Germany Allowed Banks to Conduct Transactions and Store Cryptocurrencies

Thus the German authorities decided to support the EU Directive on countering the financing of terrorism and money laundering. Consideration of the bill caused a lot of discussion in parliament. However, lawmakers decided to support it to strengthen their own financial system.

The law will officially enter into force on the first day of 2020. Both banks and cryptocurrency companies will be required to have a license from the BaFin regulator from next year, this will allow storing cryptocurrencies.

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