Germany: Local Political Parties Appeal for Crypto and Blockchain Regulations

Germany: Local Political Parties Appeal for Crypto and Blockchain Regulations

A total of three separate German political parties have issued a proposal to greatly regulate the blockchain industry, and crypto derivatives as a whole. There is a political campaign undertone to the whole proposal, as these papers come in the wake of the much-anticipated Chancellor elections in Germany, which are to pin Olaf Scholz against Angela Merkel.

The main instigator is the Social Democratic Party (SPD), which published on its official website the proposal, citing the need for the EU to pedantically oversee the crypto industry. Alongside the SPD are the Alliance 90/The Greens, and the Free Democratic Party (FPD). This unofficial coalition has proclaimed that Germany is in need of a ‘comprehensive digital awakening’. The document added that the EU authorities need to take care in preventing the “misuse of crypto assets for money laundering and terrorist financing…”.

The parties commented that they wish to expand on the fraud-proof regulations currently in place. The coalition is objective in its judgments, stating that a more transparent approach in distributed ledger technology (DLT) might be a focus for the next government.

The bid might be aligned with BaFIN’s proposed agenda to increase supervision of all crypto markets, a supposed effort led by the agency’s new head Mark Branson.

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