Post a Comment Print Share on Facebook

The Federal government answered Small request-to-Bitcoin-regulation

The change Directive the Fourth EU money laundering Directive, the EU member States up to the 10. January next year will have to be written, excited in this cou

- 6 reads.

The Federal government answered Small request-to-Bitcoin-regulation

The change Directive the Fourth EU money laundering Directive, the EU member States up to the 10. January next year will have to be written, excited in this country is still the minds. Now, the Federal government has responded to a Small request, which had asked the FDP group in the Bundestag.

David-separator
30. August 2019 BTC$9.444,34 -2.29% part Facebook Twitter LinkedIn xing mail

"The Federal government are no findings," is involved, the answer to the question, how many operators of crypto-custodian transactions in money laundering. In clear text: crypto-custodian transactions, scene connoisseurs, better known as the Custodians, were previously probably not a criminal activity. However, no choice remained to the Federal government, as the demands of the EU in terms of crypto service providers, such as Exchanges, pursuant to the EU regulation, in the Form of a law to implement. As a result, a debate has erupted, which revolves around the pros and Cons of the design.

And at the forefront of the FDP. The Bundestag group of the Free Democrats, had some questions about the proposed law as so far most important of Bitcoin and crypto-regulation plant is in this country at all. So you wanted to know in the Small enquiry about how many operators of crypto-custodian stores give it at all. Answer: three, but there was a tendency to increase. Because from next year we expect a minimum of 20 permit applications per year. The weal and Woe of Exchanges and the BaFin, will decide then. Finally, the German financial services Supervisory authority, is entrusted, as from next year officially as the administrative supervision institution with the control of cryptographic service providers.

Bitcoin exchanges need to be protected from the crisis

the Deposit insurance was. In accordance with the contents of the draft law, operators of crypto-custodian transactions, could be from 2020 to be obliged to take appropriate measures to secure customer deposits or to professionalize, at least in their organizational structure. The wanted to know the FDP in more detail. About insurance against cyber-attacks are therefore mandatory in future?

The answer reads evasive: "The government draft provides that the General requirements for institutions in accordance with the German banking act (KWG) for the application, in particular, to proper business organization." A view of the banking act reveals that including the implementation of risk falls strategies. As operators of Bitcoin might need to exchanges with the entry into force of the law actually insurance against Hacks complete.

The German implementation of the Fourth EU Directive on money laundering observers is considered by many market as balanced. In a guest contribution, Dr. Sven Hildebrandt of DLC Distributed Ledger GmbH:

a Total of commented, the government offers design the opportunity to position Germany as an attractive market for digital investments with high safety and supervision standards. Noteworthy in this connection is that the Federal Finance had announced that the Ministry together with the Federal Ministry of justice and consumer protection in may, to make way for digital bonds free.

In the neighbouring country, the Czech Republic, however, the government is riding a rather repressive way. There, it plans to take Bitcoin companies to register as such miss, with penalties of up to 500,000 euros. More on this here.

More:

Utility, or Security Token? Chamber of Digital Commerce issues guidelines Bitcoin regulation: the Swiss Finma published guidelines of the Israeli authorities to Turbo: financial supervision wants to FinTech licenses fast-tracked award #Federal government#FDP#regulatory
Avatar
Your Name
Post a Comment
Characters Left:
Your comment has been forwarded to the administrator for approval.×
Warning! Will constitute a criminal offense, illegal, threatening, offensive, insulting and swearing, derogatory, defamatory, vulgar, pornographic, indecent, personality rights, damaging or similar nature in the nature of all kinds of financial content, legal, criminal and administrative responsibility for the content of the sender member / members are belong.