Finance Regulators Declares Institutions In Germany Are Involved In Cryptocurrency

Germany Crypto Blockchain

As of the report of Reuters, Federal Financial Supervisory Authority (BaFin) verified that cryptocurrency activity is ongoing in institutions under its jurisdiction.

BaFin did not mention the banks or any related entities involved. Their response also, somehow, relates to the “dealing in or possible acquisition of” cryptocurrency.

The country continuously drags its feet on the wider issue of regulation and classification of virtual assets even though several players in the banking industry became well-known first movers on the German market many years ago by offering Bitcoin exposure to possible clients.

During a visit to “share supervisory experiences” on cryptocurrency just a month ago, BaFin members contributed expertise to Georgia’s central bank.

Blockchain Bundesverband, a new working group concentrated on Blockchain and related phenomena, is currently active in the German parliament following its foundation in July of last year.

BaFin reported that it currently had no open inquiries associating to money laundering or other suspicious activities involving virtual assets among its institutions, in spite of having an eye like an eagle on cryptocurrency propagation.

BaFin cited almost 200 tip-offs to Germany’s newly-formed Finance Intelligence Unit in the second half of 2017. From January to April this year, the number was even higher at 280 highlighting the continued reports of fraud relating to the industry.

Like Russia’s central bank, however, BaFin reemphasized that it sees no “risks to the stability of financial markets” arising directly from cryptocurrency.

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