40 German Banks Ready for Cryptocurrencies
After a new law in Germany, 40 banks have expressed interest in starting offering crypto services, like deposits and loans. Every interested bank can apply to BaFin, the financial authority and begin the licensing phase.
BaFin stated that even before the new law, asked from the interested banks to sign a non-disclosure proposal regarding crypto services. More specifically, under the new money laundering law, banks can offer investment products in cryptos, except for bonds and stocks.
BaFin’s new law will become effective after 1/1/2020 and it is compliant with the EU Law. After the new law activation, banks will face another opportunity on their digital transformation in cryptocurrencies.