For the past few years, several companies globally have been getting into blockchain technology and cryptocurrencies. For those that are yet to, it has mostly been out of regulatory uncertainty. As more regulators start to implement positive policies, these companies are showing their appetite for blockchain and crypto.
In Germany, a recent amendment of the securities laws has led to a flurry of interest from local banks to offer crypto custody services. According to reports this week, Germany’s financial markets regulator has received applications from over 40 banks, all seeking licenses to offer crypto custody. Some of the banks in the country have already been offering crypto products, and with the amendments, they are seeking to cement their position as leaders in the new asset class.
As the German banks seek to start offering crypto custody, one crypto custodian is already making inroads in the market. American custodian startup BitGo this week announced that it had established two new European subsidiaries. The two, in Switzerland and Germany, will give the startup a firmer grip on the European market. BitGo cited the positive regulations and thriving crypto ecosystems in the two countries as the reason for the move.
In Belgium, the financial markets regulator called on the country’s lawmakers to formulate policies for the crypto and blockchain industry. In a Senate hearing this week, the chairman of the FSMA urged the lawmakers to follow the example set by Thailand and China in fostering the uptake of cryptos and blockchain technology.
In Italy, the regulator is clearing the market of trading firms that have failed to abide by its policies. This week, the CONSOB shut down eight websites offering trading services to Italian investors.