According to the German Federal Financial Supervisory Authority (BaFin), more than 40 banks are interested in obtaining a license for cryptocurrency depository services, reports Handelsblatt.

On January 1, 2020,  Germany updated its Anti-Money Laundering Law, which requires a special license to provide customers with online banking services, including operations with stocks, bonds, and cryptocurrencies.

For companies that previously worked in this business, a transitional period is foreseen until November 2020, but they must notify BaFin of their intention to obtain permission by the end of March.

According to the publication, Berlin SolarisBank AG was one of the first to do this. The bank previously registered a subsidiary of Solaris Digital Assets to provide cryptocurrency custody services.

According to the head of crypto banking at SolarisBank, Michael Offermann, digital assets are fundamentally changing the market.

“As soon as it becomes easier to buy and store bitcoin and other cryptocurrencies, we expect significant growth,” he added.

Earlier, one of the largest suppliers of cryptocurrency custody services BitGo has opened its unit in Germany.