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Broadly speaking, German regulatory authorities and the government focus on recognition of the promising opportunities disclosed by fintech for public economic benefit, however, they seem to be rather conservative so far as the existing regulatory standards, rooted in the pre-digitalization period, are implemented (even despite the efforts of BaFin applied to support fintech bodies by providing them with detailed legal data and by increasing capacities of the communication channels, as well as recent legislative amendments related to the regulatory provisions for cryptoasset-related services, are obvious). The present spur in the sphere of regulating digital finance, blockchain and cryptoassets, both at the EU and on a national level, demonstrates that the legal basis relevant for fintech enterprises has met its material momentum and it might be expected to skyrocket further on.¹

The promising aspects of digitalization has not only been detected by the financial markets actors, but also by the centralized regulative authorities that took their chance to manage the up-to-date monetary system properly. For instance, the Governing Council of the European Central Bank (ECB) has taken the resolution to promote a digital EURO intended for taking place of legal e-tender; it is also aimed at becoming a cash substitute (however, using along with cash) by legal and natural persons. The Governing Council of the ECB as of July, 2021 has turned to commence the investigation stage of the digital EURO concept. It was launched in October, 2021 and is supposed to last two years. The results of the investigation stage will demonstrate the prospects for a digital EURO implementation.²

Digital assets in Germany

Fintech in Germany

Fintech in other countries

Notes

1. https://thelawreviews.co.uk/title/the-financial-technology-law-review/germany
2. http://www.ecb.europa.eu/pub/pdf/other/Report_on_a_digital_euro~4d7268b458.en.pdf