Bitcoin regulation: Committees call for more clarity from Bundesrat | BTC-ECHO
In a position paper available to CriptomonedaseICO, four committees call on the Federal Council to clarify the issue of bitcoin regulation. Finance Committee, Committee on Internal Affairs, the Legal Committee and the Economic Committee want to achieve a strengthening of Germany as a location.
Bitcoin & Co. need legal framework
It is said to create a financial market and money laundering framework for "crypto values" in Germany. The term crypto values is chosen deliberately, it should go beyond the term "virtual currency" and include all possible uses. So this is about utility tokens, security tokens, crypto tokens – ultimately all "crypto values" that spawn the Bitcoin ecosystem.
Orientation to FATF
The current draft law amending the Money Laundering Directive is based on the demands of the Financial Task Force (FATF). A legal framework should therefore also be based on international procedures.
Thus, the committees demand a more precise distinction of the crypto values. So it says in the paper:
If it concerns the safekeeping of a crypto-value, which is at the same time a security, this is to be regarded as banking business as opposed to the custody of other crypto-values (financial service) and the stricter rules of the custodian's deposit law apply according to the legislative will.
In other words, all crypto values need a definition that aligns with their usage. In addition, the committees demand understandable regulations from the Federal Council. The business location Germany should also be attractive to foreign companies.
In other words, the current legal loopholes to trade Bitcoin & Co. should be closed.
Dr. Sven Hildebrandt from Distributed Ledger GmbH sees in the current procedure a positive aspect for the crypto-economy in Germany:
The lobbying of the corporations has apparently been effective – so quickly the established players would not let the butter of the crypto-preventive detention then from the bread. What impact it will have on prices, though, when Bitcoin & Co. can be bought and stored at every house bank remains to be seen. In fact, but certainly again good news for the ecosystem in Germany.
Germany is further expanding its pioneering role in bitcoin regulation by working on a secure legal framework for blockchain companies, crypto depositaries and the like.
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