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.
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.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.