Erscheinung:01.04.2020 | Topic Authorisation requirements Crypto Custody Business
BaFin publishes Guidance on applications for authorisation for crypto custody business
Today, BaFin has published guidance on its expectation for undertakings seeking to provide the crypto custody business.
The guidance provides information on the aspects, which BaFin considers to be particularly important for the authorisation process.
The German Act Implementing the Amending Directive on the Fourth EU Anti-Money Laundering Directive has incorporated crypto custody business into the German Banking Act (Kreditwesengesetz – KWG) as a new financial service. As from 1 January 2020, when this legislation entered into force, companies seeking to provide such services require authorisation from BaFin.
