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Germany’s BaFin launches market survey on crypto derivatives

Mon, 11 Nov 2019, 07:01 am UTC

The German Federal Financial Supervisory Authority (BaFin) has launched a market survey on cryptocurrency derivatives last week.

In its official announcement, the regulator said (via online translation):

“The objective of the market survey is to obtain a detailed picture of the market for derivatives with crypto assets as an underlying and their potential risks. The market survey is aimed at all market participants, in particular investors, consumer protection associations, providers and issuers as well as interest groups.”

Bafin said that the survey has been launched due to the steady increase in the number and total volume of crypto assets, particularly cryptocurrencies, in recent years. With this growing interest in cryptocurrencies, there has also been an increase in crypto derivatives (Certificates and Contracts for Difference – CFDs), it noted.

The regulator has put up a total of 19 questions in the survey, categorized into five blocks. The questions cover a range of areas including the purpose of investing in crypto derivatives, risks involved, possible investor protection and regulatory needs, among others.

Answers and comments on the market survey can be submitted to BaFin by e-mail or by post by Friday, 13 December 2019.

Previous reports suggested that new Anti-Money Laundering (AML) regulations will go into force in Germany next year, requiring all cryptocurrency-related businesses, including exchanges and wallet providers, to be licensed by BaFin.

More recently, the country has passed a comprehensive blockchain strategy that aims to block stablecoins from becoming alternative currencies and threatening state sovereignty.

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