the FinTech-the Council of the German Federal Ministry of Finance holds a referral to the Federal government with the Blockchain-regulation is long overdue. In a statement to the Blockchain-strategy of the Federal government, the ECHO is BTC, ask the experts, a regulatory judgement. It is essential to explore the enormous potential of the technology, on the other, very real risks. And that rather yesterday than tomorrow.
By Christopher clover
At the 1. May 2019BTC$was 5321,00 0.69%Facebook Twitter LinkedIn xing mail
It stimulates something in the German Blockchain-regulatory landscape. The Federal Ministry for economic Affairs and energy (BMWi) together with the Federal Ministry of Finance (BMF), a public consultation for the development of a Blockchain-strategy. Between the age of 20. February and the 29. March associations, companies and organizations had the time, the ministries, their positions and recommendations.
In the survey, for the www.blockchain-strategie.de a Homepage has been set up, inter alia, to the FinTechRat of the German Federal Ministry of Finance. At 19 pages, the experts made body clear why the development of a coherent Blockchain strategy is long overdue. The FinTechRat include, in addition to representatives of the classical financial world, as well as the FinTech industry also made Blockchain-experts such as Prof. Dr. Philipp Sandner, in his capacity of head of the Frankfurt School Blockchain Center.
The main recommendations in the Overview
The opinion offers a far-reaching Overview of the various potential application opportunities, as well as the risks and side effects of the Blockchain and other Distributed Ledger technologies (DLT). The Tokenization of assets on the legal implications of Smart Contracts to DSGVO compatibility of Blockchain transactions, there is little regulatory areas which are the tour de force ride of the FinTechRats not be affected.
At the end of the panel of experts comes to the nine core requirements:
block chain agnostic regulation
The experts of the legislators to regulate, the Distributed Ledger technology to be independent from their technical implementation, considered demand.
focus for small te sauf vendors and service providers
The FinTechRat also recommends that the regulation, special attention is paid to the provider of the crypto and block chain – related products and services. Also, the interface between crypto and the real economy, for example in the Form of Token-based IoT solutions should be in the focus of regulatory efforts. Thus, the question of enforcement of the rule of law claims in the face of decentralized systems go hand in hand.
Quick Actions
In view of the rapid technological development in the field of DLT to the implementation of the Blockchain strategy be done as soon as possible.
European regulation
A useful Blockchain-regulation can not langfrsitig Stop at national borders. In particular, it should be avoided that within the European Union regulatory “havens” within which less stringent laws.
the “Dematerialised securities”
is part of That Security Token Offerings, the securities are customary in the trade documentary securitisation in paper form is eliminated, the benefits for those who opt for this new financing vehicle. The FinTechRat extends the notion of dematerialization in addition, any Form of written requirements. A “proper registry” play a Central role.
data protection
the blessing of The uncompromising transparency that the Blockchain technology promises to be, can quickly turn to a curse when it comes to data protection. A sensible regulation of the technology should, therefore, pay special attention to the fact that “Hash values and public key does not constitute personal data”, as long as there is no “Rekonsktruktion the origin of data” could be carried out. In addition, the experts pointed out that the right to access one’s own data could also be used in a decentralized System, without a direct contact, as the Blockchain is implemented.
education funding
No technology can develop when there is a lack of experts. Therefore, the FinTechRat calls to promote training in the field of DLT. This is true both for universities and for vocational training.
Definition of the requirements for the Token
It has been shown already that the Token is not Token. In the future diversity of the Token will increase use cases, stated in the opinion. A separate consideration of the individual Use Cases, particularly of Utility Token holds the FinTechRat, however, for “not constructive”.
The regulatory’m falling behind here by the industry-driven technical development to date. For Germany as a business location is therefore of particular importance to create a wide and, where possible, technology-neutral basis for decision-making, particularly for issues of Blockchain security.
field of research for Germany and the EU
Finally, the panel of experts of the law requires donors to make a reliable decision basis for the determination of the regulatory compliance of a DLT. Here, the Regulatory requirements of the industry-driven development of Blockchain and co. afterwards, hinke. This is particularly a question of the reliability of Blockchain systems – especially against the Background of a Blockchain-based securities register. According to the FinTechRat calls to accelerate the research efforts in this field.
High participation in Blockchain-consultation
out In the framework of a Small request to members of the FDP group have requested, among other things, such as the participation in the Blockchain-the consultation. As is clear from the response, the BTC-ECHO is present, these are encouragingly high. Accordingly, a total of 429 representatives for the consultation have logged in. Proposals were received from 158 participants. Based on their self-assessment
55 were part of this: to Unternehmen33 to Verbänden28 to Start ups25 to the organisations of research, teaching, education, education and Unterricht8 to Behörden7 to Stiftungen2 to other
Frank Schäffler gates of the Small request to fellow founders. Compared to BTC-ECHO Schäffler stressed the importance of a regulatory framework for new technologies – even if not without a quiet skepticism as to whether the competence of the Federal government in this endeavor through:
The high level of attention for the Blockchain-the consultation shows how important it is for the industry is that finally, a solid legal framework for this future technology will be created. The FDP calls for this already since last year in its application for Blockchain technology. Now I’m curious what the German government submits, in the summer on this topic,
the parliamentarians, in an E-Mail to BTC-ECHO. Schäffler is on a line with his party enjoyed Mario Brandenburg, demanded in an Interview with BTC-ECHO already, the introduction of a “Regulatory sandboxing”, in which FinTech and Blockchain-companies can try out.
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