The group reportedly said Wednesday that it has “no indications of violations of money laundering and terrorist financing laws.”
US crypto custody firm BitGo wins BaFin license in Germany: Report
BitGo originally announced it was setting up two regulated custodial entities in Germany and Switzerland in February 2020.
BitGo Granted German Crypto Custody License by BaFin
BitGo had already been storing crypto assets under the regulator’s supervision since 2019 as part of a transitional regime, the firm said.
German regulator raised concerns about Binance CEO prior to license application withdrawal: Report
BaFin reportedly advised Binance that CEO Changpeng Zhao wouldn’t pass a “fit and proper” test as part of the financial watchdog’s licensing regime.
Binance withdraws crypto license application in Germany
The crypto exchange’s move to withdraw its license in Germany comes amid reports that the exchange faced rejection from regulators.
German regulator reportedly rejects Binance’s crypto custody license demand
Binance’s regulatory trouble continues to mount as the exchange faces pushback in Europe and the United States.
Deutsche Bank reportedly applies for digital asset custody license from BaFin
Germany’s banking industry is slowly warming up to the crypto sector, with multiple partnerships and crypto services launching in 2023 after a long, cautious approach.
BCB Group Abandons Sutor Bank Acquisition on Regulatory Delay
The payments processor also cited crypto market conditions as a reason for the exit.
Boerse Stuttgart Digital subsidiary receives final approval for crypto custody
With the licensing of the German exchange’s blocknox service, it now offers fully regulated brokerage, trading, and custody.
Stuttgart Stock Exchange Unit Secures BaFin License for Crypto Custody
Among the institutions it expects to make use of the offering are banks, brokers, asset managers and family offices.
German regulator BaFin suggests a ‘case-by-case’ approach for NFTs
Given the difficulties with classification, BaFin highlights the freedom of nonfungible tokens from licensing demands.
No NFTs Are Securities – Yet, German Finance Officials Say
Classification of the ownership tokens as a financial instrument would imply licensees and money laundering supervision, according to regulator Bafin
Crypto Custodian Finoa Gets License Approvals From German Regulator BaFin
Germany’s financial regulator orders Coinbase to address ‘business organization’ practices
In effect since Oct. 27, BaFin’s order referred to Coinbase’s Germany arm outsourcing some operations “essential for conducting banking business or providing financial services.”
German BaFin official calls for ‘innovative’ EU-wide DeFi regulation
Highlighting Germany’s crypto license as an example of attractive regulation, Birgit Rodolphe writes that similar frameworks should be the same throughout the EU to “prevent a fragmented market.”
German banking giant Commerzbank applies for crypto license
A spokesperson for Commerzbank confirmed to local media that it applied for the license with BaFin earlier this year in a first for a major bank in Germany.
Bitcoin-based security token offering approved in Germany
Germany joins countries such as France, Luxembourg, Spain and Portugal by greenlighting the Bitcoin-based EXOeu token.
Kraken To Re-Enter The European Market By Applying For A New License
Kraken, following Brexit, seeks another license to re-surface in the European market with top choices, including Luxembourg, Malta, and Ireland.
Kraken is the second top crypto exchange in the United States by its trading volume. It is presently seeking a new license to re-enter the European market towards the end of 2021. Kraken has entered into a dialogue with regulators in various European countries to this effect.
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The exchange, according to Kraken’s spokesperson, initially operates in Europe. But its European clients can currently access it only through an entity registered with UK’s FCA (Financial Conduct Authority).
Kraken Claims Its Compliance To Rules
Kraken claims to have been complying with the applicable requirements of 5AMLD – EU’s Fifth Anti-Money Laundering Directive. The exit of Great Britain from the E.U. signifies that Kraken needs to source for re-entering the continent. Thus exchange’s spokesperson said earlier that;
“Kraken is an exchange that is regulatory compliant and exists in almost 190 jurisdictions across the globe. Though, it maintains constructive and proactive dialogues with crypto regulators in the fast-growing European regulatory landscape.’ He added that the firm plans always to be and remain regulatory compliant.”
The Kraken founder and CEO Jesse Powell stated that the company is working to obtain a European country license. He made this known during an interview with Handelsblatt, a German Business publication.
Powell added that the Kraken exchange seeks to re-enter Europe by the end of 202. It will go with the Republic of Ireland, Malta, and Luxembourg, among possible countries, to award such a license. However, they are yet to fix an official date as the talk still goes on.
In the past June, Coinbase received a trading and crypto custody license for its new German division. It’s the biggest crypto exchange in the United States and exchange’s main competitor with BaFin license-the German Federal Financial Supervisory Authority. Coinbase also offers services to users across other European Countries.
Powell emphasized that the exchange is resistant to toll the same path as Coinbase. He added that the exchange also talked with BaFin but saw Germany’s climate condition to be harsh and restrictive. As a result, they found it too expensive to operate there with these conditions.
Kraken’s Conventional Approach To IPO
The crypto exchange was planning to raise fresh capital to raise the market valuation of San Francisco-based Company above $10 billion. This was revealed by a report earlier this year, which raised speculations that the exchange will finally go public. This was similar to the action Coinbase took in April via direct listing.
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On the listing, Powell confirmed that he plans to do something similar. However, he later accepted possible adjustments on the initial plans as he takes a closer look at a more traditional initial public offering.
Featured image from Kraken Medium
Germany’s financial regulator issues retail crypto investment warning
German financial regulator BaFin wants retail investors to be aware of the risks associated with crypto investments, especially in the current bull market.
Deutsche Bank Quietly Plans to Offer Crypto Custody, Prime Brokerage
The bank’s game plan was hidden in plain sight in a widely overlooked report by the World Economic Forum.