Binance hopes to get the German license

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Giant Cryptocurrency Exchange Aims To Become A Licensed Digital Asset Service Provider In Europe’s Largest Economy Move Comes Weeks Later that the exchange has acquired regulatory approval from the French regulator in an attempt to enter the European market The expansion plans of the largest exchange of cryptocurrencies of the world in terms of volume, Binance, are now predicting regulatory approval in Germany. Co-founder and CEO Changpeng Zhao announced that the exchange was blocked late last year after pressure from financial authorities in several jurisdictions, including Germany, forced it to stop operations. Germany may join Dubai, Abu Dhabi and Bahrain in the list of jurisdictions in which Binance is authorized to operate. Binance CEO recently revealed at a conference that the exchange is recruiting compliance personnel from within the country. Approval of the license German could be the perfect gateway to other jurisdictions The European Union has recently become more conservative with the approval of the cryptographic license and a nod from Germany could be a turning point for exchange in terms of expansion. Not only will it prove to other financial authorities around the world that cryptocurrencies can be regulated, but it will also determine the overall progress of the blockchain ecosystem. Binance in the Middle East and France highlights the exchange’s commitment to respect the jurisdictions in which it seeks to acquire permits. The platform adapts in several ways, including practices such as joining a cyber-forensics alliance and training earlier this year to mitigate cybercrime threats, creating a tax reporting tool, and l ‘offering law enforcement support systems to help them acquire any information they deem useful. The Tax Guide of the German Federal Ministry of Finance sends a positive signal With Binance filing an application and establishing the necessary structure to obtain approval, the German tax authorities issued administrative instructions to individuals and businesses to guide them in filing income tax for cryptocurrencies and other tokens. This, according to their ministry’s website, indicates that positive steps are being taken in light of the progress of blockchain in the country. As an asset service provider digital, Binance aims to expand operations in Germany soon if license approval is obtained soon. Considering that Germany is the largest economy in Europe, the spotlight is on it after France recently frowned upon the common misconception about cryptocurrencies by granting a license. The European Union may soon change its perception of the crypto space if Germany grants Binance the coveted license.

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