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ARTICLE · 04 JULY 2019

Germany To Implement EU Anti-Money Laundering Directive With Cryptocurrency Licensing Requirements

Jones Day
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On May 20, 2019, the German Federal Ministry of Finance published guidance on its Draft Act implementing the AMLD5.

GermanyTechnology
Martin Schulz
Martin Schulz
Michael R. Fischer
Michael R. Fischer
Nick Wittek
Nick Wittek
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In Short

The Situation: The G20, a forum for governments and central bank governors from 19 countries and the European Union, had made the decision to combat money laundering and terrorism financing activities tied to the use of cryptoassets.

The Action: The German Federal Ministry of Finance has published guidance on its Draft Act implementing the 5th EU Anti-Money Laundering Directive ("AMLD5").

Looking Ahead: When the Draft Act enters into force on January 1, 2020, wallet providers and cryptocurrency exchanges will be considered to be providing financial services related to cryptoassets, must comply with anti-money laundering rules ("AML"), and obtain a license.

On May 20, 2019, the German Federal Ministry of Finance published guidance on its Draft Act implementing the AMLD5. Once the Draft Act becomes effective, wallet providers and cryptocurrency exchanges will be considered to be providing financial services related to cryptoassets, must comply with AML

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