With the 4th EU money laundering directive banks in Germany will be
able to offer their customers crypto sales and storage, that means Bitcoin.
I saw it here today >
https://www.coindesk.com/german-banks-allowed-to-sell-and-custody-crypto-assets-from-2020-reportI checked it out over on handlesblat.com >
https://www.handelsblatt.com/finanzen/maerkte/devisen-rohstoffe/kryptowaehrungen-neues-geldwaeschegesetz-banken-duerfen-bitcoin-verwahren/25276392.htmlGoogle Translate >
Frankfurt A new business area could open up for German banks from 2020: the sale and custody of Bitcoin and other crypto currencies. So far almost no institute offers its customers virtual assets. This is likely to change with the planned law implementing the fourth EU money laundering directive. The bill passed by the Bundestag provides for corresponding relief and the approval of the Länder for the new regulation is expected.
The final bill goes well beyond the previous planning. So he proposes the deletion of the so-called separation bid, which was still in the first version. Thus, the re-regulated crypto-surplus transaction - ie the storage of Bitcoin and Co. - should not have been offered from the same legal entity as other regulated banking transactions. Banks should have had recourse to external custodians or special subsidiaries.
This is no longer necessary: 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.
Industry representatives were pleased. Sven Hildebrandt, head of the consulting firm DLC, says: "Germany is well on its way to becoming a crypto-heaven. The German legislator is playing a pioneering role in the regulation of crypto-truths. "