Bitpay provider of cryptocurrency wallet ceases operations in Germany

The BitPay company, which is a provider of a wallet that supports Bitcoin and Bitcoin Cash, announced on August 1 that it temporarily ceases operations in Germany.

BitPay spokesman Jan Yakhoski explained that the company decided to stop providing its services in Germany due to the new regulation coming into force next year.

However, it seems that the company is already considering the possibility of returning to the German market in the future: “Germany has publicly stated that it wants cryptocurrency companies to receive a license starting from 2020. We have suspended our activities in Germany, assessing the need to obtain a German license. ”

Computer Base Computer News site today announced that it will no longer be able to support Bitcoin as a means of payment precisely because of the suspension of BitPay.

However, the company reported that most of its users pay via PayPal or via bank transfers, and Bitcoin is not a particularly common method of payment. However, open source services such as BTCPay Server can provide an alternative.

Starting next year, new anti-money laundering rules will come into force in Germany, which require cryptocurrency companies to obtain a license issued by the Federal Financial Supervision Agency of Germany (BaFin).

Germany recently called on other European countries to adopt strict rules on cryptocurrency initiatives. The country’s finance minister has officially announced that cryptocurrencies will not be able to replace the euro. German politicians also called for tough measures to curb any threats related to the Libra cryptocurrency project from Facebook.

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