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German Banks Will be Permitted to Buy, Sell and Store Digital Assets

29 November 2019 16:35, UTC
German Banks Will be Permitted to Buy, Sell and Store Digital Assets

In 2020, German banks will be able to sell, acquire and store Bitcoins and other digital assets, Handelsblatt reports.

It is claimed that German Bundestag is about to pass the laws that implement the fourth EU Money Laundering Directive, thus institutions will be able to provide digital assets to their customers, since this is currently prohibited for banks and other financial institutions in Germany.

A previous version of the bill required the use of a third-party custodian or special subsidiaries through which banks could provide cryptocurrency services. If the aforementioned bill is adopted, this would be no longer necessary. In addition, the planned law also allows to extend the deadline for filing applications for the necessary custody license.

The proposal received support from the Association of German Banks (BdB), which stated the following:

“Especially credit institutions are experienced in the safekeeping of client assets and in risk management, are committed to investor protection and have always been controlled by the financial supervision.”
The organization notes that the new law could ultimately help eradicate money laundering related to cryptocurrencies and allow potential German investors to enter cryptocurrency markets.

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