Banks in Germany Want Regulation for Blockchain

The German Association of Private Banks (Bankenverband) believes that new legal arrangements should be made for distributed record technology (DLT) based securities.

According to the Association of Private Banks, if a company produces new securities using distributed recording technology, the trade of this product must be secured. According to the Bankerverband, authorities in Germany need to step in and prepare new regulations on DLT-based securities

According to the Association of Private Banks of Germany, the role of distributed recording technology in the financial world has grown in particular in the last few months. The association believes that the lack of any regulation on DLT-based financial products may cause serious problems in the near future.

The association expects a regulation that can be used throughout Germany, citing all these. According to the Association of Private Banks, such a legal framework may be necessary not only for Germany, but also for the whole of Europe.

The German Ministry of Finance has recently issued a report on how Blockchain-based securities are assessed and how these financial products are organized.

In addition, regulators across the country say they will accelerate their work in the areas of crypto-money and Blockchain recently.