The German financial watchdog (BaFin) issued a new summary leaflet detailing how cryptocurrencies are treated under newly enacted laws for 2020. The instructions are presented as BaFin’s interpretation of the new German legislature.
The March 2 leaflet “specifies the new regulatory standards” that businesses will need to adhere to should they wish to provide crypto custody services. This is understood as a generic term to include all businesses that hold crypto for clients, including exchanges, financial services or banks.
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