Great interest in cryptographic licenses for German banks

At least the economic opportunities of crypto-aspects of German banks. The number of the BaFin licence applications is also surprisingly high.

Licensing: the pros and cons of the crypto world?

Of a Freud and the other suffering? This phrase seems to be these days in Germany with a view to the crypto-to prove to the industry once more. Strictly speaking, this is true even for the whole of the European Union, of which the latest Version of the joint money laundering Directive provides for a number of Bitcoin exchanges to be a Problem. This went on in the past few months, so far, that many companies have ceased to volunteer their services, instead of dealing with the new rules and his requirements. In particular, the requirements for dealing with client information describe many of the service providers as a Problem. To this make, included companies such as Bottle Pay since the turn of the year their doors.

Influence of banks on the market is going to rise

In fact, the rules are difficult for an industry that in just the aspect of anonymity is a high priority for Fans of digital currencies like BTC, Litecoin, or Dash. Many crypto-companies see too many negative developments for the Community of crypto-enthusiasts. But something is stirring, because within the German banking landscape, of great interest is apparently. Since it became known that for cryptographic services in the future must be licenses by the German Federal financial Supervisory authority (BaFin) requested, came forward, a number of banks to the word. Of more than 40 potential licensees platforms, such as the Handelsblatt reports. This situation has probably surprised, not least, the competent Federal Ministry of Finance, which had actually expected significantly verhaltenerem involvement of German banks.

Policy had expected less of a crowd

Many banks see Bitcoin and co. in the various manifestations of a promising new revenue model. The so-called “custody business” attracts a number of banking houses. For policy, this is not only positive, finally, dangers of the new services. Some skeptics warned already in 2019, the new offers of the banks to the detriment, not least, the customers can go. The financial crisis since about 2006 had shown that the banking industry has often only the own Profit before their eyes. So crypto-services with high potential revenue losses in other companies could offset areas. Licenses do not need to apply for in Germany, only those companies, the new services in connection with the Blockchains, Wallets and digital currencies plan. Who is classified on the basis of the new legal position as a financial services provider, must apply within the applicable transition period of a permit.

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