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first_img CoinShares researcher: Germany's cryptocurrency adoption is progressing well, while the UK has fallen behind

According to Cointelegraph, CoinShares crypto researcher Luke Nolan stated on the Chain Reaction program that cryptocurrency adoption in Germany is making "very good progress" through family offices, wealth management institutions, and younger investors, while the UK is "still very behind," mainly due to regulatory lag. Nolan pointed out that the UK's Financial Conduct Authority (FCA) only lifted the ban on crypto exchange-traded products less than a year ago, and its digital asset market is still in the "nascent" stage.In terms of relevant data, Germany currently has 89 licensed crypto asset service providers, accounting for 25.5% of the European Securities and Markets Authority (ESMA) MiCA registered companies; in June this year, Germany also ranked first in the EU with 57 authorized crypto companies.Meanwhile, Deutsche Bank stated on Wednesday that it is awaiting regulatory approval to launch crypto custody services for institutional clients in Europe, expecting to obtain a license in October; Landesbank Baden-Württemberg is also set to provide crypto custody services in April 2024 through a partnership with Bitpanda.In contrast, the FCA released final guidance on Wednesday clarifying when crypto activities need to be authorized and plans to open license applications on September 30, with the new system set to take effect on October 25, 2027.Additionally, the FCA issued stop notices on Thursday to three London locations suspected of assisting illegal peer-to-peer crypto trading; the UK Parliament approved regulations in February to bring digital assets under FCA regulation and finalized a package of rules in June.
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