The trend is clear as day.
Cryptocurrencies are here to stay, and increased global adoption is happening as we speak. According to sources, Germany just became one of the latest countries to get in on the trend.
Why is this so important?
Aside from the obvious fact that more users increase the value of the network, Germany is one of the more heavily regulated countries in the world.
Trending: Hong Kong Is Cracking Down On Crypto
If the leader of The European Union is hopping on board then other countries are soon to follow suit, and it shouldn’t be too long before the entirety of The EU embraces the trend.
Here’s the latest on Germany’s adoption of crypto:
Congrats Germany! 🇩🇪
Leading the way in Europe on #Crypto adoption💥 https://t.co/MbfhlkIwxk
— CryptoCribz ⓣ (@CCribz) June 28, 2021
⚠️News from Germany ⚠️
that means € 350 billion go into crypto market ✅💎
With the entry into force of the Fund Location Act on July 1, 2021, domestic special funds will be allowed to invest up to 20 percent of the funds they manage in crypto assets such as #Bitcoin.🤩💎🚀
— DogeNews🚀⚠️ (@Dogecoin_Tip) June 25, 2021
Trust Nodes had more details:
As much as €350 billion can start entering the crypto market this Thursday after a law passed earlier this year comes into force in Germany.
The new Fund Location Act (Fondsstandortgesetz) allows 4,000 existing special funds (spezialfonds) – as well as new special funds – to invest up to 20% on bitcoin and eth.
Previously such funds were prohibited from allocating any percentage to cryptos, but now the estimated €1.87 trillion under their control can be diversified into bitcoin.
They’re free to choose how much to invest up to 20%, with this law being an implementation of a European Union directive, suggesting this new permissibility is coming Europe wide.
“This won’t happen overnight, but we are talking about the largest investment vehicle that we have in Germany – literally all the money is in there,” said Sven Hildebrandt, CEO of Distributed Ledger Consulting (DLC), who worked towards this law.
Germany grants Coinbase licence for crypto custody services https://t.co/D54euzooWM pic.twitter.com/ogi2gAaRnF
— Reuters (@Reuters) June 28, 2021
German stock exchange operator, Deutsche Börse Group has acquired a majority stake in Crypto Finance AG which offers trading, storage, and investment in crypto assets for institutional and professional clients https://t.co/NEZEg5tXg5 pic.twitter.com/N5o77lTkbS
— Bloqport (@Bloqport) June 29, 2021
Coin Desk gave us some info on the Coinbase expansion in Germany:
There are other crypto custody applications that are also in the “advanced stage” of the review process and will probably receive decisions from BaFin in the coming months, Rathke added. BaFin has no hard deadline for responding to questions and may ask applicants questions or request more documents from them over time.
In response to receiving the license, Coinbase plans to localize its services and expand its product offering in the country, according to a blog post published by the company.
“Being awarded the licence is the culmination of many months of hard work from the Coinbase team, in close collaboration with the BaFin,” Marcus Hughes, Coinbase’s managing director for Europe, said in the post. “We look forward to bringing a best-in-class crypto product offering coupled with a secure, localized experience to our German customers.”
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