Rush on Bitcoin And Cryptocurrencies From German Banks!
Rush on Bitcoin And Cryptocurrencies From German Banks! According to the information provided by the news.bitcoin source, more than 40 financial institutions in Germany stated that they want to go to the financial regulator of the country and provide crypto services. So what is the reason behind the sudden application of so many banks to the country’s financial regulator BaFin?
In fact, it’s all about a law that came into force in 2020. Within the said law, the definition of assets that banks and financial institutions can serve is made very comprehensive. This causes cryptocurrencies and other assets to become among the assets that banks can serve.
Is the Crypto Money Era Starting in Germany?
Banks will be able to provide crypto money storage and similar services after obtaining the necessary permission from the country’s financial regulator. In a statement on the subject, the BaFin spokesperson stressed that applications have not yet been approved and are in the process of evaluation.
In fact, there were banks in Germany that offered crypto money service before the law was passed. The bank named Solarisbank became the first financial institution in Berlin to offer crypto money services. Solarisbank, which offers crypto money storage service in December of last year, is estimated to have led other banks with its earnings.
Britain, which has the function of a cryptocurrency center in Europe, has moved away from Europe with Brexit, creating a gap in the region. With this new regulation, Germany can definitely become a new center. In fact, interest in cryptocurrencies and digital currencies is growing all over the world.