With effect from the coming New Year, Germany is planning to secure itself against Money Laundering. The major inclusion to the businesses complying with the BaFin the coming year is Crypto-Business. This new regulation tends to identify crypto assets as financial resources.
In accordance with this new law from the Federal Financial Supervisory Authority - BaFin identifies specifically the cryptocurrency exchange and wallet providers, mandating them to obtain a license. This license would allow them to operate freely in Germany. Though, the authorities have not provided with any compliance specifications which implicates no timeline has been defined by authorities. The compliance advised complying with the the regulatory watchdog to avoid any punishment.