BaFin: Blockchain Could Lead to 'New Standard' in Financial Markets
Germany's top securities regulator published an internal journal last month with a cover story on the topic of blockchain tech, exploring its inner workings and offering early hints at how it views the emerging technology. In a newly published English translation, the agency, known as the Bundesanstalt für Finanzdienstleistungsaufsicht, or BaFin, explored potential applications of distributed ledgers, including its use in cross-border payments, interbank transfers and the storage of trading data. Though light on regulatory details, the publication suggests that BaFin sees a possible future....
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In an oft overlooked statement German Federal Financial Supervisory Authority (BaFin) in December 2011 commented on Bitcoins. Although this statement directly concerns only Bitcoin businesses domiciled in Germany, one should be aware that BaFin is one of the most influential regulatory bodies in the EU. BaFin's statement could therefore be a blueprint for regulation in other European countries or EU regulation. Even if a particular Bitcoin business is not domiciled in Germany, it may be advisable for them to understand the BaFin statement and heed its possible consequences. The statement....
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