CDU/CSU Proposes Radical Crypto Market Tightening in Germany
The CDU and CSU have proposed significant tightening of controls over the crypto market in Germany. Their motion calls for a comprehensive package of measures to combat money laundering and terrorism financing, including an automated query procedure for crypto-wallets and a ban on cash exchanges using the Cash App.
The union parties demand a 'paradigm shift in the fight against financial crime'. They propose consolidating efforts under a customs police force equipped with necessary resources and competencies. To tackle the growing issue of investments of criminally obtained funds in cryptocurrencies, which amounted to 451.4 million euros in 2022, they suggest prohibiting the exchange of cryptocurrencies for cash using the Cash App and banning the use of mixers.
The CDU/CSU also wants to introduce a registration requirement for 'self-hosted addresses' and a ban on sending transactions to unregistered addresses. Their demands go far beyond existing standards in Germany, the European Union, or any western country. Notably, they propose applying §15 of the Anti-Money Laundering Act in principle when buying cryptocurrencies. The Federal Financial Supervisory Authority (BaFin) is proposed to take over the administration of cryptocurrencies in the context of these measures.
The CDU/CSU's proposals, if implemented, would significantly reshape the crypto landscape in Germany. They aim to strengthen control, prevent misuse, and enhance transparency in the crypto market. These measures are a response to the growing concern over criminal activities involving cryptocurrencies.
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