The FDP parliamentary group in the German Bundestag has called on the federal government to advocate innovation-friendly regulation of blockchain-based assets at EU level.
In a motion published at the end of January, the FDP parliamentary group in the German Bundestag called on the federal government to create an innovation-friendly legal framework for crypto assets.
Demand for an innovation-friendly approach
The crypto legal framework demanded by the FDP should enable “digital securities of all kinds”. To achieve this goal, the Federal Government should concentrate on products that have a clear reference to financial services or the trading of assets when advising on the “Markets in Crypto-Assets Regulation” ( MiCA Regulation ) presented by the EU Commission in September 2020 to have“.
As the FDP parliamentary group emphasizes in its motion, “not all tokens are automatically financial instruments”. A blanket recording of all digital instruments on a Bitcoin Legacy basis is too blanket.
“The bureaucratic requirements and the costs should be adjusted so that they do not become an insurmountable obstacle for smaller startups,” the FDP continued. Blanket bans on stablecoins should therefore be avoided. In addition, the parliamentary group called on the federal government “to present a bill on digital securities that would meet a number of its demands”.
One would like the federal government to put “above all the advantages of blockchain technology in the foreground” during the negotiations.
With regard to Germany, the FDP MPs are calling for a bill on digital securities to be submitted to the Bundestag. This should “encompass all types of securities” and “also include electronic stocks”. With regard to the licensing requirements, the draft law should not go beyond the planned provisions of the MiCA regulation in order to enable uniform standards between the member states. This is important so that Germany can continue to assert itself as an attractive location for blockchain technology.
MiCa regulation is scheduled to come into force in 2022
The MiCA, presented as a draft by the EU Commission in September, is to come into force in 2022 and create legal clarity and security for issuers and providers of crypto assets across Europe . Before it comes into force, companies often have to adapt their international business model for each EU member state individually, which can lead to high costs.
The FDP parliamentary group around its financial expert Frank Schäffler has been very critical of the federal government’s approach to crypto for a long time. It was only at the beginning of January that Schäffler accused the government of inaction on important questions about cryptocurrencies . The application that has now been made is apparently intended to further increase the pressure on the federal government.