Numerous established financial service providers consider the expansion of their business models to the crypto market or the usage of blockchain technology for internal procedures. But which of these changes and amendments must be coordinated with BaFin?
More and more central banks consider to issue digital forms of their currencies. So-called Central Bank Digital Currencies (CBCD) could play an interesting role in the crypto ecosystem. But what would be the possible effects that the introduction of CBCDs could have?
Since the catalogue of financial instruments in the German Banking Act was expanded by the introduction of crypto assets, the question arises if blockchain-based e-money units qualify as crypto assets at the same time. If so, e-money tokens would not only be payment units but also financial instruments and therefore could trigger authorization obligations according to the German Banking Act.
Can e-money be issued on a blockchain? And is it possible that in individual cases, blockchain coins or tokens must be qualified as e-money in the sense of the European E-Money directive 2009/110/EC? A topic rarely discussed so far but with great potential for disruptive payment business models.