From 2020, the sale and custody of Bitcoin will be allowed to all German banks

fillippone

legendary

Activity: 2268

Merit: 16328

Fully fledged Merit Cycler - Golden Feather 22-23

German banks confirm their hedge on continental Europe regarding Bitcoin Regulation.

Germany's Commerzbank Applies for Local Crypto License

Quote

Germany's Commerzbank (CBK) applied for a crypto license earlier this year, a spokesperson for the bank said. This makes it the first major bank in Germany to move towards crypto adoption.
* A bank spokesperson said Commerzbank wants to help shape emerging digital ecosystems, especially with regard to custody and trading in non-physical assets.
* “To this end, we entered into a cooperation with Deutsche Börse and Fin-Tech 330x in spring 2021. In addition, we are pursuing our own digital asset strategy and are also planning our own offerings for our customers in the coming years. We have applied for a license from the Bafin for the safekeeping of crypto assets. The future offer is initially aimed at institutional customers,” said Bernd Reh, Senior Spokesman, Commerzbank.
*

The funny thing is first Commerzbank shareholder with a 15% share is an agency of the German federal Government.

On a less serious tone, also @Stadicus300 informs us that Raffeisen is starting to sell Hardware Wallets in their branches:

DrBeer

legendary

Activity: 3752

Merit: 1864

This is news on the one hand. And there is news on the other side: https://www.bloomberg.com/news/articles/2021-07-20/eu-proposes-ban-on-anonymous-cryptocurrency-transactions

I wonder how two, diametrically opposed "laws" will be fulfilled in reality?

goldade

full member

Activity: 896

Merit: 104

The Standard Protocol - Solving Inflation

This is one of the most awesome news I have ever read on this forum. Germany is going to make a wave with this. This is simply integrating bitcoin into the fist system to make accessible to the local. Not only does this move makes bitcoin more accessible, when the local sees that bitcoin is held and being sold by banks, he believes in it and is ready to own some.
Trust me, this will in ways unimaginable pump the adoption of bitcoin so much in the mainstream world. We're looking at a bullish run very soon.

fillippone

legendary

Activity: 2268

Merit: 16328

Fully fledged Merit Cycler - Golden Feather 22-23

German lawmakers confirm themselves as quite proactive in regulating cryptos.
From Mondays institutional funds in Germany will be allowed to hold up to 20% in crypto.

Germany to Allow Institutional Funds to Hold up to 20% in Crypto

Quote

Germany plans to allow certain institutional funds to invest billions of dollars in crypto assets for the first time.

A law taking effect on Monday will let so-called Spezialfonds with fixed investment rules put as much as 20% of their holdings in Bitcoin and other crypto assets. The funds, which can only be accessed by institutional investors such as pension companies and insurers, currently manage about 1.8 trillion euros ($2.1 trillion).

It will be extremely intrteeting to know how much this possibility will be used in the coming months.

Lucius

legendary

Activity: 3234

Merit: 5637

Blackjack.fun-Free Raffle-Join&Win $50🎲

Quote from: sapnu on July 01, 2021, 08:26:13 AM

It seems that there are a lot of news already with regards to Germany being a crypto friendly nation and hearing that they will soon regulate bitcoin in their country, it would definitely make a huge impact in the market now and in the future if ever things works out well.

Why do you say that Germany will soon regulate Bitcoin? As far as I know, the regulations regarding cryptocurrencies have been quite clear in that country for several years. Other than declaring a Bitcoin legal tender (good luck with that anywhere in the EU), I don't see what can be done legally to make the situation better than it is at the moment.

Quote from: fillippone on July 02, 2021, 07:26:43 AM

Compared to other European countries, Germany has been trying to leverage regulation in order to place his domestic firms in the best possible competitive position to grasp the larger part of the booming crypto-related market.

