BitPay Suspends Operations in Germany

BitPay Hits the Pause Button

German cryptocurrency enthusiasts, brace yourselves! BitPay has officially suspended its operations in Germany as of August 1. In an email that wouldn’t pass the test for a love letter, PR rep Jan Jahosky mentioned that this move is due to new regulatory changes hitting Germany like a freight train next year.

The Regulation Ripple Effect

Germany has been vocal about its desire to see crypto companies play nice and apply for licenses since 2020. With all the regulations coming into play, BitPay decided it was best to take a breather and reassess its strategy in the German market. A BitPay spokesperson was quoted saying, “Germany has publicly stated that they want crypto companies to apply for a license starting in 2020.” Sounds like they might be back, but only after gathering the necessary paperwork.

Bitcoin’s Lucky Numbers

With BitPay stepping back, local businesses are undoubtedly feeling the pinch. One tech outlet, Computer Base, reported just moments after BitPay’s announcement that they were tossing the Bitcoin payment option out the window. However, it’s not as tragic as it sounds. Most subscribers are still happily paying with PayPal or wire transfers. So, Bitcoin might not have been the cash cow they were hoping for after all!

Alternatives on the Market

But wait! Don’t cry into your digital wallets just yet. There’s a viable alternative on the horizon! Enter BTCPay Server, the self-hosted, open-source payment processor that allows businesses to accept Bitcoin without depending on third-party services. It’s like the cool DIY option for those who want to stay true to their Bitcoin roots.

The Road Ahead

As a cherry on top, Cointelegraph had reported that starting next year, new Anti-Money Laundering regulations will hit cryptocurrency businesses like a slap on the wrist, requiring licenses from the Federal Financial Supervisory Authority. So, while BitPay is taking a time-out, there’s a silver lining—we might see a more regulated and secure crypto landscape in the future. Just remember, if it looks like a regulatory storm, you’re probably at the center of it!