The German crypto market benefits from legal certainty. Market participants speak of an increasing professionalization of the environment and begin to position themselves strategically in Germany. Crypto Storage AG is setting up a unit in Germany.
After the German legislator has created clarity about crypto asset storage, the first market participants begin with strategic positioning. Crypto Storage AG, for example, has decided to set up its own unit in Germany and announces its intention to apply for a license as a “crypto custodian” for digital assets such as Bitcoin. The background is the new legal regulations in Germany from 2020.
CEO Stijn Vander Straeten explains the reasons: “The new clarity with regard to cryptographic values supports the professionalization of the market and protects consumers. For this reason, Crypto Storage AG also works closely with the regulators in our home country, Switzerland. Since the German license could also assert itself as a ‘role model’ throughout Europe, it was immediately clear to us that we would apply for the German license.”
DLC Distributed Ledger Consulting GmbH from Hamburg will advise them on the acquisition of the German BaFin-license.
Crypto Storage AG had already announced in mid-November that it would expand into Germany and open a branch in Frankfurt. A week ago, the German Bundesrat finally nodded off the new regulations for “digital asset custodians”. These will apply from 1 January 2020 to companies that hold cryptocurrencies such as Bitcoin and Ethereum; but also so-called security tokens (digital securities) for third parties.
Source: Institutional Money
Coinbase Custody is also responding to developments in crypto-regulation in Europe by establishing a subsidiary in Ireland.