A previous Version of an application, the FDP calls for some Changes in the Federal government in relation to crypto-regulations. Specifically, it is the MiCA-regulation, the EU and the “law on the introduction of digital securities” (eWpG).
The Bundestag group of the FDP calls for an innovation-friendly legal framework for crypto-assets. This is from a previous Version of an application, the BTC-ECHO is present. The party criticised some of the points, in September of 2020, adopted “Market in Crypto-Assets”regulation (MiCA) of the EU and calls on the Federal government to Act. This is stated in the provisional application version:
Basically, it is to be welcomed that with the MiCA-regulation of legal security within the European Union in dealing with digital currencies and other tokens of capitalised assets should be created.
Nevertheless, the guidelines contained several shortcomings that would give the Blockchain sector at a disadvantage. So the classification of many of the Blockchain is, for example, companies as financial service providers, which would do basically, however, nothing to do with payment services, a Problem. These regulations could make the use of the Blockchain for projects in the real economy is uneconomical. In addition, the proposal would violate the self-imposed goal of a “technology-neutral regulation”.
In addition, the regulation would have a significant bureaucratic overhead for Start-ups to follow. So would the cost for each registration of a “white paper” 75,000 euros and creating due. According to the FDP, this creates barriers to entry for young companies. In addition, MiCA causing hurdles for the introduction of Stablecoins. The FDP does not exclude from regulation a complete ban on stablecoins.
Criticism of the crypto-law of the Federal government.
In the provisional version of the application, the FDP also expresses displeasure with regard to the in December last year adopted the “law on the introduction of electronic securities” (eWpG) by the Federal Cabinet. It remains, according to the party behind the existing regulations of other EU member States and means even a step backwards for the Blockchain-the Economy of the Federal Republic of Germany. Firstly, it does not take account of the digital shares, and the registration duty from close to the entire DeFi-sector. Germany to lose its location advantage, said in the Letter.
The calls for the FDP
Specifically, the FDP calls for the Federal government in relation to the MiCA-regulation that Tokens will only be classified as financial products if they also have a unique relation to financial services. Bureaucratic requirements are intended to create Start-ups, no barriers to market entry. Threshold values for stable coins are supposed to be, and as much as the “innovation open” levels checked. Blanket prohibitions of stable coins and other Blockchain applications are not goal-oriented. And generally speaking, the Federal government should focus more on the “innovation open” regulations of crypto-Assets.
For the eWpG, the FDP holds, the following Changes are important. The integration of electronic shares. An elimination of the “Permit requirement for the register of the leading issuers”, instead, the Issuer should the BaFin only the self-register to view. In addition, the FDP calls for a better proportionality of regulatory requirements for Startups. Finally, the Federal government, with the approval requirements should not go beyond the European standards of the MiCA-regulation, in order to allow a single EU Standard.