The German BaFin clearly defines the conditions for the Crypto business

The German BaFin clearly defines the conditions for the Crypto business

pic.: deutschlandfunk

The German BaFin has released its document for the crypto companies called Kryptoverwahrgeschäft.

The cryptocurrency business in Germany was added to the Banking Act (KWG) on 1 January 2020 and is incorporated as a new financial service.
Initiated was by the Fourth European Money Laundering Directive.
From now all companies that want to provide this service need permission from BaFin.

In this document Kryptoverwahrgeschäft , you will find precise specifications and new legal requirements for crypto business, including precise citations of the laws concerned.

§ 1 Abs. 1a Satz 2 Nr. 6 the German Banking Act (Kreditwesengesetz – KWG) defines the crypto custody business as the safekeeping, management and security of crypto values ​​or private cryptographic keys that serve to hold, store and store crypto values to transfer to others.

  • BaFin is one of the largest financial supervisors in Europe. With more than 2,600 employees, it carries out a sector-specific audit approach and risk based on recognized European supervisory standards.

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