RATE Group | German Banks Could Store Bitcoin and Provide Crypto Services Soon
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German Banks Could Store Bitcoin and Provide Crypto Services Soon

29 Nov German Banks Could Store Bitcoin and Provide Crypto Services Soon

Posted at 03:39h in Bitcoin News by

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Cryptocurrencies might finally go hand in hand with traditional money services. Starting from 2020, it might be legal for German banks to sell cryptocurrencies like Bitcoin and provide custody solutions, local media reports. 

Germany Welcomes Cryptos with Open Arms

Currently, financial institutions operating in Germany are not allowed to directly sell cryptocurrencies to their clients. However, this could change in the future thanks to the planned law that implements the fourth EU Money Laundering Directive. The bill already passed Germany’s federal parliament (Bundestag) and now it awaits the consensus of the 16 states.

The final version of the bill goes beyond money laundering and what was previously planned, as it proposes to allow regulated banking institutions to provide cryptocurrency services without relying on third-party custodians and special subsidiaries, as it is currently required.

The German crypto community is pleased with the new version of the bill. Sven…

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