for the fiscal year 2021 last week. The department has several programs that monitor crypto activities, including the Bulk Cash Smuggling Center (BCSC), which provides operational support in the enforcement and prohibition of bulk cash smuggling or transfer of illicit proceeds.

In the budget document, the DHS revealed that the BCSC has developed Cryptocurrency Intelligence Program (CIP), elaborating:

[CIP] identifies unlicensed money services businesses in the form of independent cryptocurrency brokers’ use of peer-to-peer (P2P) sites, online forums and classified advertisements, and darknet markets (DNM) to engage in unlicensed money services businesses (MSB) activity.

According to the DHS, “A large portion of these unlicensed MSBs are engaged in laundering narcotics proceeds, including opioid trafficking.”

US Develops Cryptocurrency Intelligence Program Targeting P2P Sites, Forums, Darknet Markets

‘Significant Challenge’ From P2P Platforms and Darknet Markets

The U.S. Immigration and Customs Enforcement (ICE) agency, under the DHS, has raised concerns over P2P platforms several times over the years. It noted that unlicensed P2P activities have continually presented “a significant challenge to law enforcement.” According to ICE, “Bitcoin and other virtual currencies are the preferred payment method in darknet markets. It is common for unlicensed P2P exchangers to obtain their bitcoin from selling illicit goods and services on darknet markets.” Noting that the Homeland Security Investigations (HSI), an investigative arm of the DHS, targets illicit P2P exchangers for money laundering and money services business violations, ICE asserted:

The biggest problem darknet market vendors face is converting virtual currency into traditional fiat currency. To avoid reporting requirements, illicit vendors turn to P2P exchangers or become P2P exchangers themselves in order to liquidate their virtual currency.

US Develops Cryptocurrency Intelligence Program Targeting P2P Sites, Forums, Darknet Markets

Currency exchangers, including cryptocurrencies, are considered money transmitters and are required to register and comply with federal anti-money laundering regulations. Under federal law, they must register with the Financial Crimes Enforcement Network (FinCEN) as a money services business. FinCEN confirmed in a May report last year that it and law enforcement had “observed unregistered entities being exploited or wittingly allowing their platforms to be utilized by criminals in the U.S. and abroad to further illicit activity, including through darknet marketplaces, P2P exchanges, foreign-located MSBs, and CVC [convertible virtual currencies] kiosks.”

ICE explained that the current U.S. regulatory framework for money transmission activities does not cover the full range of crypto activities that could be exploited for illicit purposes. Nonetheless, U.S. authorities have charged some people and businesses for unauthorized crypto activities on P2P platforms and darknet markets. On Aug. 23, 2019, Kunai Kalra pleaded guilty to operating an unlicensed money transmitting business where he exchanged up to $25 million in cash and cryptocurrencies for customers, including darknet drug dealers and other criminals, some of whom used his bitcoin ATM kiosk, FinCEN detailed. This was the first federal criminal case charging an operator of a digital asset kiosk with unlicensed money transmission. On April 18, FinCEN assessed a $35,350 civil money penalty against Eric Powers for willfully violating its rules and requirements during his operations as a cryptocurrency P2P exchange service provider. On Feb. 13 this year, the Department of Justice announced that an Ohio resident had been charged with operating a darknet-based bitcoin mixer which laundered over $300 million.

Meanwhile, the U.S. Office of the Director of National Intelligence believes that “a global cryptocurrency or a national digital currency could undermine the U.S. dollar.” It is now looking for researchers to evaluate this threat and the impact of the U.S. dollar losing its status as the world’s reserve currency.

What do you think of the Department of Homeland Security’s cryptocurrency intelligence program? Let us know in the comments section below.

Disclaimer: This article is for informational purposes only. It is not an offer or solicitation of an offer to buy or sell, or a recommendation, endorsement, or sponsorship of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.


Images courtesy of Shutterstock.


Did you know you can buy and sell BCH privately using our noncustodial, peer-to-peer Local Bitcoin Cash trading platform? The local.Bitcoin.com marketplace has thousands of participants from all around the world trading BCH right now. And if you need a bitcoin wallet to securely store your coins, you can download one from us here.

