German Banks will be able to sell and keep cryptographic assets by 2020 under a new European Union law on money laundering

Block beat BlockBeats news,German Banks will be allowed to sell and hold crypto assets from 2020.

The Handselblatt, a German business newspaper, reported on Wednesday that Banks had been barred from providing services directly related to cryptographic assets, but a new law implementing the eu's fourth anti-money laundering directive would change that. The bill has already passed the Bundestag, Germany's Bundestag, and is expected to pass in 16 states. The report says the bill goes further than previously planned. The original confirmation that the act would not allow Banks to act as custodians of crypto-assets, relying instead on external custodians or specialized subsidiaries, is now allowed.

The BdB, the German banking association, was also positive. "Credit institutions are experienced in the safekeeping and risk management of client assets, are committed to protecting investors and have been subject to financial regulation," it said. As a result, Banks can use cryptographic assets to "effectively prevent money laundering and terrorist financing." The BdB said the forthcoming legislation would further enable investors to invest in encryption technology through German funds without being forced to put their money abroad.

Original address:https://www.coindesk.com/german-banks-allowed-to-sell-and-custody-crypto-assets-from-2020-report?

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