Some major regulatory developments in the crypto space have transpired this week. Not only has Germany passed a bill allowing banks to sell and store cryptocurrencies, but South Korea and Thailand are also amending their laws to better regulate the crypto industry. We also cover crypto news involving the governments of China, Japan, and the U.S., including the arrest of an Ethereum Foundation member.
Also read: Regulatory Roundup: China Rekindles Cleanup, US Widens Oversight, India Defers Decisions
German Bill Authorizes Banks to Deal in Crypto
A bill has reportedly been passed in Germany allowing banks to sell and store cryptocurrencies for customers. Starting in 2020, financial institutions in Germany will be able to offer cryptocurrencies, including bitcoin, alongside traditional investments such as stocks and bonds. They can also provide crypto custody services to customers. The bill proposes eliminating the requirement for banks to use third-party custodians to manage cryptocurrencies. Banks are currently required to use…