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G20 Kicks Off 2020 Discussion on Cryptocurrencies — Urges Countries to Apply FATF Standards

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The G20 finance ministers and central bank governors had their first 2020 meeting this weekend in Saudi Arabia. They discussed cryptocurrencies and stablecoins, and issued a statement urging countries to implement the cryptocurrency standards set by the Financial Action Task Force. They were also informed that the Financial Stability Board will soon issue its crypto regulatory responses.

Also read: Regulatory Roundup – Trump’s Cryptocurrency Proposals, IRS Changes Rule, China Quarantines Cash

G20 Begins Discussing Crypto Regulations

The first G20 Finance Ministers and Central Bank Governors Meeting took place in Riyadh, Saudi Arabia, on Feb. 22 and 23. Cryptocurrencies and stablecoins, such as Facebook’s planned project Libra, were discussed.

In the G20 Communique released after the second day of the meeting, the finance chiefs explained that “global economic growth is expected to pick up modestly in 2020 and 2021.” However, they added, “We will enhance global risk monitoring, including of the recent outbreak of COVID-19 [coronavirus disease],” noting that “downside risks to the outlook persist.” Regarding cryptocurrencies, their statement reads:

Building on the 2019 Leaders’ Declaration, we urge countries to implement the recently adopted Financial Action Task Force (FATF) standards on virtual assets and related providers.

G20 Kicks Off 2020 Discussion on Cryptocurrencies — Urges Countries to Apply FATF Standards
G20 meeting.

In June last year, the G20 leaders met in Osaka, Japan, and declared their commitments to following the standards for crypto assets and related service providers set by the FATF. By October, the FATF had already begun evaluating how well countries were implementing their recommendations.

G20 Discusses ‘Global’ Stablecoins

In their Feb. 23 statement, the G20 finance ministers and central bank governors also addressed the subject of stablecoins. They wrote:

We reiterate our statement in October 2019 regarding the so-called ‘global stablecoins’ and other similar arrangements that such risks need to be evaluated and appropriately addressed before they commence operation, and support the FSB’s efforts to develop regulatory recommendations with respect to these arrangements.

The G20 is expecting reports on cryptocurrencies and stablecoins from a few global standard-setting bodies, including the Financial Stability Board (FSB), the International Monetary Fund (IMF), and the FATF.

G20 Kicks Off 2020 Discussion on Cryptocurrencies — Urges Countries to Apply FATF Standards
ECB Chief Christine Lagarde (left) and Federal Reserve Chairman Jerome Powell at the G20 meeting in Saudi Arabia on Feb. 22 and 23.

The G20 refers to stablecoins with the potential to achieve scale at launch as global stablecoins, an example of which is Facebook’s Libra. In a recent hearing before the House of Representatives Committee on Financial Services with Federal Reserve Chairman Jerome Powell, it was mentioned that another entity in a position to achieve similar scale is the Chinese government. Powell was therefore urged to work on the digital dollar to be able to quickly respond to the digital yuan rollout.

Following the leaders’ summit in Japan last year, the G20 issued a press release in October on global stablecoins. Their statement reads:

While acknowledging the potential benefits of financial innovation, we agree that global stablecoins and other similar arrangements with potential systemic footprints give rise to a set of serious public policy and regulatory risks.

“Such risks, including in particular those related to money laundering, illicit finance, and consumer and investor protection, need to be evaluated and appropriately addressed before these projects can commence operation,” the statement concludes. The chairman of the FSB also sent a letter to the G20 finance chiefs ahead of their October meeting regarding stablecoins.

G20 Kicks Off 2020 Discussion on Cryptocurrencies — Urges Countries to Apply FATF Standards

FSB’s Crypto Responses Coming Soon

In their Feb. 23 statement, the G20 finance chiefs also wrote: “We ask the FSB, in coordination with the Committee on Payments and Market Infrastructures (CPMI) and other relevant standard-setting bodies and international organizations, to develop a roadmap to enhance global cross-border payment arrangements by October 2020.” The FSB comprises regulators, central bankers and governments from major economies.

