According to the Handelsblatt, over 40 banks already want to use the new legal situation in Germany to trade and store cryptocurrencies. On January 1, 2020, a new money laundering law came into force that no longer enables banks to only sell traditional securities such as bonds and shares. Digital assets such as cryptocurrencies can now also be offered and stored by banks.
Ethereum, Bitcoin and Co. can now be made available to customers at the push of a button via the well-known online portals. In order to operate the new business area, a permit from BaFin is required. Companies that have already worked in this area have deadlines until the end of November 2020. By the end of March 2020, however, they have to report their business to BaFin.
Frank Schäffler, Member of the Bundestag at the FDP is enthusiastic about the interest from the banks. He emphasized to the Handelsblatt:
The market is growing faster than the Federal Ministry of Finance has predicted. It is both a blessing and a curse. The high demand for crypto custody licenses shows that companies are increasingly adopting blockchain technology, but is also the result of the new legislation.
Frank Schäffler
The information that BaFin received so many expressions of interest came from government circles. These also welcomed the development. It is assumed that the milder laws will be able to bring serious providers to Germany, it said from Berlin.
Solarisbank is one of the first banks to do business in digital currencies. A subsidiary, Solaris Digital Assets, was founded especially for this purpose. There they are convinced of the new technology. Michael Offermann, head of the crypto institute, told the Handelsblatt:
Digital assets will fundamentally change the financial market. As soon as buying and storing Bitcoin and Co. becomes easier, we expect strong growth.
Michael Offermann
New money laundering law also protects against dubious offers
Many dubious providers have operated fraud and rip-off in the slipstream of the success of cryptocurrencies. This is now made considerably more difficult by the new Money Laundering Act. Ponzi systems such as B. Plus tokens must now also obtain BaFin’s permission.
Such a provider will not get this. It will therefore be easier for the investor to distinguish serious from dubious offers. This should give the crypto sector a better image in the long term. Since the crypto market started strongly in the still young year 2020, it will be interesting to see how the situation in Germany for Bitcoin and Co. will develop in the near future.
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Posted By
Lukas Mantinger
Lukas is a journalist and blockchain specialist. He has been dealing with the subject for many years and writes reports and reports every day. He is always up to date and, above all, an expert when it comes to technical questions.
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