The Amended Directive to the Fourth EU Money Laundering Directive will go into force in Germany on January 1, 2020. Some of the key changes affect how the German Banking Act and Payment Supervision Services Act relate to crypto.
Crypto-Assets Are Now Financial Instruments
The new law defines crypto-assets in a somewhat unwieldy manner:
digital representation of a value that is not issued or guaranteed by a Central Bank or a public authority and that does not have the legal status of a currency or money, but that based on agreement or practice is accepted by natural or legal persons as means of payment or exchange or is used for investment purposes and that is transferred, stored and traded electronically.
This is to specifically exempt digitally stored and transferred fiat money, but include both payment and security tokens….