Germany's new government tackled cryptocurrency in joint venture deal

Germany's new government, in terms of cryptocurrencies, has called for a balance between traditional currencies and "new business models" and to create a level playing field for competition.

Our German governing body agreed to unification this week, and the left-wing Social Democratic Party (SDP), the Green Party and the right-wing Liberal Democratic Party will hold an energy referendum since December this year.

As a rough interpretation of the 177-page contract released on Wednesday, the agency called for the development of "new forms of reform and financial risk," including crypto assets and blockchain activities.

"We apply the 'European Financial Market Supervisory Law' to our digital business model and we are working hard to ensure that our new business model is holistic and appropriate to our level of risk."

"We need the integration of European crypto industry oversight. We urge crypto financial service providers to continue to identify their beneficiaries," he added.

The document states that EU regulators "should not only deal with the traditional financial sector, but also prevent the abuse of cryptocurrency prices for money laundering and financial fraud."

According to reports, it took two months for talks to establish a coalition after the German government election on September 26. The Social Democrats, Scholz, came to power.

Cryptographic standards in the EU

Elsewhere on the continent, the European Council, which oversees the political process of the European Union, has adopted two principles: the "Crypto Asset Market Regulation (MiCA) Framework" and the "Digital Operational Flexibility Act".

In particular, MiCA, first created by the European Commission in September 2020, aims to develop the “regulatory framework for the crypto asset market to unleash the potential of crypto assets and support innovation”. It still needs the approval of the European Parliament, but if announced, crypto products would have to comply with stricter rules, but NFTs and electronic devices would not be monitored. .

On Friday announced by Reddit users u / BelgianPolitics in the r / CryptoCurrency section, the agreement on future regulation was split into "the highest demand for the entire cryptocurrency industry until here".

At the time of writing, this Reddit user review contains around 900 comments and detailed information on MiCA policy. The authors stress the importance of this information.

"These rules will apply to all working bodies of the European Union. But because of the 'Brussels effect', these rules will become international standards. The organization is leading the way."