After approval of the new money laundering law, German banks will offer their customers digital banking services
Digital currencies have gained enormous importance in recent years and German banks want to get into the cryptocurrency business.
While Europe is still discussing how to regulate the world of digital assets, Germany seems to be moving independently on the rules for regulating cryptocurrencies
The new German money laundering law, which came into force on January 1, 2020, allows banks, in possession of the financial supervision license for crypto-custody activities, to offer their customers services on encrypted assets, such as trading. and the safekeeping of cryptocurrencies such as Bitcoin, Ethereum and Ripple
Bafin, the financial regulator, has already received more than 40 requests from banks to obtain authorization to manage digital assets for its customers.
Government officials are still perplexed, however, as they continue to argue that the biggest problem is anonymity and this would make digital currencies vulnerable to abuse by criminals or terrorists.
With this new law, the blockchain sector will have a great development. Many new startups will be born to create new products and services, and many fintec companies will flow into Germany. Banks will keep customers' digital assets
One of the first institutions to offer this service is the Berlin Solarisbank. Solarisbank founded the subsidiary Solaris Digital Assets which offers a platform for custudia solutions and digital banking services for other banking institutions.
Solarisbank has a complete banking license and offers its services to numerous German financial technology start-ups. The leaders of Solaris are convinced that soon digital resources will radically change the financial market. All this as soon as it is easier to buy and store Bitcoin and altcoin.
Even large banks such as Deutsch Bank have now understood that the future of money will be digital, and that having assets managed by companies outside the nation (I speak of the most important exchanges, such as Coinbase or Binance to name two of the largest) could be in the future penalize the German economy.
In short, a new world where to stay at the top of the economy you have to excel. This is what the Germans understood!
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