La Germany is preparing to give a considerable squeeze in the cryptocurrency sector. From next year, in fact, companies operating in the digital asset sector will be able to continue to do so only if they have managed to obtain one licensed by the Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin), or the government body responsible for regulating and controlling financial markets.
The news was relaunched by Cointelegraph Deutschland, arousing more than a few apprehensions in particular between the exchanges and the managers of electronic wallets (wallet), as it could be the prelude to a further tightening in a sector that makes decentralization its banner.
The reactions of political and legal environments
Of course, the reactions to the news have been quite varied. As far as politics is concerned, the declaration of Frank Schäffler, member of the German Liberal Democratic Party, according to which legislation such as that which obliges companies to obtain permission to operate from BaFin will not only prove to be an obstacle to innovation, but will also push related businesses in the sector to move its operations to other European Union countries, where the environment is more favorable to cryptocurrency.
Exactly the opposite opinion Christian Schmies, who works within the law firm Hengeler Mueller, who has not hidden his satisfaction with the new bill. According to him, in fact, precisely the greater regulatory clarity introduced with its approval would be able to bring significant benefits to the digital asset industry.
An opinion due in particular to the fact that Blockchain technology, despite its now evident utility for electronic payments and other industrial processes, would still not have been fully accepted by institutional investors. The clear gaps in the legal framework would prevent its full acceptance.
Germany and cryptocurrencies
Of course, the discussion about virtual currencies in Germany also stirs. Of which he was the protagonist during 2018 also Felix Hufeld, president of BaFin, who did not hesitate to criticize the slowness of the policy, in particular of the European regulatory bodies, stating the clear need to quickly reach a global normalization of the ICO (Initial Coin Offering). A necessity deriving from the fact that the initial money offers would still be too full of risks for the investors.
Security needs also expressed by the federal government, which on several occasions has supported the requests for regulation of cryptocurrencies coming in particular from Paris, with the clear intention of creating a sort of cage able to avoid the emergence of problems related in particular to the their use in the context of the illegal economy.
In this context, however, a significant new development has emerged in the last week. There German Central Bankindeed, he issued a fairly flattering opinion on Pound, stating that Facebook's new virtual currency could provide significant benefits to the world of finance. Precisely for this reason, it is not advisable to adopt an excessively strict framework of rules, which could cage its potential.