16.08.2022 Finance Farvest Decrypt Fintech Luxembourg

Cryptocurrency ATMs coming soon to Luxembourg?

In Germany, exchanging banknotes for cryptocurrencies is no longer a pipe dream. Last month, Volksbank Bayern Mitte opened the very first Bitcoin ATM in its main branch in Ingolstadt (Bavaria) – an example to follow? 

Last month, Volksbank Bayern Mitte inaugurated with great fanfare the first Bitcoin ATM in its main branch in Ingolstadt, in the presence of its Vice President Andreas Streb and Bitcoin experts Nicole Fieger and Ridon Feka.

To obtain the Holy Grail, customers must register with Austrian provider Kurant first, go through an identification process, scan the QR code on their phone and there it is. Volksbank Bitcoin Go card can also be used for this purpose – although with a 8.1% fee for each use.

What if Luxembourg walked in the footsteps of its German neighbor? – wondered MP Marc Goergen.

Finance Minister Yuriko Backes said last Tuesday she had “no information” on whether banks or regulated institutions are currently considering installing such machines in Luxembourg. If so, they will have to “register with the Commission de Surveillance du Secteur Financier as a provider of virtual asset services” and will therefore be subject to the amended law of November 12, 2004 on the fight against money laundering and terrorist financing.

Remains to be seen if the European Union will soon provide a comprehensive legal framework – to standardize the crypto-asset market.