According to the local news reports, the new money laundering law will allow banks to sell, buy, and provide custody services of bitcoin and other cryptocurrencies. Germany’s federal parliament, Bundestag, has already passed the proposed bill.
“Germany on its way to becoming a crypto heaven.”
Sven Hildebrandt, the head of the consulting firm DLC, said that Germany is well on its way to becoming a crypto-heaven. He added the German legislator is playing a pioneering role in the regulation of crypto-truths. The final version of the proposed bill is different from the last one. Now banks have the authority to provide crypto transactions without the need for external custodians or special subsidiaries.
Banks might indulge in aggressive selling tactics.
Some experts believe that the new bill could cause banks to indulge in aggressive selling tactics and sell bitcoins and other cryptocurrencies to less-knowledgeable investors. Niels Nauhauser of Baden-Wuerttemberg said that this might make banks more aggressive in selling cryptocurrencies to clueless investors.
Niels added that banks sell a variety of financial products if the commission is right if they are allowed to sell digital currencies and keep them for a fee, they run the risk of returning a total loss to their customers, without them knowing what are they getting into.