BitPay leaves Germany due to stricter regulation of the cryptoindustry

The leading BitPay payment processing has suspended operations in Germany due to the tightening of regulation of the cryptocurrency industry in this country, reports FXStreet .

“Germany has publicly stated that cryptocurrency companies must receive a license starting from 2020. We have suspended operations in this country and now we are assessing the expediency of obtaining such a license, ”the company representatives said.

Meanwhile, the local news publication Computer Base has already announced that it has stopped accepting Bitcoin due to the termination of BitPay in Germany.

Recall, according to the new AML legislation, German cryptocurrency companies will be required to receive a license from the Federal Financial Supervision Authority of Germany from next year. Thus, from January 1, 2020, a cryptocurrency in Germany will be considered a financial instrument.

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