The German parliament passed a law allowing banks to buy and sell cryptocurrencies

The German parliament passed a law allowing banks to buy and sell cryptocurrencies

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The bill allowing financial institutions to buy and sell bitcoin and other cryptocurrencies was officially adopted by the German Parliament on Friday, November 29, and will enter into force on January 1, 2020.

Information about this to our publication was confirmed by Distributed Ledger Consulting partner Sven Hildebrandt.

As reported on the eve, the new rules suggest that offering financial services to customers, including operations with stocks, bonds and cryptocurrencies, financial institutions in Germany will be able to with the appropriate license.

The new law also gives banks the ability to store bitcoin and other crypto assets.

Consideration of the bill was carried out as part of measures to ensure compliance with the requirements of the EU Directive on combating money laundering.

Recall from next year, German cryptocurrency companies will be required to obtain a license from the German Federal Financial Supervisory Authority (BaFin).

The German parliament passed a law allowing banks to buy and sell cryptocurrencies

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