The new German government quotes crypto in the coalition agreement
Three German political parties agreed this week to a coalition agreement that will see the left-wing Social Democrats (SDP), the Green Party and the right-wing Democrats take over the reins in December this year.
According to a roughly 177-page translation of the agreement released Wednesday, the coalition calls for a new “dynamic in relation to the opportunities and risks from new financial innovations,” such as crypto assets and blockchain enterprises:
“We are making European financial market supervisory law fit for digitization and for complex group structures in order to ensure holistic and risk-adequate supervision of new business models.”
The coalition agreement also noted, “We need joint European supervision for the crypto sector. We oblige crypto asset service providers to consistently identify the beneficial owners,”.
The document states that the European Union’s supervisory authority should “not only take care of the traditional financial sector but also prevent the misuse of crypto values for money laundering and terrorist financing”.
The formation of the coalition lasted two months of negotiations after the German federal elections on September 26 and marks the end of the 16-year reign of Angela Merkel as chancellor, who retires and will be replaced by Olaf Scholz of the SDP, according to cointelegraph.com
Coalition agreement :Crypto is progressing across the EU
Elsewhere on the continent, the European Council, which guides the EU’s political agenda, has adopted two proposals called the “Regulation on Markets in Crypto Assets” (MICA) framework and the “Digital Operational Resilience Act.”
MiCA in particular – originally developed by the European Commission in September 2020 – aims to create a “regulatory framework for the crypto-assets market that supports innovation and draws on the potential of crypto-assets.”
Although it has yet to be ratified by the European Parliament if adopted, it will subject crypto-asset issuers to stricter requirements, but non-fungible tokens and utility tokens will fall outside the scope of the regulation.
In a comprehensive post on Reddit in the r / CryptoCurrency subreddit on Friday, the progressive regulatory proposal was labeled “most important one to date for the entire crypto industry.”
Reddit’s analysis has almost 900 comments at the time of writing and provides a detailed description of the laws proposed in MiCA. The author emphasized the significance of the proposals:
“These rules will have to be followed by every entity operating in the European Union. However, because of the ‘Brussels Effect,’ there is a very good chance these rules will become international standards in the end. While everyone is focused on the US and China, the EU is casually leading the way.”
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