Crypto value

from Wikipedia, the free encyclopedia

As crypto values or cryptographic assets are values referred to the decentralized by block Chains ( technique of distributed cash books ) are mapped. This includes cryptocurrencies and other digital tokens (such as security tokens or digital securities ).

Definition in the Banking Act

The term crypto value has been legally defined since November 29, 2019 with the resolution of the law to implement the amending directive to the fourth EU money laundering directive of the Federal Council . The German Banking Act in the version published on September 9, 1998 (Federal Law Gazette I p. 2776), which was last amended by Article 8 of the Law of March 25, 2019 (Federal Law Gazette I p. 357), will be amended in such a way that that a new section is inserted. This is as follows:

"Crypto values ​​within the meaning of this law are digital representations of a value that has not been issued or guaranteed by any central bank or public body and does not have the legal status of a currency or money, but is exchanged by natural or legal persons based on an agreement or actual practice - or means of payment is accepted or is used for investment purposes and which can be transmitted, stored and traded electronically. No crypto values ​​within the meaning of this Act are 1. e-money within the meaning of Section 1 Paragraph 2 Clause 3 of the Payment Services Supervision Act or 2. a monetary value that meets the requirements of Section 2 Paragraph 1 Number 10 of the Payment Services Supervision Act or only for payment transactions according to Section 2 Paragraph 1 number 11 of the Payment Services Supervision Act is used. "

The same law contains a formulation that is unique in Europe on the subject of who is allowed to keep these crypto assets - the crypto custodian .

Systematics

Crypto values ​​can basically be divided into those values ​​that are intended as a means of payment (cryptocurrencies, also called coins ) and those that serve other purposes (sometimes also called tokens ). However, the term token can also be used by some authors as an umbrella term for both types.

In addition to their function as a means of payment, crypto values ​​can also function as digital securities . These are also called Security Token (of British security refers to "Securities"). Rights such as profit shares or voting rights are linked to the token. Such securities can, for example, be issued as part of an initial coin offering .

Individual evidence

  1. ↑ New law: From 2020, crypto traders will need a Bafin license. Retrieved January 7, 2020 .
  2. ↑ Markus Montz: Germany regulates crypto values ​​by law. Retrieved January 7, 2020 .
  3. ↑ Bundesrat: Act to implement the amending directive to the fourth EU money laundering directive. Retrieved January 5, 2020 .
  4. ↑ Bundesrat: Act to implement the amending directive to the fourth EU money laundering directive. Retrieved January 5, 2020 .
  5. ↑ Felix Holtermann: New Money Laundering Act - Banks are allowed to keep Bitcoin. Retrieved January 5, 2020 .
  6. ↑ a b Pascal Egloff, Ernesto Turnes: Blockchain for Practice: Cryptocurrencies, Smart Contracts, ICOs and Tokens . Schwabe AG, 2019, ISBN 978-3-286-11752-5 , 6.1, p. 84 ff . ( google.de [accessed on January 7, 2020]).