New ruling coalition in Germany calls for ‘joint European supervision’ of crypto in ruling deal

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A trio of political parties in Germany struck a deal this week that will see them form a national governing coalition. Part of this agreement, according to the text in German, includes a call for European countries to work together to monitor activities in the crypto sector.

The appeal is a minor but notable aspect of the 177-page document, released this week after the deal was made public. The coalition includes the Social Democrats, the Greens and the Free Democrats.

According to a rough translation of the text, all three parties are committed to making Germany a hub for tech companies, especially those focused on fintech. Specific policy commitments include a framework for fintechs and a review of a legal approach to digital equity issuance.

The deal calls for “a level playing field” within Europe for new digital-centric business models, including those that involve crypto or digital assets at the core. “We need a new dynamic towards the opportunities and risks associated with new financial innovations, crypto-assets and business models. We advocate for a level playing field within the EU, between traditional and innovative business models and vis-à-vis large digital companies. “

At the same time, the parties are calling for “common European supervision of the crypto industry”.

“We are forcing crypto asset service providers to systematically identify beneficial owners,” the agreement continued, according to a translation.

The parties also welcomed the long-term plan to introduce a digital euro.

“We will continue the process of introducing a digital euro in addition to cash, which will be legal tender in Europe accessible to all and usable in a universal way”, indicates the document. “Europe also needs an independent payment transaction infrastructure and open interfaces for barrier-free access to digital financial services for all consumers and merchants.”

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