Over 40 banks in Germany are interested in the possibility of storing and working with cryptocurrencies, local media Handelsblatt has reported.
After the coming into force of the Fifth Money Laundering Directive (5AMLD) earlier this year, the German authorities began to allow regulated financial institutions to work with cryptos. Frank Schäffler, member of the Bundestag, said:
"That is both a blessing and a curse. The high demand for crypto custody licenses shows that companies are increasingly adopting blockchain technology, and this is also the result of the new legislation."
More than 40 banks have shown their interest in offering crypto custody services to the German Federal Financial Supervisory Authority (BaFin). In particular, SolarisBank, a German financial technology company with a bank license, has established Solaris Digital Assets, a digital assets unit.
The arrival of this new regulation has encouraged actors in the banking industry to launch their own crypto-related services based on the newly-launched legislation.
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