Stand:updated on 01.04.2020 | Topic Authorisation Crypto custody business
The German Act Implementing the Amending Directive on the Fourth EU Anti-Money Laundering Directive (Gesetz zur Umsetzung der Änderungsrichtlinie zur Vierten EU-Geldwäscherichtlinie) (Federal Law Gazette I of 19 December 20119, p.2602) has introduced crypto custody business into the German Banking Act (Kreditwesengesetz – KWG) as a new financial service. Since the entry into force of the Implementing Act on 1 January 2020, companies seeking to provide such services have required authorisation from BaFin. However, the Act includes transitional provisions for those companies that were already conducting crypto custody business when such business activities became subject to authorisation requirements.
On its website, BaFin publishes information regarding the new legal situation. This website is updated on an ongoing basis.
Guidance notices and guidelines
BaFin has published various guidance notices and guidelines on crypto custody business. They have been compiled and made available on this website.
- Guidance notice – guidelines concerning the statutory definition of crypto custody business
The guidance notice specifies the new statutory requirements and provides information on how BaFin interprets the definition of crypto custody business.
- Guidance on interpreting section 64y of the KWG
This guidance explains BaFin’s understanding of the scope and legal consequences of this provision.
- Guidelines on applications for authorisation
These guidelines explain the most important aspects of the authorisation procedure for crypto custody business and summarise the essential requirements for authorisation. Please note that crypto custody business is also subject to the notice issued by the Deutsche Bundesbank on the granting of authorisation to provide financial services of 6 July 2018.
- Guidelines regarding anti-money laundering requirements
These guidelines give an overview of the anti-money laundering requirements that are mandatory for institutions conducting crypto custody business that are newly obliged entities under the German Money Laundering Act (Geldwäschegesetz – GwG).
Contact
BaFin has set up a central point of contact for crypto custody business. Companies considering applying for authorisation can contact either BaFin or the competent Regional Office of the Deutsche Bundesbank at an early stage. Please address your enquiries to BaFin’s central point of contact as follows:
Contact:Bundesanstalt für Finanzdienstleistungsaufsicht
ZK 4 - Kryptoverwahrgeschäft
Graurheindorfer Str. 108
53117 Bonn
E-mail: poststelle@bafin.de
Please consult the information on secure e-mail communication with BaFin.
All companies supervised by BaFin that have been granted permission to provide crypto custody business can be found in the company database. .
________________________
Information regarding previous versions of the website: The previous versions of this website provided information on informal expressions of interest and the notifications of intent to be submitted under section 64y of the KWG. Since the deadline for these notifications of intent was 31 March 2020, this information – including the submission form – is no longer accessible. Institutions intending to conduct crypto custody business irrespective of the transitional provision under section 64y of the KWG may nonetheless contact BaFin and the competent Regional Office of the Deutsche Bundesbank in advance.
