Report: German Banks may provide cryptocurrency custodian services in 2020

According to a German media outlet Handelsblatt, the German federal parliament about to pass laws implementing the fourth European Money Laundering Directive, where institutions will no longer be restricted from providing digital assets to its customers. Currently, banks and financial institutions in Germany are prohibited from facilitating the sale of digital assets to their clients. The reformed version of the bills before Parliament supposedly does not have the separation clause, which was presented in the first version.

Handelsblatt reported:

Starting in 2020, financial institutions will be able to offer their customers online banking virtually at the push of a button, as well as classic securities such as stocks and bonds, as well as crypto currencies. The law also provides for further relief, such as extended application deadlines for the necessary license’’ 

Sven Hildebrandt, head of the consulting firm DLC, also commented saying: “Germany is well on its way to becoming a crypto-heaven. The German legislator is playing a pioneering role in the regulation of cryptocurrency.”