Bitcoin Processors (BTC) and Bitcoin Cash (BCH) BitPay confirmed that they stopped their operations in Germany via email sent to Cointelegraph on August 1.
In the email mentioned above, a BitPay PR representative. Jan Jahosky, citing regulations which come into force next year in Germany, is the reason why the company decided to suspend services in the home country of Bayer Munich.
The company added that it is currently evaluating additional support for Germany in the future. A BitPay spokeswoman told Cointelegraph:
“Germany publicly states that it wants crypto companies to apply for licenses starting in 2020. We have stopped operations in Germany while we evaluate the need for German licenses.”
Meanwhile, the local information technology news outlet, Computer Base, announced earlier that it will not be able to offer Bitcoin as a payment method as a consequence of the BitPay suspension service in the country.
However, the outlet also acknowledged that most customers pay using PayPal, with some also using wire transfer, while Bitcoin does not appear to be a popular payment option. However, alternative open-source self-hosted payment processors do exist, such as BTCPay Server, which reduces dependency on third-party service providers.
On the other hand, previously, the new Partnership between the Dubai International Financial Center (DIFC), Mashreq Bank, and fintech company Norbloc aimed to launch a blockchain-based Know Your Customer (KYC) data sharing consortium in 2020. The official United Arab Emirates news agency, Emirates News Agency, reported on the new development on July 31.
DIFC, Mashreq Bank and Norbloc – a Stockholm-based blockchain project that focuses on KYC and members of the Hyperledger consortium – plan to jointly launch a consortium in the first quarter of 2020 to support business in Dubai.
As part of the project, the parties will form a consortium agreement to merge the efforts of KYC from financial institutions and participating government agencies in the future.