CDU and CSU Propose Tighter Crypto Market Controls in Germany
CDU and CSU have proposed a motion to tighten control over the crypto market in Germany. The aim is to combat financial crime and money laundering more effectively. The motion suggests several measures, including enhanced due diligence for purchasing cryptocurrencies and stricter supervision.
The motion proposes prohibiting the exchange of cryptocurrencies for cash and the use of mixers to hinder money laundering. It also calls for an automated query procedure for crypto wallets, similar to the German Banking Act, to increase transparency.
Experts who participated in a public hearing in the German Bundestag generally agreed on the need to strengthen supervision of cryptocurrencies. Despite potential criticism from the crypto community, they acknowledged the importance of these measures. However, there was no consensus on the administrative restructuring required to implement these changes.
The motion suggests a registration requirement for self-hosted addresses and a ban on sending transactions to unregistered addresses. It also aims to improve organizational structures by placing the fight against financial crime and money laundering in the hands of a customs police equipped with necessary resources and expertise.
The crypto market in Germany is already strictly regulated. The proposed motion seeks to further strengthen these regulations, with a focus on preventing money laundering and enhancing supervision. While the crypto community may have differing views, experts generally agree on the need for these measures.
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