More than 40 German banks have become interested in the possibility of storing and working with cryptocurrencies after the entry into force of the new law earlier this year, according to local newspaper Handelsblatt..
Over 40 German banks are interested in creating services for storing cryptocurrencies
German authorities have reacted to the Fifth EU Directive on countering money laundering, by allowing regulated financial institutions to deal with cryptocurrencies like Bitcoin and Ethereum, alongside stocks and bonds. By definition, these include any “digital representation of value that is not produced or guaranteed the central bank or by government authorities, is not necessarily a legally recognized currency, but is accepted by individuals or legal entities as a means of payment that can be transferred, stored or exchanged electronically “.
“The high level of demand for crypto custody licenses, on the one hand, demonstrates that companies More accept blockchain technology, but is also the result of new legislation, ”said Bundestag member Frank Scheffler.
According to Handelsblatt, the German Federal Financial Supervision Authority (BaFin) “has already received over 40 confirmations of banks’ interest in doing crypto custody in the future.”.
Among others, Solarisbank, a German fintech company with a banking license, approached BaFin, which opened a division of Solaris Digital Assets to store bitcoins and other cryptocurrencies with the permission of the authorities..
“We have been actively working on the direction of storage of cryptocurrencies for a year and a half,” said the head of crypto-banking at Solarisbank, Michael Offermann. “The new regulation is a great time to start practicing. After all, we are not a research institution, but a commercial bank.. Digital assets fundamentally change financial markets. As soon as it becomes easier to buy and store bitcoin and others like it, we expect to see significant growth “.
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