Things seem to be starting to change in that strategy as well, because how else to explain that Coinbase got a license for "crypto custody services and proprietary trading", and they say that this is the first license of this type issued in Germany.

https://www.reuters.com/technology/germany-grants-coinbase-licence-crypto-custody-services-2021-06-28/

fillippone

legendary

Activity: 2268

Merit: 16328

Fully fledged Merit Cycler - Golden Feather 22-23

Compared to other European countries, Germany has been trying to leverage regulation in order to place his domestic firms in the best possible competitive position to grasp the larger part of the booming crypto-related market.
Other countries, Italy for example, had the opposite attitude, when they actively tried to use legislation to prevent their firms doing business in the crypto industry.

sapnu

sr. member

Activity: 1050

Merit: 286

It seems that there are a lot of news already with regards to Germany being a crypto friendly nation and hearing that they will soon regulate bitcoin in their country, it would definitely make a huge impact in the market now and in the future if ever things works out well. Amongst all the countries in Europe, many are saying that Germany is a good place to start up a crypto investment specially with bitcoin now that such news have showed up and appears to be legitimate. Don't wast the chance if you live there, grab the opportunity and start investing already!

wiss19

sr. member

Activity: 2296

Merit: 348

Quote from: fillippone on June 29, 2021, 03:58:25 AM

Crypto landscape is constantly evolving in Germany, who is leading the way in Europe.
Today’s news:

Deutsche Börse Group takes majority stake in Crypto Finance AG

This is basically another proof that Germany is the place to be in Europe for crypto stuff. After what UK did to Binance the other day, Germany is going the other direction and supporting it like crazy. I am not saying that what UK did was horrible, they are regulating and making it more legit so I am in full support of that as well but there is always a method of "just accept it as it is" as well which Germany is doing right now from the looks of it. I never expected it to be this easy for them to be fully embracing crypto, but by the looks of it they are.

Moderate three digit means about 500? I mean that is the middle of 100 to 1 billion, so I assume something like 300-800 range is too wide to call moderate, I would say 400 to 500 million seems to be the way to go. That means it is also about 300-500ish in American dollar as well, that is a HUGE acquisition.

AicecreaME

sr. member

Activity: 2436

Merit: 455

Quote from: dothebeats on November 28, 2019, 01:34:26 PM

This is, without any sugarcoating a good news all in all. Germany trying to integrate cryptocurrencies into traditional banks will make people believe in the said cryptocurrency more, knowing that the government has just given a green light for such. Either way, it may or may not receive the attention and traction it needs to get a boost, considering that fiat and banks are still the most trusted combination of people who don't know anything about bitcoin. It will take time, though people would soon realize the that it can work, albeit a slightly absurd way of handling things (banks handling a coin that promotes people to 'be their own bank')

I agree. It's another mission unlocked for bitcoin if ever the government of Germany will really accept and give go signal for cryptocurrency to be adopted by the traditional local banks. It will be another stepping stone to mass adoption. This kind of news makes me happy that the world is indeed keeping pace from the technology and innovation. It's nice to know that there are people, organizations, and institutions that are open-minded, knowledgeable, and willing to share the benefits of bitcoin to other people as well. Recently, El Salvador's bold move making bitcoin as a legal tender in their country garnered a lot of attention and inspired pther countries to make the same move.

Hopefully, in the future we can read continuous news and articles regarding this matter. Bitcoin is really the next big thing. I really do believe on its potential. Wishing other people to see it too the way we do.

fillippone

legendary

Activity: 2268

Merit: 16328

Fully fledged Merit Cycler - Golden Feather 22-23

Crypto landscape is constantly evolving in Germany, who is leading the way in Europe.
Today’s news:

Deutsche Börse Group takes majority stake in Crypto Finance AG

Business rationale is in the article:

Quote

Deutsche Börse Group, the German exchange operator, has acquired a majority stake in Swiss fintech firm Crypto Finance AG.

Deutsche Börse will take a two-thirds majority shareholding in the business in exchange for an investment in “a moderate three-digit CHF million range,” according to a press release.

Crypto Finance AG offers crypto trading, storage and investment tools in over 200 digital assets for institutional and professional clients. The Zug-based business is regulated by The Swiss Financial Market Supervisory Authority (FINMA), the Swiss regulator.

Through the acquisition, Deutsche Börse aims to extend its digital assets capabilities by providing a direct entry point for investments, including post-trade services such as custody.

As we see, traditional, legacy operators, or better, the forward looking ones, understand the world is moving on fast, so they need to expand their services to digital assets to stay relevant.
Otherwise they will starve to oblivion.
It is something that makes sense, as there is an economic sense in being an all-around operator for institutional, but it require vision from these legacy subjects.

