BaFin

The Federal Financial Supervisory Authority (BaFin) recently published guidelines under which crypto is a financial instrument. Regarding a press release on March 2, BaFin described crypto as a digital representation of value that is not issued or guaranteed by any central bank or authority. He added that the currency established by law does not tie cryptocurrencies. Hence, they do not have the legal status of currency or money. However, BaFin treats crypto as a medium of exchange accepted by individuals…

Several German Banks have sought permission to set up digital asset custody businesses. This is according to a report by news outlet Handelsblatt. The Report indicates that Germany’s financial regulator BaFin acknowledged the receipt of over forty applications from parties intending to provide custodial services for cryptocurrencies. BaFin Empowering Financial Institutions The country recently overhauled its Money Laundering Act. The changes grant banks and other domestic financial providers the right to administer traditional securities including stocks and bonds, besides digital…