German Banks Compete For Bitcoin, Ethereum, and XRP

Some officials from the German government have confirmed that several banks have requested to start digital asset storage/protection services. According to the news site Handelsblatt; BaFin, the financial regulator of the country, received crypto money custody applications from more than 40 companies, including banks. Germany's updated Anti-Money Laundering law allows banks and financial institutions to provide cryptocurrencies such as Bitcoin, Ethereum and XRP, as well as stocks and bonds. The popularity of digital currencies has been increasing in the last few years. With a market value of $ 288.3 billion, cryptocurrencies are becoming more and more important, and BaFi is taking new precautions every day against the risk of anonymity, money laundering and the exploitation of the industry by terrorists. BaFin also warns companies that want to provide services on this issue that they should apply to them and obtain a license. After the European Union enacted the 5th AML Directive (AMLD5) regulation, the German authorities also reorganized their own laws according to their customer recognition (KYC) and anti-money laundering (AML) processes. This brought new imperatives to cryptocurrency and its related companies.