Crypto sphere is booming in Germany

Germany opens doors for Bitcoin — more and more companies are willing to make business with crypto in the country.

Description: The prominent members of the European crypto industry, has been preparing to apply for permission to conduct crypto custody activities.

About 40 banks in Germany have applied to the BaFin regulator with a request to allow them to provide services in the area of buying and selling cryptocurrency, as well as in working with other forms of services in this area. This step by credit institutions looks logical, as the Fifth EU Directive essentially equated crypto with securities.

The previous EU directive did not contain this novelty. At the same time, at the end of last year the Bundestag adopted a law that allows credit institutions in the country to engage in cryptщcurrency operations — this document is currently undergoing the stage of final approval in the regions of Germany.

Finally, the policy of the European Central Bank to maintain negative interest rates has led to a growing number of German credit institutions to introduce de facto payment for deposits. As this may lead to outflows of depositors, banks seek to insure themselves in advance by looking for new sources of stable earnings.

Taking into account the fact that the number of transactions with different cryptocurrencies is growing and banks can act as organizers of such transactions, including the creation and provision of appropriate infrastructure (clearing, storage of cryptocurrencies, etc.), it is not surprising that already 40 credit institutions are looking for an excuse to start doing this.

Meanwhile, news is coming in from Germany that the crypto sphere is actively developing in the country. Thus, the private bank Bankhaus von der Heydt, which has its history since 1754, announced a partnership with Bitbond, which provides custodial services for cryptocurrencies. The first practical transactions in this area have already taken place. The Bank also intends to issue its own tokens with the characteristics of securities, as well as its own sticky note. The American company BiGo is also opening its own custodial service in Germany.

Germany is ready to fully accept Bitcoin on a government level — looks like it is about time to earn your own BTC with our cloud mining platform Hashmart.io!

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Andrey Costello

Andrey Costello

Bitcoin-maximalist. Optimistic family man and miner with six years of age. I write about complicated things from the future for people of our days.

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