Installation of cryptomats in Germany will require permission from the authorities

Specialized devices focused on the issuance of digital assets to residents of Germany are now subject to compulsory licensing from the Federal Financial Supervision Authority (BaFin). The regulator announced this on its official website.

In particular, the message indicates that the persons installing the equipment must first obtain the approval of BaFin. “Those who install such cryptomachines without BaFin’s permission are acting illegally and therefore also subject to prosecution. Individuals or companies that provide premises, electricity or internet connection to crypto machine operators involved in unauthorized transactions are also perceived as violators of administrative regulations and are subject to punishment, ”write the experts of the German Federal Financial Supervision Authority.

We add that there are currently 28 cryptomats installed in the country.