It is Planned to Tighten the Regulation of Crypto Assets in Germany
OREANDA-NEWS. It is planned to tighten the regulation of crypto assets in Germany. The Federal Ministry of Finance has prepared a draft resolution, according to which credit and financial organizations will have to collect information about the parties and beneficiaries of transactions on the transfer of crypto assets.
The regulation also requires that information on the beneficiary or principal of a crypto value transfer must be collected and stored when the transfer is made to or from an electronic wallet that is not managed by a crypto custodian (self-managed electronic wallet, «unhosted wallet»). This also implements current FATF recommendations in this area. In addition, findings from this can also become relevant with regard to the circumvention of sanctions, e.g. in the field of proliferation financing.
The new rules are being introduced to ensure the transparency of cryptocurrency transfers, so that, as with money transfers, transactions can be tracked to prevent money laundering, terrorist financing and circumvention of sanctions.