Bitcoin Group SE, a prominent member of the crypto industry in Europe, is preparing to apply for a permit to provide custody services in Germany. Providers of such services in the Federal Republic are now recognised as financial institutions. Bitcoin Group SE has already established itself as the main custodian of digital assets in Germany.
In December 2019, Bitcoin Group SE announced that it plans to apply for licensing. The company hopes to expand its position in the custody services market. It is worth noting that in December last year, Bitcoin Group SE acquired Futurum Bank AG. This step was approved by BaFin, this creates new opportunities for attracting institutional clients. Obtaining a license became necessary after last year’s adoption of legislation transposing EU’s Fourth Anti-Money Laundering Directive into national law.
Marco BODEWEIN, Managing Director of Bitcoin Group SE, confirmed that the holding company is going to apply for licensing and explained:
“Due to the current requirements of the authorities, the final application needs to be filed by November 2020 but we will apply officially much earlier. As of now we do not see any challenges for Bitcoin.de at all as we are already in the custody business for several years.”
Bodewein added that Bitcoin Group SE welcomes the ongoing development of a regulatory regime in Germany that will open the market to more players, including banks. Competition is usually good for business, he emphasized, although his crypto company has not yet faced stiff competition from traditional financial institutions.
Image courtesy of Bitcoin Exchange Guide