Germany Passes Landmark Law Allowing Banks to Sell Bitcoin
The German Bundestag passes a groundbreaking law that will permit traditional banks in the country to sell and provide custody for cryptocurrencies like Bitcoin starting in 2020.
In one of the most significant and positive regulatory developments of the year, the German parliament (the Bundestag) passed a new law that would allow traditional, regulated banks to sell and provide custody for cryptocurrencies, including Bitcoin, beginning on January 1, 2020. This was a landmark piece of legislation that went far beyond the frameworks established in most other major economies.
By amending the EU's fourth Anti-Money Laundering Directive, the law created a clear legal pathway for trusted financial institutions to directly engage with the digital asset class. The move was expected to be a massive catalyst for mainstream adoption in Germany and across Europe. It meant that ordinary citizens could potentially buy, sell, and hold bitcoin through their existing, trusted banking relationships, dramatically lowering the barrier to entry and increasing perceived legitimacy.
The law was widely praised by the cryptocurrency industry as a progressive and forward-thinking approach to regulation that could serve as a model for other nations.It represented a fundamental shift, positioning Germany to become a major hub for a regulated and integrated crypto-financial ecosystem.