BaFin advice: Notes on digital assets custody business

2 March 2020: Today, the BaFin published eagerly awaited information on digital assets custody business. Content I. General facts of the digital assets custody business 1. Digital Assets or private keys 2. For others 3. Safekeeping, administration, and security II Demarcation from other regulated activities III. Authorization requirement for the…

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How the Latest German Regulations Target Bitcoin Exchanges and Custodians

A new German law on regulation requires every entity that holds private keys for others (e.g., bitcoin exchanges and/or bitcoin custodians) and that actively addresses the German market must become licensed as early as January 1, 2020. And to address the most common misconception right at the beginning: No, it…

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Australian blockchain strategy — preparing for a global multi-billion market

The Department of Industry, Science, Energy and Resources has now published a “Blockchain Strategy” on behalf of the Australian government. It describes the measures and proposals to be implemented by the Australian government within the next 5 years. To this end, the roadmap formulates 12 demands to create a political…

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German Crypto-Custody license: 40+ expressions of interest

As the German Handelsblatt reports, the law has triggered a run on the license among German banks. As Handelsblatt writes, the German Federal Financial Supervisory Authority (BaFin) has already received more than 40 expressions of interest from banks for a German crypto-custody license. As a result of the Fifth EU…

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FINMA: Stricter identification requirements for Bitcoin transactions

On February 7, 2020, the Swiss Financial Market Supervisory Authority FINMA has announced an amendment to the guidelines for Bitcoin regulation. It affects the thresholds for reporting crypto transactions; FINMA wants stricter identification requirements for Bitcoin/crypto transactions. FINMA is proposing to “amend the thresholds for client identification in the FINMA…

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BaFin Clarifies Licensing Process for Foreign Crypto Custodians

The Federal Financial Supervisory Authority (BaFin) in Germany is currently clarifying how the new German cryptocurrency custody law will apply to companies that have their jurisdiction outside of Germany but still serve the German market. There is still widespread uncertainty, especially among non-German companies, with regard to obtaining the BaFin…

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NITI Aayog: Indian think tank publishes blockchain strategy

The government-affiliated Indian think tank NITI Aayog published a document entitled “Blockchain — the India Strategy“, which deals with a plan for blockchain adaptation in the country. NITI Aayog addresses not only hurdles in the implementation process, but above all the potential of Bitcoin & Co. for the sustainable development…

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Fractal is now under the supervision of BaFin

Fractal, the Berlin-based authentication provider working to transform financial identification, has notified the German Federal Financial Supervisory Authority (BaFin) that its subsidiary Fractal Vault GmbH has qualified as a custodian of crypto assets in 2019. Besides, the company has also announced its intention to apply for a crypto-vault license. In…

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Austria: FMA intervenes with Bitcoin custodians

The new regulation for the safekeeping of crypto assets such as Bitcoin requires providers to register with the Austrian Financial Market Authority (FMA). For non-registered companies, however, it could become expensive. Since January 10, the registration requirement for virtual currency service providers such as Bitcoin has been in effect in…

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FATF Supervisors’ Forum on supervising virtual assets

Supervisory authorities from around the world met to discuss how to supervise and regulate virtual assets and virtual asset service providers (VASPs) in Paris on January 9, 2020. It was the first chance for supervisors to discuss how to implement these new measures since the Financial Action Task Force (FATF)…

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