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.
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
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