Germany’s will allow crypto custodial firms.

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Legal Blockchain Germany

Legal Blockchain Germany

Germany’s will allow crypto custodial firms.

Federal Financial Supervisory Authority (BaFin) issued on the 2th march 2020 a new guidance that clarifies the status of Bitcoin and cryptocurrencies.

We are a legal firm specialized in Blockchain, cryptocurrencies, smart contracts and tokenization.


Definition of cryptocurrency

They share the following attributes:

-are not issued or guaranteed by any central bank or public institution.

-not legally recognized as currency or money.

-are accepted as a medium of exchange. This is according to the sentence of TJUE (22 october 2015). The TJUE stated that Cryptocurrencies can be a means of payment. Bitcoin (and other cryptocurrencies) has no other purpose than to be used as a means of payment. Virtual currencies (using EU terminology) or cryptocurrencies (using common terminology) are means of payment if the parties consider it and accept it.

-That´s why cryptocurrencies can be a vehicle of payment or investment.

-Can bear the rights of traditional securities.

-Can be electronically stored, transferred, and traded.


Bitcoin and cryptocurrencies are financial instruments

BaFin provides a broad definition in order to include all digital assets relevant to the financial market. Also, the document stresses that cryptocurrencies are different from various kinds of “electronic money,” which have other segments of the law devoted to them.


Legalization of crypto exchanges and firms

Crypto exchanges companies are those that provide the service of exchanging legal tender into cryptocurrencies and vice versa. Now BaFin considers this activity under the umbrella of financial service.


The exchange of cryptocurrencies now falls under the regulated banking and other financial services category.


Companies will need to acquire a licence

The development mandates that crypto custodial firms should acquire licenses.


Already operating companies, will have to request a licence

For now, unlicensed companies already operating and providing crypto custodial services in Germany will not be penalized. They have until March 30, 2020, to show intent to secure a license. And apply before November 30, 2020.


So far, more than 40 banks in Germany have applied for the crypto-custodial license


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