Germany Proposes Adding Cryptocurrency Accounts to Regulatory Account Inquiry System; Accounts Suspected of Money Laundering May Be Frozen for Up to Five Business Days

TechFlow reported on November 11 that Germany's Federal Ministry of Finance submitted a draft anti-money laundering regulation on October 28, planning to incorporate cryptocurrency accounts into the existing bank account inquiry system and requiring crypto-asset service providers to report basic information to the regulatory system, such as customer account numbers, account holder identities, and account opening dates, but excluding account balances and detailed transaction records.

The draft also proposes authorizing Germany's Financial Intelligence Unit (FIU) to freeze relevant crypto-asset accounts for up to five business days in cases of suspected money laundering, and account holders' objections would not automatically suspend the freezing measures.

The draft is currently still in the interdepartmental coordination stage and has not yet officially entered into force. Germany's new anti-money laundering law is scheduled to take effect on July 10, 2027, and the relevant provisions remain subject to final legislative confirmation.

Source: TechFlow