More than 40 German banks want to become Bitcoin custodians

by in Cryptocurrency News

Banks Germany crypto

According to the German Federal Financial Supervisory Authority, more than 40 banks are interested in obtaining a license for crypto depository services, reports Handelsblatt.

On January 1, 2020, the updated Anti-Money Laundering Law entered into force, which requires a license to provide customers with online banking services, including operations with stocks, bonds, and cryptocurrencies.

For companies that previously worked in this business, a transitional period is foreseen until November 2020, but they must notify BaFin of their intention to obtain permission by the end of March.

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According to the publication, Berlin SolarisBank AG was one of the first to do this. The bank previously registered a subsidiary of Solaris Digital Assets to provide cryptocurrency custody services.

According to Michael Offermann, head of crypto banking at SolarisBank, digital assets are fundamentally changing the market.

He added that as soon as it becomes easier to buy and store bitcoin and other cryptocurrencies, they expect significant growth.

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Recall, the day before in Germany, the unit was opened by one of the largest suppliers of crypto custody services, the American company BitGo.