The new German coalition set to replace Angela Markel’s administration says that it would make the European Financial Market Supervisory Law favorable for the crypto industry.
The coalition, which comprises three parties, has cited crypto in their agreement, championing for their equal opportunities with traditional finance. It adds that it would be cautious about curbing money laundering and terrorism financing.
The agreement urges the crypto service providers to identify the beneficial owners of digital assets consistently.
The sentiment comes amid the adoption of two proposals, the Regulation on Markets in Crypto Assets and the Digital Operational Resilience Act by the European Council. The first regulation proposes more stringent laws on crypto issuers but exempts the non-fungible tokens.
German Social Democrats, the Green Party, and the Free Democrats have formed a Coalition led by Olaf Scholz and is expected to take over power in December.