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Including cryptos & increased customer protection

The new Money laundering Act that went into effect on January 1st, 2020 no longer allows banks to only offer and keep traditional securities like stocks and bonds. This means, now these banks can offer their customers custody for virtual currencies such as Bitcoin, Ethereum, and XRP.
The new law defines crypto assets as “digital representation of a value” that isn’t issued by a central bank or an official authority. It also doesn’t have the legal status of a currency or money. However, it is accepted as a means of payment or exchange and further used for investment purposes.
This new law also requires crypto custody businesses to obtain a financial supervisory license.
Bafin already considers security tokens as financial instruments and with this new law, consumer protection is also increased as “previous business models that were too lax when identifying customers have to be adjusted or discontinued.”
“We have almost a unique selling point that will help us bring the reputable providers to Germany,” it said.