YPOG has provided comprehensive legal advice to Bullish Europe GmbH in the licensing process as a payment institution under the German Payment Services Supervision Act (ZAG), which implements the Payment Services Directive 2 (PSD2). With the recently granted authorization, Bullish Europe GmbH can now offer payment services related to e-money tokens (EMT) and further expand its regulated activities in the crypto and payments space.
Bullish Europe GmbH is thus one of the first BaFin-regulated Crypto-Asset Service Providers (CASP) to hold both authorization under the Markets in Crypto-Assets Regulation (MiCAR) and a license as a payment institution under ZAG.
“The payment institution authorization represents an important milestone for Bullish Europe GmbH, enabling the company to operate without restrictions when transferring custodied EMTs,” commented Dr. Carola Rathke, Partner at YPOG. “The fact that Bullish is now among the first CASPs in Germany to hold both MiCAR authorization and a ZAG license illustrates how innovative business models can successfully align with high regulatory standards. We are pleased to continue closely accompanying this journey.”
YPOG has been advising Bullish since its entry into the German and European markets. The team previously assisted Bullish Europe GmbH in the authorization process under the German Banking Act (KWG) as well as in obtaining the MiCAR authorization. With the current ZAG authorization, BEU is continuing its path as a fully regulated provider in the field of digital assets.
About Bullish Europe GmbH
Bullish Europe GmbH is part of the global Bullish Group, an institutionally focused digital asset platform that provides regulated market infrastructure and information services. Bullish Europe GmbH is authorized under MiCAR as a CASP and under the ZAG as a payment institution, offering digital asset spot trading, custody, and EMT-related payment services.
Team
Dr. Carola Rathke (Co-Lead, Fintech + DLT), Partner, Hamburg
Felix Pinkepank (Co-Lead, Fintech + DLT), Senior Associate, Cologne
Dr. David John (Fintech + DLT), Associated Partner, Hamburg
Dr. Mirko Grunert (Fintech + DLT), Associate, Hamburg
Press Contact
About us
YPOG stands for You + Partners of Gamechangers – forward-thinking legal and tax advice. Supporting companies that are focused on emerging technologies, YPOG embraces change as an opportunity to develop cutting-edge solutions. The YPOG team offers comprehensive expertise in the areas of Funds, Tax, Transactions, Corporate, Banking, Regulatory + Finance, IP/IT/Data Protection, Litigation, and Corporate Crime + Compliance + Investigations. YPOG is one of the leading law firms in Germany for venture capital, private equity, fund structuring, and the implementation of distributed ledger technology (DLT) in financial services. Both the firm and its partners are regularly recognized by renowned national and international publications such as JUVE, Best Lawyers, Chambers and Partners, Leaders League, and Legal 500. YPOG is home to more than 180 experienced attorneys, tax advisors and tax specialists as well as a notary, working across offices in Berlin, Cologne, Hamburg, Munich, Cambridge and London.
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