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Germany Issues Crypto Securities Guidance as Deadline Looms

Registries must meet money laundering, IT and governance requirements set by BaFin.

By Jack Schickler
Updated May 11, 2023, 6:31 p.m. Published Jun 1, 2022, 6:01 p.m.
German lawmakers set out the rules for crypto securities registers last year. (Hiroshi Higuchi/Getty Images)
German lawmakers set out the rules for crypto securities registers last year. (Hiroshi Higuchi/Getty Images)

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.

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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

RegulationsSecuritiesGermanyBaFin
Jack Schickler

Jack Schickler was a CoinDesk reporter focused on crypto regulations, based in Brussels, Belgium. He previously wrote about financial regulation for news site MLex, before which he was a speechwriter and policy analyst at the European Commission and the U.K. Treasury. He doesn’t own any crypto.

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