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Between the Poles – Is Blockchain-based E-Money not a Crypto Asset?
Nowadays, there are many different ways in which money is digitally usable. Scriptural money can only be created virtually by credit institutions and is used among the involved payment institutions in electronical form whenever a payer initiates a transaction. Also on the side of the payment initiating payer digital tools such as banking apps are […]
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Crypto Assets and AML – When are Crypto Businesses Subject to the German Money Laundering Act?
As of 2020 the German legislator is going to introduce crypto assets into the German Banking Act (KWG) as a new form of financial instruments and crypto custody services as a new form of financial service which is subject to authorization. Basis for these legal innovations is the amending directive to the fourth European Anti-Money […]
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Let´s Build a Crypto Custody (Part I) – What Qualification is Required by the Management?
After a lengthy back and forth, the German legislator last week finally decided on how to conduct the transposition of the provisions of the 5th European AML Directive into national law. The German Parliament accepted the recommended resolution of the 7th financial committee after the original draft of the federal government was heavily criticized by […]
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Crypto Custody and Crypto Assets – What Stands Behind the Announced Law Amendments?
Notice: This blog article refers to the first draft of the German Ministry of Finance dated 20th May 2019 which in this form has not been realized by the legislator. On 20 May 2019, the German Ministry of Finance published its first draft for the transposition of the provisions of the 5. European AML Directive into national […]
