German Banks may provide Bitcoin custodian services
According to some reports from Germany, there are some suggest amendments in the law stemming from the 5th EU Anti Money Laundering (AML) Directive passing through the Bundestag federal parliament which have opened the door for traditional banking and financial institutions to store Bitcoin and other crypto-assets for clients. It is believed cryptocurrency custody facilities at German banks could kick in as early as 2020.
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 crypto-truths. ".
EU nations like Germany and France have pushed hard against Libra but it seems they could be warming to Bitcoin. I believe the issue with Libra is the fact its owned by a corporation. Bitcoin is not under the jurisdiction in the same way that Libra would be under Facebook and the Libra Association.
Author
Rajan Dhall, MSTA
FX Daily
Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.