Ahead of their meeting this weekend, FSB chairman Randal K. Quarles sent a letter to the G20 finance ministers and central bank governors addressing the subject of cryptocurrencies and stablecoins. In his letter, dated Feb. 19, Quarles noted: “the global financial system is constantly facing new challenges. Technology is changing the nature of traditional finance; the non-bank sector has grown and requires deeper understanding and coordination among the supervisory and regulatory community. Pressures that can lead to market fragmentation exist. Concurrently, important supervisory and regulatory issues require attention.” He elaborated:

The FSB is resolved to quicken the pace of developing the necessary regulatory and supervisory responses to these new instruments. It will issue a draft report on regulatory issues and possible responses for public consultation in April.

What do you think of the G20’s approach to regulating cryptocurrencies and stablecoins? Let us know in the comments section below.

Disclaimer: This article is for informational purposes only. It is not an offer or solicitation of an offer to buy or sell, or a recommendation, endorsement, or sponsorship of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.


Images courtesy of Shutterstock, Christine Lagarde, and the G20 Saudi Arabia.


Did you know you can buy and sell BCH privately using our noncustodial, peer-to-peer Local Bitcoin Cash trading platform? The local.Bitcoin.com marketplace has thousands of participants from all around the world trading BCH right now. And if you need a bitcoin wallet to securely store your coins, you can download one from us here.

The post G20 Kicks Off 2020 Discussion on Cryptocurrencies — Urges Countries to Apply FATF Standards appeared first on Bitcoin News.

Chinese Government-Backed Institute Releases New Ranking of 37 Crypto Projects

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China’s Center for Information and Industry Development has published its latest crypto project ranking — the first this year. A total of 37 crypto projects, two more than in the previous ranking, were evaluated and ranked overall this month as well as in three separate categories.

Also read: Bitcoin, Tesla Stock, Tron: How Warren Buffett Got His First Bitcoin

The 16th Ranking, First This Year

The Center for Information and Industry Development (CCID), under China’s Ministry of Industry and Information Technology, released its first crypto project ranking for the year on Friday. Prior to this, the last one was published in December, with 35 crypto projects ranked. This month, two more were added, bringing the total of ranked projects to 37. In addition to the overall ranking, the center evaluated the crypto projects based on their basic technology, applicability, and creativity. The ranking is updated every two months and this month is the 16th update.

EOS remains top of the overall ranking, followed by Tron and then Ethereum. In December, Tron was in third place with Ethereum in second. This month, Bitcoin fell from the 9th place to the 11th place while Bitcoin Cash dropped from the 27th place to the 34th.

China Releases New Crypto Ranking — Tron Beats Ethereum

Meanwhile, Nuls dropped from the 4th place to the 10th place, Bitshares from the 8th place to the 24th, Waves from the 12th to 22nd, Zilliqa from the 13th to 25th, and Tezos from the 26th to 33rd. Some projects improved such as Ripple which rose from the 18th place to the 13th and Cosmos from the 24th to the 14th.

IOST and GXS Added

Two additions to the list of projects ranked this month are IOST and GXS. The former describes itself as “an ultra-fast, decentralized blockchain network based on the next-generation consensus algorithm ‘Proof of Believability’ (PoB).” The latter, also called Gxchain, is “a fundamental blockchain for the global data economy, designed to build a trusted data internet of value,” according to its website. IOST debuted at number six in the overall ranking. Gxchain was previously ranked but was removed in the October update. It is now back at number seven in the overall ranking.

China Releases New Crypto Ranking — Tron Beats Ethereum

In terms of the three sub-rankings, EOS scored the highest in the basic technology category, followed by Tron, IOST, GXS, and Steem. For the applicability category, Ethereum tops the ranking, followed by Tron, and Neo. For the creativity category, BTC scored much higher than the other projects. The second place is occupied by Ethereum, then Lisk, and EOS.

The rankings are compiled by the CCID (Qingdao) Blockchain Research Institute, an entity established by the CCID. The evaluation work is carried out in collaboration with multiple organizations, such as the CCID think tank and the China Software Evaluation Center. “The result of this assessment will allow the CCID group to provide better technical consulting services for government agencies, business enterprises, research institutes, and technology developers,” the center previously explained. The CCID provides professional services to the government, including research, consulting, evaluation, certification, and research and development, its website details.

