Germany’s BaFin in Favor of Worldwide ICO and Cryptocurrency Standards

Germany’s BaFin in Favor of Worldwide ICO and Cryptocurrency Standards

On 28 October, Germany’s regulator, the Federal Financial Supervisory Authority (BaFin), called for a joint cross-border effort for ICO regulation

Felix Hufeld, president of BaFin, believes that ICOs have small investor protection which makes participation in it risky. He says ICOs have little rights to protect themselves from the dangers involved.

Joint Global Regulation

Money Laundering is among the reasons why governments are crypto-cautious.

Hufeld states the need for worldwide coordination in regulating the ICO space to create standards for governing contracts which will preserve the ‘privacy’ rights of investors.

The BaFin president encourages that regulations that will be made should protect investors and ICO participants without suppressing innovations.

We do not want to stifle innovation, but must avert dangers at the same time. For example, it is important for us to take action against money laundering and safeguard privacy rights of investors. In addition, there should be certain minimum standards for the underlying terms of the contract.

Felix Hufeld, BaFin President

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