Viewpoint: Despite the increasing interest in encryption, it is still difficult for encryption companies to obtain German bank accounts

Although more than 40 banks have expressed interest in Germany's new crypto custody license, these companies will still face anti-crypto sentiment from German banks. The German law firm Ernst & Young said that they received calls from different encryption companies, and they all wanted to enter the German market and accept supervision. At the same time, the law firm also stated that from a legal point of view, there is no reason why banks do not provide encrypted bank accounts, but the actual banks are hesitant because they do not understand the industry. At the same time, there are still many uncertainties in the application of crypto custodian licenses by crypto companies and institutions, and the German Federal Financial Supervisory Authority (BaFin) will explain the issue in the future.