Mark Branson, a German regulator at the helm of the Federal Financial Supervisory Authority (BAFIN), It’s still Despite the significant advances cryptocurrency has made over the past few years in terms of institutional adoption, it is still solidly anti-vitocoin.
According to Branson, the fact that Bitcoin and other popular cryptocurrencies are gaining mainstream adoption doesn’t make them “smart” investments.
He emphasizes that consumers should know exactly what they are doing when they are engaged in cryptocurrency trading.
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Reflecting criticism from other cryptocurrency enthusiasts, Branson likens crypto to casinos, claiming that Bitcoin and alternative cryptocurrencies have no inherent value.
Branson, who led Baffin in 2021, previously claimed that Bitcoin is popular with criminals because of its anonymity.
Former bank managers should not lock Bitcoin or other cryptocurrencies out of the regulatory system.
German Cryptocurrency Regulations
Like other EU members, Germany currently operates under the comprehensive MICA regulatory framework that came into effect in late 2024.
Starting in December 2024, all local cryptocurrency asset providers will be licensed from Bafin to allow them to operate legally.
Bafin has gained more regulatory power. Currently, platforms that do not follow the appropriate licensing requirements can be shut down.
