The Only Regulated Bitcoin Exchange in Germany Will Become A Bank in 2019

 In Bitcoin, Exchanges, Governments and Regulations

Bitcoin Group SE, which operates, will be able to offer a raft of services connected with cryptocurrency thanks to a banking license once the deal goes through.

Frankfurt-based Tremmel has operated as a minor financial institution since the early 1980s, with previous owner Rainer Bergmann staying on to contribute to future growth and oversee the creation of a “deposit institution,” a press release confirms.

“We are very pleased that in Tremmel Wertpapierhandelsbank GmbH and in particular Mr. Rainer Bergmann we have been able to gain an excellently positioned partner with in-depth knowledge of the market,” Marco Bodewein, Managing Director of Bitcoin Group SE commented.

This will enable us to take the corporate development of Bitcoin Group SE to a new level.

Consumer Adoption Focus

Once the process completes, which is expected by Q3 2019, will be able to provide services such as Bitcoin ATMs.

The right to provide exchange services, including via such machines, among non-banking license holders currently forming a contentious issue in Germany, recently reported.

The main focus for Bitcoin Group, however, will be to turn into a “cryptocurrency exchange with a multilateral approach.”

“This offers numerous advantages,” the press release continues.

For example, it would be possible to maintain an order book and even quote prices, which would at the same time ensure more liquid trading.

Bitcoin Group first hinted it would be acquiring a “regulated bank headquartered in Germany” in May, the latest move further increasing its presence as the only regulated option in the country.

Has Berlin’s Bitcoin Brigade Been Blinded by Bullishness?

As noted, this stance firmly contrasts with that adopted by its neighbors, with both Switzerland and Austria favoring a constructive regulatory attitude to the cryptocurrency industry.

Source link: Click here. Disclaimer:  This is a third-party article. The information on the Verified topics are provided on a strictly "as is," "where is" and "where available" basis. Verified topics expressly disclaim any implied warranties. Note Verified topics do not give any financial advice, for more information see our Acceptance of terms.


Start typing and press Enter to search