The Crypto Valley Venture Capital (CVVC) has released the German Blockchain Report 2023. It shows a significant increase in blockchain funding within the country.
The report analyzes the performance of the blockchain sector in Germany from Q3 2022 to Q2 2023. It shows that the German blockchain sector had a 3% year-on-year increase in funding in the blockchain industry.
Germany had a total investment of $355 million in venture capital funding over 34 deals. The report also highlighted that the country reached its record on global funding, attracting 2.4% of international blockchain funding and 2.5% of worldwide deals.
Crypto industry development and regulations in Germany
Germany has emerged as one of the leading countries in Europe regarding the crypto industry. The German government has taken proactive steps to embrace cryptocurrencies and blockchain technology, aiming to position the country as a fintech and digitization hub.
According to Nomad Capitalist, 5.8% of the population in Germany owns cryptocurrency, and 69% of this percentage invests in Bitcoin (BTC).
There is still a lack of regulatory framework towards cryptocurrency in Germany. The financial authority in charge of supervising the financial markets in the country is known as BaFin. Following the recent MiCA approval in the European region, more clear guidelines regarding regulations in the crypto industry in Germany are expected.