Blockchain technology has long outgrown Bitcoin in the financial sector. At the turn of the year, the Federal Government placed blockchain, bitcoin and tokens under the supervision of the Federal Financial Supervisory Authority (BaFin) as the first regulatory measure. We have put together here what the regulations look like and who is specifically affected by them.
Topic since September 2019
The topic of blockchain has long since arrived in politics. In September 2019, the federal government published its blockchain strategy, in which major goals were formulated to “set the course for the token economy”. The potential of the technology should be used for digital transformation and an investment and growth-oriented framework should be created. In the financial sector, where blockchain technology has long gone beyond the prominent Bitcoin use case, blockchain, bitcoin and tokens have been put under the supervision of the Federal Financial Supervisory Authority (BaFin) since the turn of the year with a first regulatory measure.
What it is about: The legislative background
The path of the legislator to the new regulation sounds rather bulky: The 5th EU Money Laundering Directive, which itself is only an amendment to the 4th EU Money Laundering Directive, had to be implemented in German law, like every EU directive. The corresponding implementation law then came into force on January 1, 2020 and – as the name suggests – regulates some points in the context of the fight against money laundering.