Germany's Federal Financial Supervisory Authority (BaFin) on Wednesday laid out the requirements cryptocurrency registrars must meet to obtain a license under laws that took effect last year.
Companies seeking a license must keep their data secure and comply with money laundering guidelines, BaFin said in guidance published Wednesday, as the registration deadline for the new procedures approaches.
Germany is gradually expanding the scope of virtual asset businesses subject to regulatory scrutiny, and last year Coinbase became the first company to receive a crypto custody license in the country.
Under the law, crypto security registries that were operating before last December can continue to operate with a transitional license, but must then submit a full application within six months. That particular deadline expires on June 10.
BaFin's guidance confirmed that applicants will be asked for details of their IT systems and processes, and senior staff will be vetted for business experience - although it is acknowledged that this is a new sector where experience is thin - and a fee of 6,336 euros ($6,745) will be payable.