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CDU plans crypto revolution: New rules for Bitcoin & Co. from 2024!
MiCAR regulation for cryptocurrencies will come into force in 2025. Learn more about requirements and implications for service providers.
CDU plans crypto revolution: New rules for Bitcoin & Co. from 2024!
In view of the rapidly developing crypto world, the CDU has presented a comprehensive crypto master plan. This plan aims to promote the use of Bitcoin and other digital currencies in Germany while creating a safe and regulated environment. The initiative is part of efforts to better protect investors and increase trust in digital financial assets, which is supported by the planned introduction of tax relief. BTC ECHO reports that the tax breaks for Bitcoin and other cryptocurrencies in particular are aimed at increasing the attractiveness of this asset class.
A key part of the plan is to incorporate the latest regulatory developments at the European level. From the end of 2024, MiCAR (Markets in Crypto-Assets Regulation) will be fully applied. This first comprehensive European regulation for crypto assets and their service providers will bring new requirements for the authorization and supervision of crypto asset service providers, also known as Crypto Asset Service Providers (CASP). BaFin has published the details of the new regulations.
Regulatory framework and objectives of MiCAR
MiCAR has several important objectives, including protecting investors, preventing money laundering and terrorist financing, and maintaining financial stability. This also includes transparency and disclosure obligations for the placement and trading of crypto assets. These regulations apply from both June 30, 2024 and December 30, 2024, when supervision of crypto asset issuers and service providers will be introduced.
An important innovation is the so-called EU passporting, which, once approved by BaFin, enables providers to operate across the EU without separate approvals. Existing institutions that were approved before MiCAR came into force have the option of using a simplified approval process. This will make the transition to the new European supervisory regime easier.
Challenges for new applicants
New applicants, on the other hand, are required to deal intensively with the regulatory requirements. Incomplete or inconsistent applications may be rejected, highlighting the need to provide comprehensive information on a viable business model and IT requirements. BaFin has already started carrying out gap analyzes to evaluate the new requirements for authorization in comparison to the previous regulations.
In summary, the CDU's crypto master plan combined with MiCAR regulation helps create a transparent and secure environment for investing in cryptocurrencies. This could usher in a new era of financial innovation and stability, to the benefit of both investors and the German economy as a whole.