Over 40 German banks are considering working with cryptocurrencies

German authorities have responded to the EU's Fifth Anti-Money Laundering Directive and allowedRegulated financial institutions interact with cryptocurrencies.

The definition says that they relate to them“Any digital representation of value, the issuer of which is not a central bank or public authority.” Digital assets do not have to be legally recognized; the main thing is that they are accepted by individuals and legal entities as a means of payment that can be transferred, stored or converted in electronic form.

“We are seeing great demand forcrypto-custodial licenses. This indicates the desire of companies to work with blockchain, including due to the adoption of new legislation,” — said Bundestag member Frank Schäffler.

According to the informationportal Handelsblatt, more than 40 banks have already declared to the German Federal Financial Supervisory Authority (BaFin) their intentions to start conducting crypto-custodial business in the future.

Applicants include German Solarisbanka fintech company with a banking license, which, after permission from the authorities, opened the Solaris Digital Assets division to store bitcoins and other cryptocurrencies.

“We have been actively developing this area for a year and a half now.of the year. We received an excellent signal that it is time to take practical action. “After all, we are a commercial bank and should provide relevant services, and not engage in research work,” said the head of crypto-banking at Solarisbank, Michael Offermann. — Digital assets have characteristics that can change financial markets. Once we implement the necessary infrastructure to make buying and storing Bitcoin simple and straightforward, we expect to see great growth.”

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