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New German Government Looks At Crypto During Group Agreement

The new German government cites crypto in its coalition agreement. Also, supporting it for an equal playing field between traditional finance and “innovative business models.”

Furthermore, Three German political parties agrees to a coalition deal this week. Of course, this will see left-leaning Social Democrats (SDP). Also, the Green Party and the right-friendly Free Democrats (FDP) take the reins from December this year.

So, as per a rough translation of the 177-page agreement publication on Nov 24, the German coalition calls for a new
“dynamic in relation to the opportunities and risks from new financial innovations”

like, crypto assets and blockchain businesses,..

“We are making European financial market supervisory law fit for digitization…”
“and for complex group structures in order to ensure holistic…”
“and risk-adequate supervision of new business models.”

“We need joint European supervision for the crypto sector…”
“We oblige crypto asset service providers to consistently identify the beneficial owners,”
the German agreement adds.

More so, The document states the EU supervisory authority should
“not only take care of the traditional financial sector but also prevent the misuse…”
“of crypto values for money laundering and terrorist financing.”

Lastly, the formation of the coalition took two months of negotiations following the German federal election on Sept. 26.

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