The fifth EU directive, which entered into force on January 10, is considered by many as a restrictive measure in relation to the cryptosphere. The new rules require stricter oversight of companies in the digital asset segment; All this is done to combat money laundering through cryptocurrencies and counter the financing of terrorism.
After the directives came into force, several companies were forced to stop working, exchanges from a number of countries changed the policies on the platforms in terms of identifying users who carry out transactions on exchanges. However, there are also positive aspects for the crypto space: German banks are considering the possibility of creating custodial services oriented to cryptocurrencies.
The fifth directive, among other things, gives green light to banks to work with cryptocurrencies. In addition to storing digital assets, more than 40 financial institutions in Germany are interested in working directly with such financial instruments. About this writes Handelsblatt.
According to the representative of the Bundestag, Frank Scheffler, financial institutions showed a high interest in crypto-custodial licenses; this indicates the adoption of blockchain by companies, as well as the beneficial effects of the new EU legislation.