-
Payment Services in Online Gambling – Where Are the Limits for What Is Permissible?
Under the prohibition of contribution in the State Treaty on Gambling, payment institutions are not permitted to execute payments in connection with illegal gambling. Cases in which original gambling providers do not have the necessary permission are clear-cut. However, difficulties arise in cases where gambling is not the focus of the customer’s business activities.
-
Payment Services with Cryptocurrencies – Can an Authorization for Payment Services be Required?
According to the basic idea of Satoshi Nakamoto, Bitcoin was meant to be an electronic peer-to-peer payment system that would function directly between the users without the necessity of payment processors such as banks. The massive increase in value since the mining of the first Bitcoin – to almost 20.000 euros per Bitcoin temporarily – […]
-
E-money on a Blockchain?
Most publications covering cryptocurrencies and e-money come to the conclusion that Bitcoins cannot be classified as e-money in the sense of the German Payment Services Act (ZAG) because of the fact that there is no emitter who issued the coins in the first place while such emitter is a prerequisite to the e-money definition according […]
