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Germany Leads The Way In Crypto OneCoin [First] License Exchange

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Germany leads the way in crypto, the CEO of being quant sees a historic precedent

03 December 2019

How Germany Leads The Way In Crypto

Germany is traditionally seen as a reliable player in the financial space. Especially for its approach to regulation. Deutschland’s compliance approach and traditional conservative values in regards to finance made it unexpected. But natural successor, to carry the cryptographic torch. When it was put on the road to allow banks to accept deposits of crypto actives. In fact, not only Germany but for Europe, in general, have been historically at the forefront of financial innovation.

“… While they continue to close bank branches surely you heard a little everywhere. We don’t talk about UniCredit that cuts 5500 employees, 450 branches as announced in the years with people who mocked. Then read this: new Rules of the ECB, IMF, IMF, etc. The German Parliament has approved a bill that will allow banks to sell and preserve cryptocurrencies. The “Crypto Heaven” law will enter into force on January 1, 2020, reports businessforhome.org

According to German journalists, the law allows the banks and companies of German financial services. Which have a special license, granted by the German authority of the regulator, Sell and preserve cryptocurrencies. [from 1 January 2020].

OneCoin Exchange First Licensed Company

Onecoin exchange presented the license application in early 2019. And could be the first licensed company according to the new legislation. Companies like Binance and Kracken are on the candidates’ list. #One is layout doesn’t need USB memory. He has a personal bank account approved with KYC. Know Greater Customer meet your client.

“This law will not only put Germany, the fourth-largest economy in the world. First-line in the rules on cryptocurrencies. But will also mark an important phase in the adoption of cryptocurrencies in Europe”, journalists say.

If one exchange is authorized in Germany. It will be an important step in the certification of service at the European level.

” Germany has chosen the way to regulate cryptocurrencies. This has led to an increase in the number of investors in Germany. Interesting for safety and regulation, said Sven Hildebrandt, an expert in deciphering. “Germany is about to become a paradise for cryptocurrency”, he said.

Where the Bill is Passed

The Bill was adopted by the German Parliament, the lower chamber of the German Parliament. In early November 2019 and ratified by the high chamber on November 29, 2019.

The law has modified a provision of the fourth European Union Directive against money laundering. Which currently prohibits banks from dealing directly with cryptocurrencies. Therefore, the new law allows them to sell and file cryptocurrencies legally. As well as in the case of actions and obligations, both for retail and institutional investors.

The law also stipulates that companies that manage these digital resources. And which has no legal identity in Germany before the end of this year. It will be considered illegal from 2 January 2020.

Option For Crypto Companies in Germany

” companies that wish to continue providing services in Germany have three options.

  • To create a German company before the end of the year and therefore apply for a license.
  • Working with an authorized cryptocurrency provider in Germany.
  • Or working with a licensed provider. That I can provide a ” Complex but intelligent ” solution “, said the expert.

Companies have already begun to act under the new German law. Crypto Storage, a subsidiary of the Swiss financial services provider. Crypto finance announced today its plan to open an office in Frankfurt.

Hildebrandt claims that the new law will bring a big change in the financial field.

” if you can keep your cryptocurrencies in your bank account. This will serve as a model for all other countries in Europe. One of the main challenges is to keep the private keys, said. One is a layout that does not need memories with the risk of losing them has the international protocol KYC. Likewise, each member deposits the documents….”

I hove everything is clear. Likewise, We hope for the best. Also, Everything will be positive soon. So, take care of yourself and your family. The new beginning is coming to our door.

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