RATE Group | New legislation on Bitcoin custody comes into force
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New legislation on Bitcoin custody comes into force

20 Dec New legislation on Bitcoin custody comes into force

Posted at 02:48h in Bitcoin News by

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  • As of January 1, 2020, new legal regulations will come into force in Germany, which will place the custody service of cryptocurrencies under German financial supervision.
  • There will be far-reaching changes for both crypto exchanges worldwide that want to operate in Germany and also for German users.

Already at the end of November CNF reported that Germany could take a pioneering role in the European Union in regulating cryptocurrencies and their providers. It is now clear that the new regulations will come into force on 01. January 2020. For crypto exchanges that want to operate in Germany as well as for German users, this will result in far-reaching changes.

Crypto exchanges with a wallet must apply for a licence from BaFin

As a result of the fifth EU Money Laundering Directive (Directive (EU) 2018/843), the member states of the European Union are forced to treat providers of cryptocurrencies as obligated under money…

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