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I'm not so sure about that. I haven't looked up the legal text, but to me it only sounds like operating some services like crypto exchanges requires a licence.

As a citizen I can interact with a Canadian bank that has no German licence, as long as I don't launder money. The Canadian bank just can't do business activities in Germany (advertisement, opening an office, etc).

Overall this seems like a bigpositive since it gives crypto currencies a more solid place in the German legal framework, taking it out of the niche

The punishment is that foreign exchanges will refuse to do business with Germans.

cash rules everything around me C.R.E.A.M get the money, so I'm more concerned about the push to abolish cash

Nothing. In normal the Company selling these have to prevents Germans to buy cryptocoins.