Posts tagged with "crypto custody"

25. May 2020
Crypto custody business does not only include the custody, but also the administration of crypto assets. What exactly are the requirements that BaFin places on this variation of the crypto custody business which is subject to authorization and can it be fulfilled by delegating DPoS-coins?

18. May 2020
BaFin just published a new article on the AML obligations of crypto custodians last week. Does the article provide helpful information?

06. April 2020
BaFin just published its “Guidelines on application for authorization for crypto custody business” shortly after the deadline for the so-called grandfathering option for crypto custodians expired. A summary:

10. February 2020
Reporting is among the most important duties of all institutions being under supervision of BaFin and the German central bank. But what are the reporting obligations of licensed crypto custodians and are there differences between crypto custody service providers and other financial service institutions?

30. December 2019
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.

23. December 2019
Financial service providers and banks are required to develop an adequate risk managing strategy for their business operations. What are the requirements that BaFin is going to place on crypto custody service providers that additionally have to deal with crypto-specific risks?

08. December 2019
As of next year, offering crypto custodian services to German customers will be possible also in case an authorization has not been obtained yet, if the service providers fulfil certain requirements and meet specific deadlines set out in the new provisions. But what exactly will the service providers need to do so that the grandfathering rule is applicable to them?

18. November 2019
Last week, the German Parliament finally decided on how to regulate crypto custodians as of 2020. In the first part of our blog series “Let´s build a Crypto Custodian” we take a look at the requirements that managing directors of crypto custody service providers will have to fulfil in order to be accepted by BaFin.

26. August 2019
Traditionally securities are stored and managed by authorized securities depository banks in Germany. How can security tokens that are legally designed as securities be stored and managed in the future and what are the consequences of the upcoming legislative changes of the German Banking Act for securities depository banks?

05. August 2019
The German federal government plans to design crypto custody services as exclusive financial services. In addition to the custody of crypto assets, the crypto custody service providers shall not be permitted to offer any other financial or banking service that would also require a BaFin authorization. Crypto custody service providers shall therefore be limited to their core business but shall also play a central role in the German crypto market.

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