In January, news.Bitcoin.com reported that the CCID released a report stating that there were more than 33,000 registered blockchain companies in December.

What do you think of China’s new ranking? Let us know in the comments section below.

Disclaimer: This article is for informational purposes only. It is not an offer or solicitation of an offer to buy or sell, or a recommendation, endorsement, or sponsorship of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.


Images courtesy of Shutterstock and the CCID.


Did you know you can buy and sell BCH privately using our noncustodial, peer-to-peer Local Bitcoin Cash trading platform? The local.Bitcoin.com marketplace has thousands of participants from all around the world trading BCH right now. And if you need a bitcoin wallet to securely store your coins, you can download one from us here.

The post Chinese Government-Backed Institute Releases New Ranking of 37 Crypto Projects appeared first on Bitcoin News.

Bitcoin Superstar and Bitcoin Era – The Latest Two Faces of the Same Scam

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With the rising price and popularity of bitcoin come numerous scams. Bitcoin Superstar and Bitcoin Era are two investment schemes that have recently gained much attention. News.Bitcoin.com took a look at them, and it did not take much to spot how similar they are to each other and several other well-known scams.

Also read: Bitcoin, Tesla Stock, Tron: How Warren Buffett Got His First Bitcoin

Bitcoin Superstar vs Bitcoin Era – Same Template, Different Names

Bitcoin Superstar and Bitcoin Era are currently two of the most popular bitcoin investment schemes, but it does not take long to spot how scammy their websites are. For a start, they both have the same cookie-cutter template. They both display a warning in red at the top stating that “Due to extremely high media demand, we will close registration as of 19/02/2020 – Hurry.” Such urgency and scarcity tactics have long been used to pressure people into buying many products.

Bitcoin Superstar and Bitcoin Era - The Latest Two Faces of the Same Scam
The Bitcoin Superstar website (left) and the Bitcoin Era website (right) using the same cookie-cutter template.

Next comes the hype. Both the Bitcoin Superstar and the Bitcoin Era websites display numerous hype phrases, such as “Bitcoin is making people rich,” “you can become the next millionaire,” and “change your life today.” Both schemes also feature the same video, starting with CNN coverage, followed by well-known people including Richard Branson, speaking positively about bitcoin. To gain more credibility, the two sites additionally display logos of Bitgo, Norton, Secure Trading, and McAfee, with “As seen on” CNN, FT.com, Time, and Forbes.

Bitcoin Superstar describes itself as a group of “people who jumped on the insane returns that bitcoin offers,” emphasizing that its members “make money on their laptop with just a few minutes of ‘work’ every day.” Bitcoin Era posted a similar message, with a focus on its trading software. “With the Bitcoin Era software, you can take advantage of the profit potential in the bitcoin and cryptocurrency markets,” its website describes.

The Fake Testimonials

How can one sell a scam without glowing testimonials? The next section of both the Bitcoin Superstar and the Bitcoin Era websites showcases the supposed testimonials of their successful traders. At the time of this writing, Bitcoin Superstar displays “Real testemonials from our users,” with the word testimonials misspelled. Both websites use the same four people’s images but change their names, locations, and the amount of profit they made.

Bitcoin Superstar and Bitcoin Era - The Latest Two Faces of the Same Scam
The testimonials on Bitcoin Superstar (top) and the testimonials on Bitcoin Era (bottom).

The four user images can be found on many other websites. For example, the picture of the first user (Mark K. from Forth Worth, TX, on Bitcoin Superstar, who is also James H. from San Antonio, TX, on Bitcoin Era) can be downloaded from free stock photo website Pexels.com.

Bitcoin Superstar and Bitcoin Era - The Latest Two Faces of the Same Scam
Mark K. on Bitcoin Superstar (aka James H. on Bitcoin Era) whose image can be downloaded freely from Pexels.com.

