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Bitcoin Is Financial Instrument, Clarifies Germany, Crypto Custodians Qualify as Financi…

03 Mar Bitcoin Is Financial Instrument, Clarifies Germany, Crypto Custodians Qualify as Financi…

Posted at 03:30h in Bitcoin News by

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Bitcoin Is Financial Instrument, Clarifies Germany, Crypto Custodians Qualify as Financial Institutions

The Federal Financial Supervisory Authority of Germany, Bafin, has issued guidance to clarify the status of cryptocurrencies and the regulations that apply to related business activities. The recommendations are based on the country’s current legislation, taking into account the latest changes.

Also read: Turkey to Inspect Cryptocurrency Exchanges as Part of Government Offensive Against Online Gambling

The Keepers of Your Crypto Are Financial Institutions in Germany

The guidance document concentrates on the requirements for the providers of crypto custody services operating in the Federal Republic. Starting from 2020, German banks and other regulated financial institutions are allowed to manage cryptocurrencies such as bitcoin on behalf of their clients, after Berlin adopted amendments transposing Europe’s anti-money laundering rules into national law. German fintechs also rushed to offer similar services.

Bitcoin Is Financial Instrument, Clarifies Germany, Crypto Custodians Qualify as Financial Institutions

Regulators begin with defining what a…

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