Germany’s financial regulator, BaFin, has officially classified crypto as financial instruments. The new classification is similar to the guidelines of intergovernmental agencies like the Financial Action Task Force (FATF). Crypto custodians will now be required to obtain a license from the financial regulator to offer their services in the country. Germany’s financial regulator has released guidelines classifying crypto as financial instruments. In a recent press release, the German Federal Financial Supervisory Authority (BaFin) described crypto as: [A] digital representation of a value that has not been issued or guaranteed by any central bank or public body and is not necessarily linked to a currency specified by law and that does not have the legal status of a currency or money, but is accepted as a medium of exchange by natural or legal persons and can be transmitted, stored and traded electronically. According to the regulator, the new classification reiterates the guidelines of intergovernmental agencies like the Financial Action Task Force (FATF). It is also part of the move by the country to adopt the fifth EU Money Laundering Directive (AMLD5), which began on January 1, 2020. The AMLD5 adoption process involves making amendments to Germany’s Banking Act and Payment Supervision Services Act. As per the new guidelines, crypto custodians will now be required to obtain a license from the regulator to offer their services in the country. Crypto custodial platforms already operating in the country without a license can apply for one till November 2020. Notably, crypto custodians already registered in other EU nations cannot simply “passport” their operating license to Germany. Instead, these firms must apply for approval to offer crypto custody services in the country separately. FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street Crypto News share Read Next USD/JPY: Under pressure around 107.00 as COVID-19 fears join Fed shock rate cut FX Street 3 years Germany’s financial regulator, BaFin, has officially classified crypto as financial instruments. The new classification is similar to the guidelines of intergovernmental agencies like the Financial Action Task Force (FATF). Crypto custodians will now be required to obtain a license from the financial regulator to offer their services in the country. Germany’s financial regulator has released guidelines classifying crypto as financial instruments. In a recent press release, the German Federal Financial Supervisory Authority (BaFin) described crypto as: [A] digital representation of a value that has not been issued or guaranteed by any central bank or public body and is not necessarily… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.