Germany: BaFin Consults on Due Diligence in Connection with Virtual Currencies

On October 18, 2018, the Federal Financial Supervisory Authority (BaFin) launched a consultation on the circular "Due diligence in connection with virtual currencies - indications for an appropriate risk-oriented approach".

Virtual currencies do not have the legal status of a currency or money in the country, but are accepted by natural or legal persons as a means of exchange and can be electronically transferred, stored and traded.

To continue reading please log in or request a demo to speak to a member of the team.