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15 November 2019 06:30 CET

CRYPTO STORAGE AG EXPANDS TO GERMANY AS REGULATION FOR CRYPTO ASSETS EVOLVES

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Crypto Storage AG is expanding to Frankfurt, Germany, to offer services in secure crypto asset storage. This presence in Germany provides professional clients custody on the Crypto Storage platform, supporting new business models in blockchain and the crypto sector and enabling a broader Crypto Storage client offering at a later stage. This development comes as Germany introduces amendments to their Banking Act, based on the anti-money laundering directive from the EU.

November 15, 2019, Frankfurt, Germany, and Zurich, Switzerland. Crypto Storage AG is expanding to Germany. With a base in Frankfurt in 2019, Crypto Storage is establishing their technical infrastructure in Germany to enable an offering of secure digital asset storage for institutional and professional clients in a first phase. In a second phase, the services may be offered to a wider range of clients.

Crypto Storage clients benefit from the state-of-the-art corporate governance framework, whether they are established traditional financial intermediaries or disruptive businesses on the cutting edge of the machine economy. Derived from European banking law and audited by a Big 4 accounting firm, this framework is paired perfectly with the Crypto Storage infrastructure solutions. Crypto Storage raised this bar on a voluntary basis, in the conviction that crypto market participants benefit from the professional standards prevalent in traditional markets. This offering has made it easier for their institutional clients to invest in and transact using crypto assets, with the security, compliance, and risk management that they need.

This development comes as Germany introduces amendments to the German Banking Act (Kreditwesengesetz), based on the 5th Anti-Money Laundering Directive from the EU, being implemented by EU member states by January 2020. For Crypto Storage, the amendments in anti-money laundering regulation in Germany indicate that market infrastructure is evolving to a new level of trust and security. The comparison of processes and technical risk management aspects are becoming more standardised. Having a partner like Crypto Storage, who fulfils these requirements and truly understands this in relation to crypto assets, is a significant advantage.

Crypto Storage AG CEO Stijn Vander Straeten comments, “This step comes as a logical consequence of the recent regulatory developments implemented in Germany. Crypto Storage AG has proven storage infrastructure and tokenisation services, professional risk management, and top-tier corporate governance, placing our clients in pole position as crypto markets develop.”

Learn more about Crypto Storage AG and Crypto Finance AG at the upcoming Euro Finance Week in Frankfurt on Monday, November 18, during “Blockchain Nation Switzerland meets FinTech Hub Frankfurt”. The programme puts a spotlight on the opportunities in blockchain for financial intermediaries in Germany.

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