Regulation of the concept of reverse solicitation
The aim is to create fair competition in the crypto-asset market, strengthen the associated consumer protection and ensure market integrity. To this end, the regulatory framework is intended to make it possible to trace transfers of digital assets in the future, making money laundering and terrorist financing more difficult. With the regulation, the EU is creating a uniform legal framework for crypto assets in Europe and is thus also considered a pioneer for regulation in other countries.
The regulation makes trading in crypto assets subject to authorization throughout the EU. Although such a permit requirement already existed in Germany, it was not yet in place in many other EU countries. In the future, service providers will have to fulfill many organizational and operational requirements in order to obtain and permanently retain a permit for the provision of crypto services. The ongoing financial supervisory authority will monitor compliance with these requirements.