The Same Cookie-Cutter Template Used by Many Scams

Bitcoin Superstar and Bitcoin Era are not the only ones using the same cookie-cutter template. These scams will keep appearing as long as there are people willing to shell out money to join them. Scamcryptorobots.com has named plenty more scams that are using the same website format. Among them are Bitcoin Investor, Bitcoin Revolution, Bitcoin Trader, Bitcoin Evolution, Bitcoin Formula, Bitcoin Secret, Crypto Revolt, Bitcoin Rush, and Crypto Xchange. The website also mentions another viral scam called Bitcoin Billionaire and notes that the first scam of this format was Bitcoin Trader.

Bitcoin Superstar and Bitcoin Era - The Latest Two Faces of the Same Scam
Examples of scams using the same cookie-cutter template Bitcoin Era, Bitcoin Superstar, and Bitcoin Trader use. Source: Scamcryptorobots.com.

Over time, some of these websites may have changed their appearance. Bitcoin Era, for example, has put up another website with the same logo. There have also been several Bitcoin Era press releases published on some crypto news websites.

Bitcoin Superstar and Bitcoin Era - The Latest Two Faces of the Same Scam
Another Bitcoin Era website.

The Scamcryptorobots website also notes that there are fake reviews and fake news stories for these scams. In addition to warning about three bitcoin scams, including Bitcoin Code and Bitcoin Trader, news.Bitcoin.com has outlined how to spot scams like Bitcoin Doubler Club, Cryptomia247, Mining Cheap, Orelex Financial Services, and Wintrust Expert Options.

$250 Upfront Investment, €13,000 in 24 Hours Guaranteed

It is always a red flag when an investment scheme asks for money upfront as Bitcoin Superstar and Bitcoin Era do. To get involved with either of them, you need to register on their websites and fund your account. “So to start profiting with the Bitcoin Superstar, you must invest any amount you desire of $250 or more,” its website states. Bitcoin Era asks for a similar upfront investment while claiming that its trading software is free to use. However, you are unlikely to ever see your $250 again. Both Bitcoin Superstar and Bitcoin Era also entice new signups by posting fake, unverifiable profits their traders supposedly made. At one point, Bitcoin Superstar even displayed on its website: “Bitcoin Superstar ride on the bitcoin wave and earn €13,000 ($14,038) in exactly 24 hours. Guaranteed.”

Bitcoin Era advertises that it has “created an incredible trading software which provides highly accurate trade signals, allowing just about anybody to make massive profits from the bitcoin and cryptocurrency markets.” The scheme further claims: “With an unprecedented accuracy rate of 99.4%, the Bitcoin Era software will keep making you profits each and every single day without you having to worry about losing.” As icing on the cake, Bitcoin Era wrote: “Many of our users have reported making thousands of dollars per day using our advanced trading algorithms and the reality is, the earning potential is limitless.” Commenting on this unrealistic claim, a Bitcoin Era review article on the Scamcryptorobots site describes:

In reality the only exclusive club you are invited to join is a losing club designed by professional con artists in order to rip you off and steal your money … So if you really believe you are about to make £979.98 every day for the rest of your life, you are in for a rude awakening.

The type of promises Bitcoin Era and Bitcoin Superstar make has gotten many companies in trouble with regulators around the world. Some of them have been reported to the authorities. However, it takes time for each scam to be sanctioned and the scheme shut down. Meanwhile, they continue to prey on uninformed investors, luring in victims who hope to make easy money. The bottom line is any scam can put up any number of websites, call the scheme by different names, and generate a new look and feel. Remember, if the promise sounds too good to be true, it is most likely not true, and if any red flags are there, exercise extreme caution.

What do you think of Bitcoin Superstar and Bitcoin Era? Let us know in the comments section below.

Disclaimer: This article is for informational purposes only. It is not an offer or solicitation of an offer to buy or sell, or a recommendation, endorsement, or sponsorship of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.


Images courtesy of Shutterstock, Bitcoin Superstar, Bitcoin Era, and Scamcryptorobots.com.


Did you know you can buy and sell BCH privately using our noncustodial, peer-to-peer Local Bitcoin Cash trading platform? The local.Bitcoin.com marketplace has thousands of participants from all around the world trading BCH right now. And if you need a bitcoin wallet to securely store your coins, you can download one from us here.

The post Bitcoin Superstar and Bitcoin Era – The Latest Two Faces of the Same Scam appeared first on Bitcoin News.

