The Bitkom Association: EU needs common crypto regulation

Uniform rules – this is what many wish for the growing crypto market. This also applies to the industry Association Bitkom.

Industry Association, preferably European regulation

In Germany, the Federal Association for information economy, telecommunications and new media is known to be a heavy weight, whose claims are not unheard in politics, often unheard of dimensions. In a new opinion, the Digital organization refers to two different things. The Blockchain experts of the Association see in the technology a helpful tool to Overcome the Corona-crisis. Here show how important it is to speed up the developments. To do this, and that’s just a clear regulatory. And not just for Germany. The Association Bitkom calls for a Europe-wide standardized regulation of digital Assets such as Bitcoin or Ethereum. Europe have to take in close cooperation the Chance of an important leadership position in the global competition.

A clear set of rules instead of inconsistent policies

In this respect, Patrick Hansen, in his capacity of a specialist in the Blockchain, the digital Association, in the context of the crisis, a great need for uniform rules. Especially for the financial world could arise out of innovative options, when finally the Foundation stone for a joint policy is placed. The Association responded with its Statement on the current developments of the EU Parliament. The same has been brought in the context of a consultation with a Directive to the game to be implemented by the member countries. Instead of a Directive to more or less free Interpretation of the Bitkom Association is calling for a binding regulation throughout the European Union. The countries would be tied to “only” to the implementation of a Directive, would be in the fight against digital money-laundering, and other types of crime using Bitcoin, or Monero even more confusion without Standards. That is what is needed, investors, consumers and companies, but safety and clarity.

German practice as an example for EU-measures?

The problems in connection with the money laundering Directive showed how different the approach can look like. Especially in competition with the Asian Blockchain as well as the US competition, the Association of the need for action for Europe’s crypto-sees-the internal market. An important focus in the Bitkom-claim in an unambiguous rankings of different Coins and Token, which will lead to differing regulatory provisions. This should equally apply to Utility-Token for ICOs of pure Investment-currencies. Also a classification on the basis of the Token-the risks it takes according to the Association. For all the scolding in terms of the long implementation of a Blockchain strategy, it is not surprising due to that, the industry Association of Germany-crypto currency cites as a possible model. Since 2020, the required registration and licensing of exchanges, Wallet services, and other cryptographic rules of the company at the BaFin, but a possible model for the EU.

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