According to German publication Handelsblatt, more than 40 banks in the country have applied to the Federal Financial Supervisory Authority (BaFin) and announced their intentions of providing custody services to their clients. With the support and licensing from the regulator, these German banks will be able to provide services of purchase, sales, and storage of cryptocurrencies.

The heightened interest in working with crypto assets can be explained by the introduction of a new law on January 1, 2020, which allows banks to offer online banking services including operations with stocks, bonds, and cryptocurrencies, as well as storage services for clients’ crypto assets, as long as they obtain a license from BaFin.