Read the success stories of crypto entrepreneurs.

Discussions are fun when we are part of a community.
Login Free Registration

Get 10 AltcoinN Points just by registering on this forums.


High Demand” for Crypto Custody Licenses among German Banks

SourceBlog
#1
  • Companies increasingly adopting blockchain technology while new legislation further propelling the demand
Crypto virus has spread all over the world and with prices yet again gaining steam, everyone wants a piece of them, even banks.
German Federal Financial Supervisory Authority (BaFin), the financial regulatory authority of Germany has already received over 40 requests from banks asking for permission to operate crypto custody businesses, reported local news outlet, Handelsblatt. FDP Bundestagsabgeordnete Frank Schäffler said,
“THE MARKET IS GROWING FASTER THAN THE FEDERAL MINISTRY OF FINANCE HAS PREDICTED. THAT IS BOTH A BLESSING AND A CURSE.”
“THE HIGH DEMAND FOR CRYPTO CUSTODY LICENSES SHOWS THAT COMPANIES ARE INCREASINGLY ADOPTING BLOCKCHAIN TECHNOLOGY, BUT IS ALSO THE RESULT OF THE NEW LEGISLATION.”
“Strong Growth” expected
Berlin Solarisbank is one of the first to offer crypto custody which has founded a subsidiary Solaris Digital Assets to store bitcoin and other digital assets on behalf of its customers.
Michael Offermann, the head of crypto banking at the institute says they have been “dealing intensively with the topic of crypto custody for a year and a half.”
The bank has a banking license and expects “strong growth” once it becomes easier to buy and store bitcoin. Its sales potential in the first year has already been in the seven-digit range. He said,
“THE NEW REGULATION IN THE NEW MONEY LAUNDERING ACT IS A GOOD TIME TO START PRACTICING. AFTER ALL, WE ARE NOT A RESEARCH INSTITUTE, BUT A COMMERCIAL BANK.”
Reply