Bitcoin Group SE, a German-based bitcoin exchange company, announced today it plans to submit the application for permission to conduct crypto-custody-business to the Federal Financial Supervisory Authority (BaFin). The application has become necessary within the framework of the Act to Implement the Amendment Directive to the Fourth EU Money Laundering Directive.
Accordingly, the crypto-custody-business will be included in the German Banking Act as a new financial service on behalf of customers. With the entry into force of the law on January 1, 2020, BaFin will thus create a unified legal framework and enable banks to offer and hold cryptocurrencies in safe custody.
Bitcoin Group SE, which operates Europe’s largest cryptocurrency trading platform with Bitcoin.de, today, already holds a leading position in Germany as a custodian of crypto assets.
Simultaneously with the application for the permission for Bitcoin.de, permission for the 100% Group subsidiary, the futurum bank AG, is also applied for. In this way, the Group will expand its services in the business with institutional customers, which is bundled in futurum bank AG.
“We have a positive attitude towards the crypto-protector arrangement. It offers a number o opportunities that we would like to seize resolutely. On the one hand, it creates a reliable legal framework, which will ensure further trust on the part of our customers. On the other hand, the harmonization of the BaFin will open up the market to other players such as banks and financial service providers. This can only be beneficial to the spread of cryptocurrencies. We are optimistic that, as a pioneer in the cryptocurrency market, we will benefit from these developments. Therefore, we will apply for the permission for the contribution of the crypto-custody-business also in the entire Group of companies.”
– Managing director of Bitcoin Group SE, Marco Bodewein
In the future, Bitcoin Group SE will also be able to act as an institutional custodian of crypto-assets following approval by BaFin. This will open up a wider customer base and additional revenue potential.
