Tagged: bafin

Crypto Finance Obtains BaFin Licenses in Germany

Crypto Finance AG, part of Deutsche Börse Group, has reached another milestone in its history. The prudentially FINMA-supervised provider of institutional-grade investment solutions, custody, and trading “for digital assets has now also secured four licenses from the German Federal Financial Supervisory Authority, BaFin.” The licences… Read More

Stablecoin Adoption: BaFin Regulated AllUnity to Enable Adoption of Digital Assets and Tokenization

Galaxy (TSX: GLXY) has announced the intended formation of AllUnity, as part of a new partnership between DWS, Flow Traders and Galaxy, whose mission is to enhance the on-chain economy by issuing a fully collateralized EUR-denominated stablecoin. AllUnity will be regulated “by BaFin, Germany‘s financial… Read More

Switzerland Regulated Digital Asset Firm Taurus Expands into Germany, Partners with Deutsche Bank

Digital asset firm Taurus SA is expanding into Germany. The firm is regulated in Switzerland by FINMA and provides an infrastructure to issue, custody, and trade any digital assets, including cryptocurrencies, tokenized assets, NFTs, and digital currencies. Taurus also operates a marketplace for private assets… Read More

BitGo Obtains Digital Asset Custody License from BaFin, Germany’s Federal Financial Supervisory Authority

BitGo, the provider of financial services for digital assets, announces that its subsidiary in Germany, BitGo Europe GmbH, has received a crypto custody license from the German Federal Financial Supervisory Authority (BaFin). BitGo has already been storing crypto assets “for its customers since 2019, also… Read More

Germany Sees Regulatory Progress for Crowdfunding Platforms Under ECSPR

  The largest economy in Europe has been slow to create a sustainable regulatory environment for investment crowdfunding platforms to thrive. Under ECSPR or European Crowdfunding Service Provider Regulations, an approved platform may raise up to €5 million across the European Union. The kicker to… Read More

European Neo-Insurer Getsafe to Acquire German Client Base of French Insurtech Luko

Getsafe, Europe’s neo-insurer based in Germany, has entered into an agreement to acquire the German customer base of French insurtech Luko. With over 550,000 customers across Germany, the UK, France, and Austria, Getsafe “is rapidly expanding its reach in Europe.” The acquisition covers Luko’s entire… Read More

Worldcoin Crypto Initiative Is Being Scrutinized by Regulators in Several Jurisdictions

Growing numbers of world governments are beginning to scrutinize the services provided by Worldcoin, which is described as a crypto-related initiative that’s co-founded by OpenAI Chief Executive Officer Sam Altman that was officially launched in July of this year. Nearly 2.3 million consumers throughout the… Read More

BaFin Launches Investigation Targeting Blackfort Tech for Offering Financial Services Without Authorizations

German financial regulator BaFin has launched an investigation targeting Blackfort Tech based in Estonia. In a consumer warning, BaFin said that the company offers banking business or provides financial and/or investment services on its website Blackfort.exchange, without the required authorization. Blackfort.exchange lists both an address… Read More

Germany: BaFin Updates on Digital Bank N26 to Curb Money Laundering

German regulatory authority BaFin has reportedly extended measures at digital bank N26 in an effort to prevent illicit activities. In 2019, BaFin issued an order targeting N26, telling the Fintech to “take appropriate internal safety measures” for the prevention of money laundering and terrorist financing…. Read More

Digital Assets: Deutsche Bank Submits Application to Germany’s BaFin to Serve as Crypto-Asset Custodian

Deutsche Bank AG (ETR: DBK) has reportedly submitted an application for obtaining regulatory clearance to serve as a digital asset custodian, based in Germany, the bank revealed on Tuesday (June 20, 2023). As first reported by Bloomberg, this latest development from Deutsche Bank comes only… Read More

EY, the Firm that Mishandled the Wirecard Audit, Banned in Germany for 2 Years

The spectacular collapse of Wirecard, once Germany’s largest Fintech, still reverberates within the country. While different pieces and parts have been sold off to various firms, the collateral damage continues, and new information continues to emerge. Today, EY – once the auditor of Wirecard, has… Read More

Germany: Boerse Stuttgart Digital Licensed by BaFin for Crypto Custody Business

As part of Boerse Stuttgart Digital, blocknox GmbH has received the final license for its business operations as a crypto custodian from the German Federal Financial Supervisory Authority (BaFin). Under the brand Boerse Stuttgart Digital, Boerse Stuttgart Group has “bundled all its cryptocurrency and digital… Read More

Digital Asset Firm Finoa Receives Full German Crypto License

Finoa are pleased to announce that they received three license approvals from BaFin (Bundesanstalt für Finanzdienstleistungsaufsicht) for crypto custody, crypto brokerage, and proprietary trading of crypto. The licenses mean that Finoa is now “a fully regulated financial institution, and will be able to offer a… Read More

Germany: Future Finance Act Aims to Boost Access to Capital, Embraces Digital Securities

Earlier today, Germany’s Federal Minister of Finance, Christian Lindner, and the Federal Minister of Justice, Dr.Marco Buschmann, announced regulatory and policy changes designed to boost entrepreneurship, access to capital, and embrace the digitization of finance with digital securities – or security tokens. The Financing Act. Das… Read More

Digital Bank N26 Shares Lessons Learned, Future Plans Including Crypto

As the company enters its tenth year in operation, digital bank N26 has grown and adjusted with, the times. The company was founded in 2013 by Valentin Stalf and Maximilian Tayenthal and launched their first products in 2015. In 2016 they secured a full European… Read More

German Digital Bank N26 Scrutinized for Lax AML Compliance, BaFin Appoints Special Monitor

N26, a leading digital bank based in Germany, has garnered additional scrutiny by federal regulators for apparent shortcomings went it comes to anti-money laundering (AML) compliance. Earlier this week it was announced that N26 has been assigned a “special monitor” by the German financial services… Read More

Karsten Wenzlaff of the German Crowdfunding Association Provides Insight into Harmonization of Pan-European Crowdfunding Rules

Last year, the European Union approved pan-European crowdfunding rules that will apply to all member states thus finally offering a harmonized approach to online capital formation. Crowdfunding advocates and European platforms had long recognized the unnecessary friction intrinsic to raising capital based on national regulations… Read More

Collateral Damage: Wirecard Fallout Continues in Germany as Finance Minister Takes Heat, Former Wirecard COO Still Missing, Sale of Core Assets Completed

German Finance Minister Olaf Scholz is taking some heat from various politicians as fingers look for somewhere to point blame. Social Democrat Scholz, along with his deputy Joerg Kukies continue to deny responsibility for the collapse of Wirecard AG (WDI.F), a Fintech that was once… Read More

The Time of COVID: The Biggest Fintech Stories of 2020

2020 was a challenging year for the entire world. The ongoing health crisis surprised everyone as the world dove into a pandemic, pummeling the global economy and impacting everyone. In many respects, Fintech emerged as a beneficiary of COVID-19. Digital transformation of financial services were… Read More

Digital Onboarding Is Being Widely Adopted in Germany after BaFin Introduced Directive to Regulate the Process in 2014

Digital challengers such as neobanks and various other Fintech service providers are beginning to transform many traditional business activities through the digitalization of many different services that previously required laborious manual processes (like accounting). Customer or user experience (UX) has become a key differentiator when… Read More

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