BitPay Temporarily Halts Its Operations In Germany Citing Confusion In Crypto Payment Regulations
Giant Bitcoin and Bitcoin Cash payment processor BitPay has announced that it is temporarily withdrawing its operations in Germany.
In the sent e-mail, the BitPay head of Public Relations, Jan Jahosky explained that the company has agreed to halt the provision of its services in Germany in view of the coming into force of the new regulations, scheduled for next year.
However, it seems that the company is already considering adding support for the German market again in the future:
“Germany has publicly stated that it wants the crypto companies to hold a license starting in 2020. We have suspended our operations in Germany while evaluating the need to obtain a German license.”
German Companies No Longer Accept Bitcoins
However, the company has also agreed that the majority of its users pay via PayPal or bank transfer, while Bitcoin does not seem to be a particularly widespread payment method. However, there are alternative, self-hosted and open-source payment processing services, such as BTCPay Server, which lessen reliance on secondary providers.
Reports by Cointelegraph state that starting next year, the new anti-money laundering regulations will come into force in Germany, which requires companies in the crypto sector to have a license issued by the German Federal Financial Supervisory Authority.
In the recent past, Germany has been in the forefront urging other European countries to adopt tough regulations on crypto-based initiatives. The country’s finance minister is on record saying that cryptos won't be allowed to replace the Euro. Germany’s policymakers have also called for tough measures to curb any threats posed by Facebook’s Libra crypto.
Is Germany becoming anti-crypto going by its recent policies and regulations? Share your thoughts with us in the comments section.