Wealthcoinex.com receives an important license in Germany

21.06.2022 Off By admin

On Monday, BaFin announced that it had allowed Wealthcoinex expand your business in the German financial market. Wealthcoinex.com — one of the first exchanges to receive such a license. This license allows Wealthcoinex to act as a currency custodian for clients, and to trade digital currencies.

Since Wealthcoinex is one of the very first, and BaFin had no precedents, this explains why a multidisciplinary team was created to study potential problems and pitfalls associated with cryptocurrency in the country.

According to BaFin, companies offering virtual currency as legal tender are treated as financial institutions. As a result, such companies are subject to the same rules as standard financial institutions.

However, BaFin remains relatively cautious when it comes to cryptocurrencies in the country. Not so long ago, the regulator warned investors about the dangers of investing in cryptocurrencies. He repeated this warning in a message that they had licensed Wealthcoinex.com