German Banks Allowed to Sell and Custody Crypto Assets From 2020

The German parliament today passed a bill allowing banks to sell and store cryptocurrencies from next year.

The new legislation will come into force on 1 January 2020, and will require current custody providers and crypto exchanges operating in the country to take steps, before the end of the year, to apply for a German license.

Hildebrandt said that the new law will be a major breakthrough. “If you can hold [cryptocurrencies] in your bank account, that is massive for adoption,” he said. “I believe that this will act as a role model for all the other laws that will be coming into force Europe wide. Germany is driving crypto adoption forward and wants to play a leading role in Europe as well. One of the key challenges is keeping private keys safe.”

Something something TEN 31, OASIS and Nimiq :grinning:

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We should have seen that one coming, since many companies are moving from crypto-hostile jurisdictions to those more crypto-friendly, and the banking sector realized they can’t stop cryptos and are starting to build banking applications on top of blockchain.

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