Share this article
Germany Issues Crypto Securities Guidance as Deadline Looms
Registries must meet money laundering, IT and governance requirements set by BaFin.
Updated May 11, 2023, 6:31 p.m. Published Jun 1, 2022, 6:01 p.m.
Make us preferred on Google
German financial regulator BaFin Wednesday set out the requirements crypto securities registry managers must follow to get regulatory approval under laws that first took effect last year.
Companies seeking a license must keep data secure and meet money laundering guidelines, BaFin said in guidance published Wednesday as a registration deadline looms for the new procedures.
STORY CONTINUES BELOW
Germany is gradually extending the scope of virtual asset businesses subject to regulatory scrutiny, and last year Coinbase became the first company licensed for crypto custody in the country.
Under the law, crypto security registries already operating prior to last December could continue under a transitional-deemed license, but would then be required to submit a complete application within six months. That particular deadline is June 10.
BaFin’s guidance confirmed candidates will be asked for details of their IT systems and processes, and senior staff vetted for business experience – albeit acknowledging that it’s a new sector where experience is thin – and pay a fee of 6,336 euros ($6,745).
Read more: Germany's BaFin Clarifies Licensing Process for Foreign Crypto Custodians
More For You
Pudgy Penguins is building a multi-vertical consumer IP platform — combining phygital products, games, NFTs and PENGU to monetize culture at scale.
What to know:
Pudgy Penguins is emerging as one of the strongest NFT-native brands of this cycle, shifting from speculative “digital luxury goods” into a multi-vertical consumer IP platform. Its strategy is to acquire users through mainstream channels first; toys, retail partnerships and viral media, then onboard them into Web3 through games, NFTs and the PENGU token.
The ecosystem now spans phygital products (> $13M retail sales and >1M units sold), games and experiences (Pudgy Party surpassed 500k downloads in two weeks), and a widely distributed token (airdropped to 6M+ wallets). While the market is currently pricing Pudgy at a premium relative to traditional IP peers, sustained success depends on execution across retail expansion, gaming adoption and deeper token utility.
More For You
President Donald Trump nominates Kevin Warsh as Fed Chair
The president confirmed his pick on Friday to replace the incumbent Jerome Powell when his term ends in May.
What to know:
- President Donald Trump nominated Kevin Warsh to be the new chair of the Federal Reserve.
- The president confirmed his pick on Friday to replace the incumbent Jerome Powell when his term ends in May.
- Warsh's appointment his considered by some to be bearish for risk assets such as BTC given his emphasis on monetary discipline, which could mean higher real interest rates.
Top Stories
