Share on LinkedInShare on LinkedIn

ARTICLE · 03 DECEMBER 2019

New German Rules On Crypto Assets

Dentons
Dentons
Contributor
Dentons

Dentons

The Firm Across over 80 countries, Dentons helps you grow, protect, operate and finance your...

View firm profile
Explore more from Dentons

On November 29, 2019, the German legislator adopted new rules on crypto assets. The new rules have been adopted as part of the implementation of Directive (EU) 2018/843 of 30 May 2018...

GermanyFinance and Banking

On November 29, 2019, the German legislator adopted new rules on crypto assets. The new rules have been adopted as part of the implementation of Directive (EU) 2018/843 of 30 May 2018 (5th AML Directive). Under the 5th AML Directive, the domestic law of EU member states has to provide that custodian wallet providers are subject to anti-money laundering requirements. In this context, "custodian wallet providers" are defined as entities that provide services to safeguard private cryptographic keys on behalf of their customers, to hold, store and transfer virtual currencies.1 Rather than amending the German Anti-Money Laundering Act (Geldwäschegesetz (GWG)), the German legislator has decided to take a much broader approach. The new law contains, amongst others, changes to the German Banking Act (Kreditwesengesetz (KWG), which provide that:

We operate a free-to-view policy, asking only that you register in order to read all of our content. Please login or register to view the rest of this article.

Dentons is the world's first polycentric global law firm. A top 20 firm on the Acritas 2015 Global Elite Brand Index, the Firm is committed to challenging the status quo in delivering consistent and uncompromising quality and value in new and inventive ways. Driven to provide clients a competitive edge, and connected to the communities where its clients want to do business, Dentons knows that understanding local cultures is crucial to successfully completing a deal, resolving a dispute or solving a business challenge. Now the world's largest law firm, Dentons' global team builds agile, tailored solutions to meet the local, national and global needs of private and public clients of any size in more than 125 locations serving 50-plus countries. www.dentons.com.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

See more popular content from