German Banks Requesting to Custody Bitcoin, Ethereum and XRP
Government officials in Germany say several banks have filed a request to launch a digital asset custody business now that Bitcoin, Ethereum, and XRP are legal for banks to hold. BaFin, the nation’s financial regulator, says it has received over 40 applications from parties interested in offering cryptocurrency custody services.
Germany’s updated Money Laundering Act permits banks and other local financial institutions to provide and manage digital assets.
Following the rise in daily Bitcoin usage alongside other cryptocurrencies, many banks around the globe will still ask for such powers including in Africa which is thought by people to be an underdeveloped zone.