The fifth AML Directive was supposed to ensure that certain central service providers of the crypto sector comply with AML obligations. Since Germany exceeded the requirements of the amending directive with the transposition into national law, the question remains which crypto businesses are subject to the German Money Laundering Act as of 2020.
By regulating crypto custodian services as a financial service, the German legislator chooses a non-european but national regulatory approach. But will this national crypto custodian license potentially be vaild in other european countries as well?
The German legislator plans to regulate crypto assets as financial instruments. But what would be the consequences of such regulation and would there be any important changes to the current regulation of crypto?