Entries by Dr. Matthäus Schindele

Crypto tokens: BaFin provides details on administrative practice

On 16 August 2019 the German Federal Financial Supervisory Authority (BaFin) published a new guidance note regarding crypto tokens (GZ: WA 51-Wp 7100-2019/0011 and IF 1-AZB 1505-2019/0003). The guidance note dealt with prospectus and licence requirements in connection with crypto tokens and is intended to complement the BaFin’s explanatory letter regarding the supervisory classification of […]

Crypto values: new regulation for Bitcoin & co.

On 20 May 2019, the German Federal Ministry of Finance (BMF) presented its draft bill on the implementation of the 5th Anti-Money Laundering Directive. The legislator has taken the new anti-money laundering requirements from the 5th Anti-Money Laundering Directive regarding trading platforms for virtual currencies and wallet providers as an opportunity to further regulate crypto […]

Geo-blocking regulation: The clock is ticking

From 3 December 2018, the so-called Geo-blocking Regulation will enter into force in the European Union and therefore also in Germany. It is intended to prevent discrimination in cross-border transactions within the European Union, including geo-blocking. Who is affected by the Geo-blocking Regulation? The Geo-blocking Regulation affects traders, i.e. business persons who offer goods or […]

Prepaid cards: closed loop, open loop, restricted open loop or semi-closed loop?

If you talk to insiders from the payment industry about prepaid card systems, they inevitably use terms such as closed loop, open loop and restricted open loop or semi-closed loop. What does closed loop, open loop, restricted open loop and semi-closed loop mean? In practice, the terms closed loop, open loop, restricted open loop and […]

AML5 update: 5th Anti Money Laundering Directive adopted

5th Anti Money Laundering Directive (AML5) tightens requirements for anonymous e-money and makes cryptocurrency platforms and wallet providers subject to money laundering law Now it’s official: The 5th Anti-Money Laundering Directive (AML5) was published in the EU’s Official Journal on the 19 June 2018. The new directive will come into force on 9 July 2018 […]