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- The federal government wants to implement its blockchain strategy.
- In a draft law, it creates the framework for electronic securities.
- The digital association Bitkom took a position on this.
The draft law initiated by the federal government met with approval. The digital association Bitkom took a position on this today and praised the progress that this has heralded in digitization in Germany.
The basis for the draft is the so-called blockchain strategy, which was formulated by the federal government last year with broad participation from the public and representatives from the industry. This was not without criticism at the time, that’s how they were Criticized entry barriers for young companies and the impression was given that there was only one blank position paper originated.
With the latest draft, Bitkom mixed constructive criticism with praise for the long overdue advance.
Crypto custodians are restricted
In its current form, the draft stipulates that companies with a license as crypto custodian are not allowed to hold crypto securities. Bitkom regards these restrictions, together with the lack of transitional regulations, as particularly annoying for young companies.
It therefore calls for a clearer demarcation of the individual roles that differentiate between crypto custodians, crypto securities registry administrators, custodian banks and central securities depositories. The aim is to introduce proposals that are intended to encourage possible legal uncertainty.
The requirements for companies that want to keep crypto securities registers are also too high for Bitkom. This stipulates that a minimum initial capital of 730,000 euros is required, which is otherwise required from securities trading banks. Here one would like to see improvements.
Potential is not fully exploited
The design is a first step in the right direction. According to Bitkom, there is still some potential. In particular, the decentralized mapping of securities on public blockchains contains a number of open questions and hurdles.
Including the lack of regulation of the decentralized trading of these securities, which, however, requires a solution at European level. That leaves the Bitkom opinion Positive in the tenor, but consistently calls for improvements with concrete proposed solutions.