Mark Branson, the German regulator at the helm of the Federal Financial Supervisory Authority (BaFin), remains staunchly anti-Bitcoin despite the significant progress that the cryptocurrency has made over the past few years in terms of institutional adoption.
The fact that Bitcoin and other popular cryptocurrencies have gained mainstream adoption does not make them “sensible” investments, according to Branson.
He has stressed that consumers should be aware of what exactly they are doing when engaging in cryptocurrency trading.
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Echoing the critiques of other cryptocurrency enthusiasts, Branson has likened crypto to a casino, arguing that Bitcoin and alternative cryptocurrencies have no inherent value.
Branson, who spearheaded BaFin back in 2021, previously claimed that Bitcoin was popular with criminals due to its anonymity, which is yet another talking point that gets frequently regurgitated by cryptocurrency opponents.
The former bank manager insists that Bitcoin and other cryptocurrencies should not be kept out of the regulatory system.
Crypto regulation in Germany
Like other members of the EU, Germany is currently operating under the comprehensive MiCA regulatory framework, which came into effect in late 2024.
Starting from December 2024, all local cryptocurrency asset providers are supposed to obtain a license from BaFin in order to be able to operate legally.
BaFin has gained more regulatory powers. It is now capable of shutting down those platforms that do not follow proper licensing requirements.