Starting January 1, 2020, German cryptocurrency companies will be required to be licensed at the Federal Financial Supervision Authority of Germany (BaFin).
According to the new rules for countering money laundering, starting January 1, 2020, cryptocurrency assets are recognized as financial instruments. In this regard, the exchanges and providers of custodial services will have corresponding responsibilities.
“Such decisions hamper the development of progress and innovation. Cryptocurrency companies are likely to prefer to transfer their business to other, more loyal jurisdictions, ”said Frank Schäffler, a spokesman for the Free Democratic Party of Germany.
However, Christian Schmies’s partner at law firm Hengeler Mueller has a different opinion. He believes that such regulation is necessary for the further development of the industry, as it will ensure clarity.
“As long as there is no sound legal basis in the cryptocurrency industry, institutional investors will not accept this technology,” said Schmis.
Recall that BaFin recently approved the sale of tokenized bonds for $ 280 million to the blockchain-startup Fundament Group.
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