40 German banks apply for BaFin license to offer crypto services

Discussion in 'Wall St. News' started by mlawson71, Feb 13, 2020 at 7:40 AM.

  1. Late last year Germany passed a law that allows banks deal in cryptocurrencies. That law was a consequence of the Fifth EU Money Laundering Directive that came into force from January 1st this year and which also led to the British regulator FCA issuing licenses to companies that which to deal in cryptocurrencies.

    The German regulator Federal Financial Supervisory Authority (BaFin) also clarified that companies that which to conduct a cryptocurrency business on German territory, be they German or international, must obtain a license from them by the end of March this year.

    In accordance with the new law in Germany forty banks have already sought the approval of the Federal Financial Supervisory Authority (BaFin) to conduct a cryptocurrency business.

    I think this is good news - licensing and oversight may make this industry safer.
     
    Onra likes this.