Germany will start licensing crypto business from next year
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From January 1 2020 in Germany will begin to operate new rules anti-money laundering, according to which any business related to cryptocurrency will be required to obtain a license from the Federal Financial Supervision Authority.
First of all, the innovation will affect exchanges and storage services, which will need to prove that their activities meet stringent requirements. This is due to the fact that from next year in Germany cryptocurrencies will be equated to financial instruments falling under the jurisdiction of the regulator.
The Germans were ambivalent about such changes. According to Frank Scheffler, a member of the Free Democratic Party, by approving the new rules, the government is stifling innovation, forcing representatives of the crypto industry to move to other EU countries..
On the other hand, local lawyers welcome this decision, saying that regulation and openness of the industry will ensure its further growth. According to Christian Schmies, partner at law firm Hengeler Mueller, institutional investors prior to so far did not accept the technology precisely because of the unreliable legal framework.
While European countries are setting ever tighter frameworks for the crypto business, Asian states continue to create favorable conditions for its development. One example is Iran, which recently legalized mining.
text: Ivan Malichenko, photo: gorod