Search
Contact
20.07.2018 | KPMG Law Insights

Bitcoin, Ether & Co: Cryptocurrencies are changing the infrastructure of the financial market

Bitcoin, Ether & Co: Cryptocurrencies are changing the infrastructure of the financial market

Digital transformation in payment transactions on the rise through virtual currencies + Trust in processes must first grow + Purely electronic payment processes offer great transparency + Banks and central banks remain outside + Rules lacking so far

Payment with virtual means of payment is made according to the principle of a blockchain. This is a digital cash book in which transactions between parties are recorded and stored. More than 700 cryptocurrencies are already traded on the net – with an upward trend. Currently, for example, the European Central Bank is discussing an “ECB Coin” as an alternative to central bank money.

Who controls the processes?

However, trust in the new type of payment transaction must first grow. After all, the idea of an electronic currency that works only on the Net, without intermediaries such as banks or central banks, seems rather strange at first. Complete transparency leads to traceability of the entire transaction history and therefore scores points in questions of data protection and banking secrecy. Nevertheless, there are still some things to be clarified in terms of processes. For example, what rules take effect when the system is disrupted. And how the whole thing can be controlled. It is therefore conceivable that we will see so-called hybrid systems in practice in the future: Closed systems with control instances that can take corrective action when necessary.

Open questions regarding payment transactions

There is also still a need for clarification regarding the treatment of cryptocurrencies in payment transactions. This is because, in BaFin’s view, Bitcoin & Co. are not e-money, as there is no issuer that issues the means of payment while substantiating a claim against itself. According to BaFin, the mere use of Bitcoin is not an activity requiring a license. This includes both letting and paying in the virtual currency, as well as selling and buying your own or “created” Bitcoins. However, if certain circumstances arise, a permit requirement may be established.

Conclusion: However, it is relatively unlikely that the relatively new and detailed design of the financial market infrastructure will be fundamentally changed. It will therefore be necessary to create control instances and rules, but this contradicts the very idea of a purely electronic means of payment.

Explore #more

23.03.2026 | Deal Notifications

KPMG Law, KPMG Law AT as well as KPMG in Germany and KPMG in Austria advise GOLDBECK GmbH on the acquisition of 50 percent of the shares in ZAUNERGROUP Holding GmbH

KPMG Law Rechtsanwaltsgesellschaft mbH (KPMG Law) and Buchberger Ettmayer Rechtsanwälte GmbH (KPMG Law AT) as well as KPMG AG Wirtschaftsprüfungsgesellschaft (KPMG in Germany) and KPMG…

19.03.2026 | KPMG Law Insights

Business Judgement Rule in the use of AI: how governing bodies are liable for decisions

If an AI provides the basis for business decisions, the people responsible are liable, not the machine. This makes the use of artificial intelligence risky…

16.03.2026 | KPMG Law Insights

KPIs in the legal department: How legal becomes strategically effective through control, transparency and data analysis

Today, legal departments are facing a strategic turning point: they must reliably hedge risks, but at the same time enable speed, control costs and make…

13.03.2026 | KPMG Law Insights

Commercial courts: when they are worthwhile for companies – and when they are not

Large commercial disputes are given courts specially tailored to their needs: the Commercial Courts. The German legislator introduced it with the Act to Strengthen the

10.03.2026 | Deal Notifications

KPMG Law advises on the sale of Krasemann Hausverwaltung to Buena

KPMG Law Rechtsanwaltsgesellschaft mbH (KPMG Law) provided legal advice to the KRASEMANN family on the sale of KRASEMANN Immobilien- & Gebäudeservice GmbH (KIGS) and KRASEMANN…

09.03.2026 | KPMG Law Insights

MiCAR and whitepaper obligations – what the transitional regulations mean

The Markets in Crypto-Assets Regulation (MiCAR) has been in force for just over a year. Among other things, MiCAR obliges issuers and providers of crypto…

09.03.2026 | In the media

Guest article in Private Banking Magazine: What tokenized banknotes mean in day-to-day treasury operations

The future of payment transactions will be shaped not by new currencies, but by new processing models. A practical report by Marc Pussar (KPMG Law),…

06.03.2026 | In the media

Guest article in smartlegalmarket: Trends for legal departments in 2026 & 2027

KPMG Law has been surveying international legal departments on their challenges for more than ten years. The “Right to Progress” report is now regarded as…

06.03.2026 | KPMG Law Insights

Carve-out: The biggest risks and how the legal workstream avoids them

A carve-out does not usually fail due to a lack of ideas. And not due to a lack of buyers. Nor do they usually fail…

04.03.2026 | In the media

KPMG Law expert with statement in dpn magazine on the Location Promotion Act

Shortly after coming into force, the Location Promotion Act is apparently already having a noticeable effect on the investment plans of institutional market participants. In…

Contact

Dr. Konstantin von Busekist

Partner
Head of Global Compliance Practice
KPMG Law EMA Leader

Tersteegenstraße 19-23
40474 Düsseldorf

Tel.: +49 211 4155597123
kvonbusekist@kpmg-law.com

© 2026 KPMG Law Rechtsanwaltsgesellschaft mbH, associated with KPMG AG Wirtschaftsprüfungsgesellschaft, a public limited company under German law and a member of the global KPMG organisation of independent member firms affiliated with KPMG International Limited, a Private English Company Limited by Guarantee. All rights reserved. For more details on the structure of KPMG’s global organisation, please visit https://home.kpmg/governance.

KPMG International does not provide services to clients. No member firm is authorised to bind or contract KPMG International or any other member firm to any third party, just as KPMG International is not authorised to bind or contract any other member firm.

Scroll