Germany to become crypto-heaven?

Bundestag – the Germany’s Parliament has drafted a law to implement the fourth EU money laundering directive which may transform Germany into a crypto-heaven according to the German newspaper Handelsblatt.

If the law passed by the Bundestag is approved by the German Lands it will allow financial institutions to offer to their customers access to classical securities (stocks, bonds) and also to crypto currencies. Also the law extends the application deadlines for the licences needed for this services.

For the first time the concept of “crypto values” appears in the German law defined as “digital representations of a value that has not been issued by any central bank or public agency,” but is “accepted as a means of exchange and payment or for investment purposes” according to the cited newspaper.

It is clear that a competition between different countries is open in order to become the first crypto friendly one and also financial institutions are looking into new sources of revenues and pushing the states to adapt the legislation.

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