Regulation of cryptocurrency in Germany - The "Blockchain Bundesverband"

Source: https://www.bundesblock.de/

The Blockchain Bundesverband (Federal Association) is a political instituation to consult the German government about cryptocurrency/blockchain and the development of rules about them. It was established in June 2017 and parts of its members are politicians from all major parties of the Deutsche Bundestag (German Parliament).

I learned about the Blockchain Bundesverband today and have to admit that I was surprised to have something like this in Germany to promote Blockchain. I am sure they have great influence on the politics in Germany.

The Bundesverband Blockchain has come up this year in April with a proposal about "the regulation of tokens". I would like to give a short overview about the most important things that are mentioned in it. I have translated everything from German into English:

The goal of this essay is to analyze the status quo oft he sale of token according to EU laws.

1.1 It is necessary to make the question of token classifications legaly clear. It has to be clear if a token should be deemed as a share, a utility token oder cryptocurrency token.

This is very important when it comes to taxation and the rights the arises from having these tokens.

1.2 Creation of a collection of decisions on the publication of administrative measures and sanctions concerning cryptos (prohibition order, back settlement, fines etc.) on an anonimized base.

1.3 Creation of a legal framework for crypto-exchanges, which regulates the trade of cryptocurrency-tokens and utility tokens

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1.6 Introduction of rules for safeguarding transparent and fair markets for all kinds of tokens, also utility tokens in the EU.

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1.8 Creation of an annex for share-token-sales for the EU (REGULATION (EU) 2017/1129 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 14 June 2017 on the prospectus to be published when securities are offered to the public or admitted to trading on a regulated market, and repealing Directive 2003/71/EC). The Bundesverband Blockchain will create a draft.

Explanation: If e.g. a bank wants to sell shares tot he public the have to have some kind of information about that share. The above mentioned regulation describes what information hast o be given.

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1.14 Creation of a central contact to coordinate the competent authorities when it comes to crypto (taxes, consumer protection, supervision) to ensure they „all walk in the same direction“.

From my point of view it was just a matter of time for regulators to step in. And I believe it is a good thing, because it will make blockchain/cryptocurrency socially accepted.

Maybe there is a similar institution in your country? Please give me a comment if you like.