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Bitcoin regulation: committees, call for more clarity from the Federal Council

The German Bundesrat is invited to submit an Amendment to the money laundering Directive position. Also Bitcoin & co. come to the language. By Phillip Horch 1

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Bitcoin regulation: committees, call for more clarity from the Federal Council

The German Bundesrat is invited to submit an Amendment to the money laundering Directive position. Also Bitcoin & co. come to the language.

By Phillip Horch
13. September 2019BTC$10.304,79 -0.09%part Facebook Twitter LinkedIn xing mail

In a position paper, the ECHO is BTC, on demand four committees of the Federal Council to more clarity on the subject of Bitcoin regulation. Financial Committee, Committee for Internal Affairs, the Committee on legal Affairs and the Committee want to achieve in order to strengthen the location of Germany.

Bitcoin & co. are in need of legal framework

It should be, so it is said in the paper, a financial market and money laundering, the legal framework for "cryptographic values" in Germany. The concept of crypto-values is chosen deliberately, he is to go about the concept of "virtual currencies" and all potential uses include. It is, therefore, Utility Token, Security Token, Crypto – Token, ultimately, all the "cryptographic values" that the Bitcoin Ecosystem can produce.

orientation of FATF

The current draft law on Amendments to the money laundering Directive focuses on the requirements of the Financial Task Action Force (FATF). A legal framework should therefore occur in accordance with international approach.

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the committees demand values for a more precise distinction of the Crypto. As it says in the paper:

it Is the storage of a cryptographic value that is at the same time, a value paper, so this is according to the will of the legislature to [...] in contrast to the storage of other crypto values (financial services) are considered to be Bank business, and the stricter rules of the Depository act, for the custody application.

in other words: All of the cryptographic values are in need of a Definition, which aligns itself to their use. In addition, the committees of the Federal Council, demand-to-understand rules. Germany as a business location for foreign companies more attractive.

in other words: The current loopholes in the law to trade with Bitcoin & co. should be closed.

Dr. Sven Hildebrandt of the Distributed Ledger GmbH sees in the current approach, a positive aspect for the crypto-Economy in Germany:

The lobbying of corporations has shown apparent effect so quickly, the established Player wanted to leave the Butter in the crypto-asset custody, then probably not from the bread. What impact will it have on prices, if Bitcoin & co. can be purchased with any Bank and held in custody, however, it remains to be seen. In fact, but certainly a good news for the Ecosystem in Germany.

Germany expands its leadership role in Bitcoin regulation, by working on a secure legal framework for Blockchain-companies, a crypto-custodian, and the like.

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Dutch Bitcoin companies will be published soon under Central Bank supervision and the ECB classification for stablecoins Federal government Small request answered to Bitcoin regulation#Federal Council#government#regulation
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