Plugin Issue #28_Blockchain 2020 in Germany
The Blockchain Strategy of the German Federal Government addresses the main topics concerning the future development of DLT and Blockchain in Germany. This PlugIn issue deals with the legal impact of the Strategy and the potential lack of regulation that challenges the industry for the time being. We will focus our summary on the sectors of Banking and Finance, Energy and Logistics.
The Blockchain Strategy of the German Federal Government addresses the main topics concerning the future development of DLT and Blockchain in Germany. This PlugIn issue deals with the legal impact of the Strategy and the potential lack of regulation that challenges the industry for the time being. We will focus our summary on the sectors of Banking and Finance, Energy and Logistics.
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Crypto Assets and Crypto Custody – <strong>Germany</strong>’s two sided<br />
pioneer<strong>in</strong>g role<br />
With the official announcement of the amended German Bank<strong>in</strong>g Act<br />
(Kreditwesengesetz, KWG) on 12 December 2019, companies and bus<strong>in</strong>ess models <strong>in</strong><br />
the sector of Crypto–Currencies and DLT services are go<strong>in</strong>g to face <strong>in</strong>creas<strong>in</strong>g<br />
challenges and opportunities.<br />
The German parliament took the legislative <strong>in</strong>itiative of offer<strong>in</strong>g a “safe haven” for<br />
private and <strong>in</strong>stitutional <strong>in</strong>vestors of crypto assets, grant<strong>in</strong>g a higher level of <strong>in</strong>vestor<br />
protection and legal certa<strong>in</strong>ty <strong>in</strong> comparison with the lawmakers of the still nonharmonized<br />
legislation <strong>in</strong> the European Union. The parliament took the first step<br />
towards the overarch<strong>in</strong>g goal of help<strong>in</strong>g to develop the German <strong>Blockcha<strong>in</strong></strong>-Ecosystem<br />
<strong>in</strong>to practice, as announced with the <strong>Blockcha<strong>in</strong></strong>-Strategy of the federal government.<br />
AUTHORS<br />
Dr. Anna L. Izzo-Wagner<br />
Salary Partner, Frankfurt<br />
PROFILE<br />
With the recent amendments to the German Bank<strong>in</strong>g Act, the service of crypto asset<br />
custody is henceforth subord<strong>in</strong>ated to the supervision of the German Federal F<strong>in</strong>ancial<br />
Supervisory Authority (BaF<strong>in</strong>).<br />
A former draft of the German Bank<strong>in</strong>g Act with<strong>in</strong> the course of the legislative procedure<br />
asked for a strict separation of crypto-custody services on the one hand and any other<br />
regulated f<strong>in</strong>ancial services on the other hand, even for fully licensed bank<strong>in</strong>g…<br />
Ulrich Reers<br />
Partner, Frankfurt<br />
PROFILE<br />
READ MORE<br />
<strong>Issue</strong> <strong>#28</strong><br />
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