Germany plans to include encrypted accounts in its account inquiry system; the draft proposal allows for account freezes for five business days.

A draft document from the German Federal Ministry of Finance dated October 28th indicates that Germany's account inquiry system will eventually cover crypto accounts. Crypto exchanges and other crypto asset service providers will be required to enter customer account master data into the account inquiry procedures stipulated in Section 24c of the German Banking Act. Authorities will be able to view the user's account opening platform, account opening time, and account status, but not the balance or individual transactions. The Financial Intelligence Unit (FIU) can freeze cryptocurrency accounts for up to five business days upon suspecting money laundering, and the freeze cannot be lifted by objection. The draft law is still under inter-agency coordination and has not yet come into effect; the new anti-money laundering law is scheduled to replace the current law on July 10, 2027. (Source: CryptoTicker)