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…
Read MoreOn 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…
Read MoreThe 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…
Read MoreFractal, 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…
Read MoreThe 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…
Read MoreBy January 1, 2020, the new regulation for digital assets custody came into force in Germany. As of today, the Federal Financial Supervisory Authority (BaFin) provides a form for the declaration of intent according to § 64y para. 1 or 2 KWG about digital asset safekeeping. As expected, the requirements…
Read MoreOn January 1, 2020, a new law on the regulation of blockchain came into force in the Principality of Liechtenstein; the „Law on Tokens and Trusted Technology Service Providers”, in short TTTL. The Parliament of Liechtenstein had passed the so-called Blockchain Act on October 3, 2019. With this regulatory work,…
Read MoreOn January 1, 2020, a German law will come into force that makes digital asset custodians subject to financial supervision. Companies that want to provide this business then need a license from the German Federal Financial Supervisory Authority (BaFin). Any crypto custodian addresses to German customers, must notify BaFin of…
Read MoreFrance’s supreme financial supervisory authority has adopted the custody of digital assets by law. With its new crypto regulation, France creates a legal framework for Digital Asset Service Providers (DASP) and Initial Coin Offerings (ICOs) and strengthens the powers of the AMF as the regulatory authority for the crypto industry….
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