REGULATION OF DIGITAL CURRENCIES IN GERMANY

The article is devoted to the problems of digital currencies in Germany. Types of digital currencies and their status in Germany are considered. The author analyzes the approaches of the legislator, regulator and doctrine to the content of the concepts of “blockchain”, “digital assets”, “tokens”, “cryptocurrency” and others. The Federal Electronic Securities Act of 2021 (ESS Act) and other changes in the legislation of the Federal Republic of Germany are analyzed. The advantages and disadvantages of the German approach to digital assets are identified. The EDS Act defines the rules for registration and exchange of digital assets in Germany. Rights to them are traded through electronic registries. One of the central innovations is the license for blockchain trading systems. Adapting German law to new technologies increases transparency, market integrity and investor protection.