Influential members of the German crypto-Community have been calling for after a controversial court judgment, which has a rating of Bitcoin as a financial instrument by the legislator of clear and transparent rules.
OLG-judgment: “BaFin” – passed skills
The Berlin court of appeal. in a method at 25 September against the operator of the now stopped bitcoin exchange Bitcoin-24 is not judged that the commercial trade in Bitcoin without the Express permission by the authorities is a punishable offence.
The practice of the legal Status of Bitcoin and other crypto currencies by the German Federal financial Supervisory authority (BaFin), was declared in this case, in order for not legal.
The procedure a decision of the district court was preceded by the Tiergarten in Berlin, which had sentenced the operator of Bitcoin stock exchange to a monetary penalty. In a revision procedure of the higher court, the judge came to the conclusion that due to the decentralized nature of Blockchain networks, none of the current legal terms may apply. In the judgment it is stated:
“this is not a currency, and no monetary means of payment in the classical sense, which is accepted in a currency area, by operation of law by anyone to the right of the effective fulfilment of due services.”
Also a unit of account or electronic money is not expected in the case of Bitcoin and co., the judge.
critique of judgment, tapers to
In the crypto-Community has been recorded in the judgment, with great uncertainty, since the legal Status of cryptographic currencies still unclear, appears to lead in the future individual decisions by the courts.
On the 24. October called on the German Blockchain-Bank startup Bitwala in a Statement in response to the court ruling, the legislature to finally create clarity in the law in Germany and the European Union. The judgment of the evidence, “that the legal situation in Germany needs to be better regulated”, so Bitwala, and adds:
“Currently, only the prudential assessment of a crypto-currency in Germany – a separate law, however, is missing so far. Therefore, legal uncertainty and the risk of circumvention of national rules, because of a common, Europe-wide approach.”
The well-known crypto-Entrepreneur and CEO of Newfoundland, Zoe Adamovicz, wrote on 23. October as a reaction to the judgment in an open letter to the German Bundestag. In your opinion, the previously common legal status of crypto-currencies is by the BaFin, by the judgment of the Berlin judge is null and void. She writes:
“has The judgment to the consequence that trading with crypto-currencies, none of the existing regulation is subject to, and suddenly is no longer regulated.”
This is Dr. Christian Conreder looks similar to a Bank – and capital market law specialist lawyer from Hamburg. The Jourist is in the IT financial magazine on 15. October quotes:
“if this legal opinion of the chamber court of Berlin, this would simplify many of the business models in the cryptographic area and “inspire”, because in the future, at least, frequently not a permission under the German banking act and, consequently, would be largely increased organizational costs of distress”.
That the current regulation is not sufficient in practice, by the BaFin, many in the crypto Community, was already in February, when the authority saw a significant increase in legal inquiries will be forced to clarify its rules. For the launch of its new publication series, “perspectives” provided by the BaFin in the summer of this year, then a supplementary explanation of your criteria for Token-regulation.
That such publications are not a substitute for clear legislation has now clarified the judgment of the chamber court of Berlin is impressive.