Vatimins

sr. member

Activity: 987

Merit: 289

Blue0x.com

Indeed this is such a bullish news. The thing about this though is that it is yet to be approved but even so, I personally think that since it has been taken into consideration, then there must be a bug room for acceptance which then would be great for the german people. This news may just boost the use and buyung of Bitcoin in the coming months from now. The only frightening thing about this is they might include strict kyc and apply unreasonable taxes. I just hope they be fair to the german people.

Mauser

hero member

Activity: 1974

Merit: 534

Quote from: fillippone on April 29, 2021, 08:06:43 AM

Germany is confirming his leading role in crypto legislation in Europe:

'Damn Huge': Germany Opens Up to Institutional Crypto Funds

Quote

New legislation enabling 4,000 Spezialfonds to invest in crypto assets becomes law in Germany on July 1.
Spezialfonds are favored by institutional investors, and interest in them is now exploding, according to analysts.

This is a sensible approach. Trying to build a favourable legislative framework to attract investments in the most promising field, leaving other jurisdictions lagging behind.

It's good thar some countries are being more friendly towards crypto currencies than others. Only with competition between countries we can hope they things are getting better for us. The number of investment funds in crypto coins are expected to rise every year. But somehow my bank hasn't recommended any crypto funds. I keep getting recommendations every week for stock and commodity funds. It might be still a long way until even the smaller banks will offer such products.

Lucius

legendary

Activity: 3234

Merit: 5637

Blackjack.fun-Free Raffle-Join&Win $50🎲

I’m not sure if I’m going to be wrong if I say that this is finally some good news from Europe, because all the important things mostly happen in the US or China, and this part of the world seems to be pretty reserved towards cryptocurrencies. I read the article and the funds mentioned really hold a fairly large amount of money ($1.8 trillion), and they will be allowed to invest up to 20% in crypto - although the article agrees that the number will be much smaller, but we can still expect tens of billions $ (theoretically hundreds of billions) to enter the crypto market.

I wonder what a woman who doesn't really favor cryptocurrencies will say about this decision (Christine Lagarde) Roll Eyes

https://twitter.com/bitcoinmemehub/status/1349575100828442625

fillippone

legendary

Activity: 2268

Merit: 16328

Fully fledged Merit Cycler - Golden Feather 22-23

Germany is confirming his leading role in crypto legislation in Europe:

'Damn Huge': Germany Opens Up to Institutional Crypto Funds

Quote

New legislation enabling 4,000 Spezialfonds to invest in crypto assets becomes law in Germany on July 1.
Spezialfonds are favored by institutional investors, and interest in them is now exploding, according to analysts.

This is a sensible approach. Trying to build a favourable legislative framework to attract investments in the most promising field, leaving other jurisdictions lagging behind.

fillippone

legendary

Activity: 2268

Merit: 16328

Fully fledged Merit Cycler - Golden Feather 22-23

Finally, a major German Bank is moving in this direction:

Deutsche Bank Plans to Launch a Digital Asset Custody Platform for Institutional Clients

Quote

Deutsche Bank is planning to present its minimum viable product (MVP) for a digital asset custody platform aimed at institutional clients this year, according to a report by the World Economic Forum.

This is the link to the original report.

Also nice to read:

Quote

According to the report, Germany's largest banking institution anticipates the tokenization of traditional assets such as private placements, bonds, and real estate "to move more into the mainstream," citing analysts that predict the tokenized asset space to potentially grow to $24 trillion in the future. As more assets are being issued in tokenized form, Deutsche Bank seeks to become the destination of choice when it comes to safeguarding these assets and has completed its proof of concept for a custody platform focused on digital assets.

fillippone

legendary

Activity: 2268

Merit: 16328

Fully fledged Merit Cycler - Golden Feather 22-23

At last something is moving in Germany:

German Neobank Offers Bitcoin Accounts With 4.3% Interest

Quote

All 80,000 users of German neobank Bitwala can now purchase, hold and earn interest on Bitcoin (BTC) in their bank accounts thanks to a new partnership with cryptocurrency lending platform Celsius Network.

According to defiprime.com, Bitwala is the first classic fiat bank to offer interest for holding Bitcoin in their account, with three other DeFi DApps offering similar products. While the DeFi products have higher rates, up to 8.6% per annum, Bitwala is more regulated and offers fiat and cryptocurrency services in 32 European countries under license from leading German bank SolarisBank AG.

