Over 40 Financial Institutions in Germany declared to the BaFin (Country’s Financial Regulator) that they are intended to offer services related to cryptocurrency under the new German Law. The institutions are intended to move forward towards the modern digital currency along with traditional financial products according to the latest news. The new German Law which came into effect in early January, allows banks to provide crypto services along with their traditional services after obtaining a license from BaFin.

Declaration By Financial Institutions Of Germany

The German Cash Laundering Act, which recently came into effect, is intended to benefit banks. The financial institutions visualise the cryptocurrency as the new way to attract the investments and hence submitted the expression of interest to the supervisory monetary regulatory authority of Germany.

BaFin explained about the received “Expression of Interest” from the financial institutions. The spokesperson of BaFin cleared that the expression of interest cannot be treated as an application for permission. The regulatory authority confirms that there is no provision for immediate acknowledgement of receipt or an expression of interest.

Under the new Law, digital asset custodians must be licensed by BaFin for which the intention to be licensed must be submitted before April 1, 2020, and application must be submitted before November 1, 2020.

Crypto As “Legitimate” Industry In Germany

The new Law illustrates that German regulators are moving towards to make crypto as a “legitimate” industry. The country is at the forefront with precise regulation related to digital assets. The coming year will play a crucial role in the future of cryptocurrencies.

Besides Germany, several other countries like South Korea, Thailand, Switzerland, Belgium as well as many other countries are working for regulatory developments in crypto space. The latest amendments by regulatory authorities to regulate the crypto industry is intended to accelerate the acceptance of digital currency globally.

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