The German parliament is set to review a motion urging the government to recognize Bitcoin as a unique, decentralized digital asset that deserves a strategic approach.
The main opposition party in Germany, the Alternative for Germany (AfD), has submitted a formal motion to the national parliament (Bundestag) opposing excessive regulation of BTC.
The motion, submitted on Thursday, states that Bitcoin is fundamentally different from other crypto assets and should not be included in the European-wide crypto regulatory framework—the Markets in Crypto-Assets (MiCA).
"Excessive regulation of BTC service providers and users during the implementation of MiCA at the national level will jeopardize Germany's innovative capacity, financial freedom, and digital sovereignty," the motion clearly states.
In this motion, the AfD points out that the current tax treatment of BTC is "essentially positive," but there remains legal uncertainty that hinders private long-term investment.
The organization also calls on German lawmakers to pay attention to the growing international trend of viewing BTC as a strategic asset for national reserves:
The group advocates maintaining the current 12-month tax-free capital gains holding period, preserving the VAT exemption for BTC, and ensuring the right to self-custody for individuals.
By submitting this motion, the AfD parliamentary group has placed Germany among the increasing number of EU countries calling for the exploration of national BTC reserves and the relaxation of MiCA regulations.
On October 22, Éric Ciotti of the French Republican right-wing coalition proposed a similar motion in France, urging the government to relax MiCA regulations to promote the development of stablecoins while banning central bank digital currencies (CBDCs).
Not everyone believes that MiCA hinders cryptocurrency adoption in Europe. Chainalysis points out that the MiCA framework, which will be fully implemented by the end of 2024, has actually helped Germany become a favored destination for crypto-native businesses.
In its latest European crypto adoption report, the American blockchain analysis company ranks Germany as the third-largest country in Europe by total value received in crypto.
Related: Safello and Deutsche Bank to launch the first Bittensor (TAO) ETP on the Swiss SIX exchange
Original article: “Alternative for Germany (AfD) urges the government to view Bitcoin (BTC) as a strategic asset”
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