Boerse Stuttgart: New German Crypto Regulation Poised to Attract Institutional Investors

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Since the new German crypto regulation went into effect, financial institutions in Germany have been preparing to offer crypto custody services. Among them is Boerse Stuttgart, the country’s second-largest stock exchange. Having obtained a provisional license from BaFin, the regulator in charge of licensing crypto service providers, Boerse Stuttgart is preparing to offer crypto custody services to institutional investors.

Also read: 40 Banks in Germany Declare Intent to Offer Crypto Services Under New Law

New Regulation Attractive to Institutional Investors

Boerse Stuttgart announced on Tuesday that its crypto custody arm is preparing to offer custody services to institutional clients, such as fintech firms, banks, and asset managers. Blocknox, a subsidiary of Boerse Stuttgart Digital Ventures, takes care of the custody of cryptocurrencies on an escrow basis.

“With regard to the new legal regulation of crypto custody in Germany as of 1 January 2020, Blocknox has already announced its intent to the supervisory authorities to apply for the required license,” Blocknox Managing Director Ulli Spankowski explained, detailing how his company is complying with the new law. “This means the license is deemed to have been granted provisionally,” he elaborated, adding:

We welcome the regulation of crypto custody as a reasonable step towards further professionalisation of the industry. Thanks to the new legislation, more institutional players are likely to enter the crypto market.

Boerse Stuttgart: New German Crypto Regulation Poised to Attract Institutional Investors

Blocknox’s crypto custody service was established at the end of January 2019 for users BISON, a crypto exchange app powered by Boerse Stuttgart. This service was extended at the end of September 2019 for users of Boerse Stuttgart Digital Exchange (BSDEX), the digital asset trading platform of Boerse Stuttgart. While the exchange was launched in September, it opened to all traders across the country in December. Boerse Stuttgart also announced in December that it had partnered with Japanese financial services giant SBI Holdings to expand both companies’ crypto businesses in Asia and Europe. SBI has several crypto operations in Japan, including a regulated crypto exchange.

BISON currently supports the buying and selling of BTC, ETH, LTC, and XRP. A German bank account is needed to use this app. Recently, the company announced the app now has around 81,000 active users and BCH will be added as an additional tradable cryptocurrency in the near future.

Germany’s New Crypto Regulation

The law implementing the amendment to the Fourth EU Money Laundering Directive went into effect in Germany on Jan. 1. It requires financial institutions wanting to offer crypto custody services to obtain authorization from the Federal Financial Supervisory Authority (BaFin).

Boerse Stuttgart: New German Crypto Regulation Poised to Attract Institutional Investors

News.Bitcoin.com reached out to BaFin for more information about the new regulation. The regulator explained that financial institutions with existing crypto custody operations when the new law went into effect must submit in writing by March 31 an “expression of interest” to offer crypto services if they want to continue offering crypto custody services. Banks without an existing crypto custody business when the new law went into effect cannot start offering the services until they have obtained approval from BaFin. According to reports, over 40 financial institutions have already submitted this intent.

Spankowski clarified that “Blocknox will submit the final application by the specified deadline.” BaFin confirmed to news.Bitcoin.com that banks failing to submit an expression of interest by March 31 must cease offering their existing crypto custody services. The expression of interest does not replace the application itself and does not have any bearing on whether the application will be approved. Financial institutions that have submitted an expression of interest must complete an application by Nov. 30 or cease crypto services by that date. BaFin also noted that the length of time it takes to issue a license depends on individual cases. The regulator is still finalizing its administrative practice for the approval and ongoing supervision of new crypto services.

What do you think of more German institutional investors entering the crypto space? Let us know in the comments section below.

Disclaimer: This article is for informational purposes only. It is not an offer or solicitation of an offer to buy or sell, or a recommendation, endorsement, or sponsorship of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.


Images courtesy of Shutterstock and Boerse Stuttgart.


Did you know you can buy and sell BCH privately using our noncustodial, peer-to-peer Local Bitcoin Cash trading platform? The local.Bitcoin.com marketplace has thousands of participants from all around the world trading BCH right now. And if you need a bitcoin wallet to securely store your coins, you can download one from us here.

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