RATE Group | German Banks may provide Bitcoin custodian services
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German Banks may provide Bitcoin custodian services

28 Nov German Banks may provide Bitcoin custodian services

Posted at 17:27h in Bitcoin News by

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According to some reports from Germany, there are some suggest amendments in the law stemming from the 5th EU Anti Money Laundering (AML) Directive passing through the Bundestag federal parliament which have opened the door for traditional banking and financial institutions to store Bitcoin and other crypto-assets for clients. It is believed cryptocurrency custody facilities at German banks could kick in as early as 2020.

Handelsblatt reported:

Starting in 2020, financial institutions will be able to offer their customers online banking virtually at the push of a button, as well as classic securities such as stocks and bonds, as well as crypto currencies. The law also provides for further relief, such as extended application deadlines for the necessary license

Sven Hildebrandt, head of the consulting firm DLC, also commented saying: “Germany is well on its way to becoming a crypto-heaven. The German legislator is playing a pioneering role in the…

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