German banks to explore digital asset custody licenses

40 German banks were reported to have approached the regulator BaFin showing interest in the digital and crypto asset custody businesses. In December 2019, Germany enacted a new law implementing the latest EU Money Laundering Directive into its Banking Act, which now includes the custody of crypto assets. Member of the German parliament, Frank Schäffler told the press that the high demand for crypt custody licenses signals that the industry has been increasingly adopting blockchain technology.