The Crypto custody business has been introduced as a regulated financial service in Germany a little over a year ago. But even prior to BaFin issuing the first explicit authorization to the first provider, the German legislator already plans to change the legal definition of the activity again.
The German legislator intends to introduce the new financial service of crypto security registry management to the German Banking Act. But which activities shall be covered, who will need an authorization and what will be the requirements will have to be fulfilled by applicants?
The German legislator intends to also extend the crypto custody business with the introduction of crypto securities. What does crypto custody business consist of in the future, what will be permitted and what will be prohibited?
The new legislative draft for the introduction of electronic securities differentiates between electronic securities and crypto securities. What will be the differences between these two forms of digital securities?