▲圖片標題(來源：cointelegraph.com)

Germany has a very diverse, active blockchain ecosystem of companies and enthusiasts, especially in the city of Berlin. And an important step in the development of this ecosystem has been taken by the federal government itself, which tries to preserve and promote the vibrant blockchain ecosystem to continue its growth and make Germany an attractive opportunity for investment in this field.

Comprehensive, sound regulation

To further this goal, the German government adopted a national blockchain strategy back in September 2019 to support its commitment to the use of the technology. The 44 individual measures contained therein are to be realized by the end of 2021 by a total of 10 federal ministries. Exactly one year later, in September 2020, 17 measures were already very far advanced, 20 were still in progress and nothing had happened yet with seven measures — according to an evaluation published by Bitkom, Germany’s federal association for information technology.

Germany’s implementation of this blockchain strategy during 2020, in addition its implementation of the European Union’s 4th Anti-Money Laundering Directive, has had far-reaching consequences for blockchain startups, fintech firms, banks, crypto exchanges and industrial companies. As of Jan. 1, 2020, the custody of crypto assets — and thus, also their trading — requires a license from the nation’s Federal Financial Supervisory Authority, known as BaFin. This license applies to all companies that hold or trade crypto assets such as Bitcoin (BTC) and Ether (ETH), from crypto custody providers to crypto exchanges. Thus, from 2020 onward, the handling of crypto assets in Germany is subject to high regulatory requirements and standards that have already been in place for decades in traditional capital markets.

One of the most important regulatory measures in 2020 was the law on the issuance of electronic securities, which was passed by the Federal Cabinet in December. According to this law, securities can also be issued purely electronically in Germany in the future.

Another important step in the direction of regulation was when the European Commission presented legislative proposals on crypto securities in September 2020. Its Regulation on Markets in Crypto Assets, known as MiCA, is expected to come into force in 2022 and create legal clarity and certainty for issuers and providers of crypto assets throughout the European Union.

Currently — and until the MiCA regulation is made effective — companies often have to adapt their international business model for each EU member state individually, which can lead to high costs. A uniform, pan-European regulation such as the MiCA regulation can reduce complexity and uncertainty for crypto service providers and improves conditions for market participants.

Such extensive regulation can be a major challenge for startups, but it also offers opportunities in terms of professionalizing the entire crypto ecosystem. Those who believe that regulation is a kind of “stop sign” for cryptocurrencies, stablecoins and crypto exchanges are mistaken. Instead, the regulatory structure in Germany is designed to place crypto assets on an equal footing with existing financial products. Unprofessional startups and dubious providers could be pushed out of the German market as a result. Well-positioned startups could find solutions and continue to develop.

The rise of financial services in the crypto sector

Above all, the new rules make it easier to invest in crypto assets, which led to a boom year for financial services. Several companies and banks built the relevant technological infrastructure for professional trading in Bitcoin and other crypto assets.

This led to increased, more varied offerings around digital assets in 2020. Financial services in the crypto segment include, for example, instruments that track Bitcoin’s price or marketplaces for retail investors. Now, fully regulated trading venues for professional investors are emerging, such as Boerse Stuttgart Digital Exchange and Bankhaus Scheich. Some banks are also establishing themselves as back-end-as-a-service platforms. Solarisbank and Bankhaus von der Heydt, for example, provide other financial institutions with the regulatory and technological infrastructure to enable their clients to access crypto assets.

Ten31 Bank, a subsidiary of the fully regulated German WEG Bank, has been working on payments processing between digital currencies and the euro since May 2020.

At the end of 2020, the bank Hauck & Aufhauser also launched its service as a custodian for crypto assets and digital assets.

Some fintech projects such as Bison and the startup Bitwala are aimed at private investors and enable trading in cryptocurrencies around the clock.

All of these companies offer a good entry point for professional and private investors who may want to invest in Bitcoin and other crypto assets. With a solid regulatory foundation and more players, we can expect 2021 to be an interesting year for the young crypto industry.

詳見全文： cointelegraph.com

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