Users can buy as little as 30 Euro worth of Bitcoin and hold it in the free Bitcoin Interest Account and receive interest payouts weekly. The Bitcoin in the accounts is lent out through the Celsius Network to ‘trusted partners’. Funds can be converted back to Euros immediately.

Adding gasoline to the fire:

Quote

In a statement, Bitwala CEO Ben Jones referred to the Bitcoin halving as a reminder that “state money (fiat) cannot be inflated eternally”:
"At this time, more and more people trust in Bitcoin. Bitwala is the everyday bridge to it. We are now partnering with Celsius Network, the world's leading provider of crypto loans, so that our customers can leverage Bitcoin holdings wherever they are”

Direct link to the bank
https://www.bitwala.com/bank-account/

Quote

Crypto wallets included
Our integrated wallets feature provides frictionless access to the crypto market. Seamlessly send and receive bitcoin or ether. With Bitwala, you own your coins as our wallets are non-custodial and secured with private keys.

It is happening.
We saw this coming, we were expecting neobanks from Germany starting to offer this kind of service, only to be beaten by the Italian neobank Hype (Hype is a neobank part of a very historic Italian Group).

Eventually, the integration of cryptocurrencies into traditional banking services is inevitable.

Historically, the first service offered by banks , tracing back to Genoese and later Florentine bankers in the late Middle Ages, was custody, and then evolved into credit.
Exactly what banks are starting to offer today.

In this sense, I also always say that it is not Bitcoin that needs Wall Street, but rather Wall Street that needs Bitcoin.
To stay relevant and not die.

fillippone

legendary

Activity: 2268

Merit: 16328

Fully fledged Merit Cycler - Golden Feather 22-23

Quote from: fiulpro on February 19, 2020, 11:55:44 PM

I have only one problem here , Huh

Why are banks even allowed to do that?
People can buy or sell Bitcoins without any middle man , if banks get involved the rates and everything will differ , they will make it way too professional and way too centralized.
Yes it is a great idea because people who are new in crypto wouldn't mind going to the banks and buying , they will trust the system more.
I just hope the government and the banks doesn't do what the government and the banks do here and let it be decentralized.

It's all about choices.
Private investors will have the choice of holding their coins by themselves (financial sovereignity) or use someone else to hold those, in case they trust their banks more than themselves.
There are also institutional investors that, for a variety of reasons, cannot hold the funds for themselves. Many institutional funds, for example, even intraditional funds have depositary banks, where they hold their assets. I can't see why for crypto's this should be different.

fiulpro

hero member

Activity: 1890

Merit: 831

I have only one problem here , Huh

Why are banks even allowed to do that?
People can buy or sell Bitcoins without any middle man , if banks get involved the rates and everything will differ , they will make it way too professional and way too centralized.
Yes it is a great idea because people who are new in crypto wouldn't mind going to the banks and buying , they will trust the system more.
I just hope the government and the banks doesn't do what the government and the banks do here and let it be decentralized.

Averim

member

Activity: 515

Merit: 12

Crypto services from Banks sounds incredible. It is a good think, i am thinking it will be a good option for depositing them, io suppose should be more secure and the money will be ensured

fillippone

legendary

Activity: 2268

Merit: 16328

Fully fledged Merit Cycler - Golden Feather 22-23

So we see someone is starting crypto related services to lure institutional investors:

Boerse Stuttgart Subsidiary Launching Institutional Crypto Custody Services

Quote

According to an announcement from the bourse on Tuesday, Blocknox already provides custody for crypto assets on an "escrow basis" and has made the service available to users of Boerse Stuttgart's BISON app and its digital assets exchange, BSDEX.

The firm is now aiming to expand its services outside the group's own offerings, planning to safeguard cryptocurrencies and "other digital assets" for institutional clients such as banks and asset managers.

Very interesting.
They are trying to bootstrap an ecosystem of services starting from the most obvious and basic banking service: safeboxes.
I bet they informed ECB about this and apparently they agreed. This is also something new.

Topic: From 2020, the sale and custody of Bitcoin will be allowed to all German banks (Read 1165 times)