Zurich-based financial group Crypto Finance AG has secured four licenses from the German Federal Financial Supervisory Authority (BaFin). The licenses are for the group’s subsidiary Crypto Finance in Germany, allowing it to offer trading, settlement, and custody services for digital assets in the country.Institutional Interest in Crypto is Driving CompetitionSay Hello to Tokenized Environmental AssetsCrypto Adoption Is Growing in Germany
A survey by Paysafe found that 28% of German respondents had owned cryptocurrency at some point over the past 12 months. This percentage was significantly higher than that of Italy (17%) and Poland (8%), and only 4 points higher than France and the United Kingdom.
The survey also found that digital wallets could be the best vehicle towards widespread cryptocurrency adoption, as it was the preferred local payment method of 25% of all respondents. The company also concluded that the adoption of cryptocurrency and its related services was “likely to grow” due to crypto-friendly regulation.
A 2023 report by Chainalysis found that “trustworthy regulation and education provided to investors by institutions” was one of the most important elements driving growth in Germany. According to Dr. Sven Hildebrandt, the country also has “very strong historical routing in technical blockchain development” and the most jobs in the sector.
Regulation has long been seen as the enemy of cryptocurrency in the United States, where legislators and regulators can’t agree on a stance. However, Germany has managed to become an increasingly attractive destination for companies looking to harvest blockchain and DLT technologies.
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Author: Nicholas Say