Lending, borrowing, insurance and other products outside of the traditional financial system are subject to licensing and supervision where they’re offered, and called on regulators to set rules which will give DeFi providers legal clarity, according to the BaFin offcial.
BaFin is Germany’s financial regulatory body responsible for regulating banks, insurance firms and financial institutions including cryptocurrency companies. BaFin is the issuer of crypto custody licenses, a permit required for firms wanting to offer cryptocurrency services within Germany.
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