The President of the German Financial Regulator (BaFin), Felix Hufeld, considers it necessary to develop common international standards for legal regulation of ICO. Hufeld also said that BaFin together with other European countries are working to create such a regulatory framework in the European Union.
The “ideal” approach to the regulation of a cryptographic market and, in particular, the ICO procedure would be to establish uniform rules in the territory of the European Union and the whole world. About this in an interview with the German newspaper Handelsblatt, said the president of the financial regulator of the country – the Federal Financial Supervision Authority (BaFin) – Felix Hufeld.
“On this issue, we are in close contact with other regulators [of the EU] and the Ministry of Finance [of Germany],” he added.
Hufeld noted that the regulator applies in Germany the existing legislation on investment and securities in relation to those tokens that fall under it.
At the same time, the head of BaFin believes that now ICO investors have a minimum of rights and therefore called for “refraining” from buying tokens. One of the main reasons for the rejection of cryptocurrency by states lies, in his opinion, in the possibilities of using cryptoactive assets in money laundering.
President BaFin also stressed that regulatory measures are necessary to build a better future financial sector, because in the future cryptocurrency will be present in the life of the country in one form or another.