Blockchain regulation in Germany will get a “comprehensive strategy” and “legal framework advocacy” from government in a new push for legitimacy, according to a press release published by Blockchain Bundesverband on Wednesday, Feb. 7.
A report from a consultation involving lawmakers and the lobby group Blockchain Bundesverband highlights a positive future for the technology, with the group describing how the government “welcomes the Blockchain industry.”
Bundesverband summarizes Wednesday:
“The lack of legal framework for ICOs and other token launches continues to be a major barrier for many startups in Germany. Only if this is remedied quickly at German and at EU level this technology can gain an enduring foothold in Europe.”
Germany has been broadly slow to develop a significant, robust approach to the emerging Blockchain phenomenon, placing it at odds with neighboring Switzerland in particular.
The Bundesverband has been developed as a direct solution to the lack of progress, stating its mission to propagate “decentralized infrastructure” during its founding at the German parliament in June 2017.
As well as highlighting areas the government is now keen to address in terms of regulation, the report also notes what still needs to appear for Blockchain to be a success in the German economy.
“What is missing? Sandboxing possibilities have to be created especially for the dynamic blockchain area, so that new ideas can be tried out without artificial obstacles,” it continues.
“Only the experiences that arise from those sandboxes can point to future regulatory needs. Without space, new ideas are being solved with old tools. The results will not be useful, neither for innovators nor for regulators.”