German banks will be allowed to sell and store cryptocurrencies from next year 2020
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Answer German banks will be allowed to sell and store cryptocurrencies from next year 2020
We are one month away from 2020.
Over time, many things and attitudes towards cryptocurrency change.
Recently, according to new legislation, banks in Germany will be allowed to offer the sale and storage of cryptocurrencies starting in 2020.
Banks were previously prohibited from providing direct access to crypto assets, but the new law implementing the EU’s 4th directive on money laundering will change all that.
According to the local business newspaperHandselplateAccording to a report issued on it last Wednesday, the bill has already been approved by the German Federal Parliament.
It is expected to be signed by the country’s 16 states.
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The bill goes further than previously planned, according to the same report.
Originally, banks were not allowed to store crypto and had to rely on external custodians or dedicated affiliates.
Sven Hildebrandt, President of DLC Consulting, welcomed the new news and told the previous source:
Germany is on its way to becoming a crypto paradise.
The German legislator plays a leading role in regulating cryptocurrencies.
The German Banking Association “BdB” has been positive about the new legislation.
Her statement was as follows:
Credit institutions have experience in custody of clients’ assets and risk management, are committed to investor protection and have always been subject to financial supervision.
As such, banks can effectively prevent money laundering and terrorist financing using cryptocurrencies.
An upcoming bill would enable investors to invest in crypto through Germany-based funds and not be forced to put their money abroad.
While some commentators have expressed concern about the potential threat to consumer protection arising from the new law.
Nils Nauhauser, a financial expert at the Consumer Center in Baden-Württemberg, said:
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If banks are allowed to sell and hold cryptocurrencies for a fee, they run the risk of transferring their assets at risk of total loss to clients.
Read also:
The second largest bank in Germany begins testing blockchain technologies in the payments system
Germany: Approval of a $280 million Ethereum-based real estate bond
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