German parliament passes bill on digitizing financial marekt
2024-12-22 08:36:05
Ledger insights reporting German conference bundestag this week by financedesk3cryptocurrencydesktopCrypto News
According to Ledger Insights, the German parliament (Bundestag) passed the Finanzmarktdigitalisierungsgesetz of FinmadiG this week. The parliament has responded to industry demands to ensure that the legislation is in place before MiCAR takes full effect on December 30.
FinmadiG not only deals with cryptocurrencies and MiCAR, but also affects other European Union laws, such as DORA and funds transfer regulations. For MiCAR, it introduced the Cryptocurrency Market Regulation Act (KMAG), which replaced the old German cryptocurrency rules with MiCAR.
Technically, MiCAR is a regulation, so no local law is required. However, legislation is needed to designate BaFin as the regulator, otherwise BaFin cannot issue a license. This would allow European Union companies with cryptocurrency licenses in other countries to operate in Germany, but German companies would not be able to operate in the European Union.
In addition, MiCAR allows companies with existing licences to continue operating for up to 18 months, with the transition period determined by each jurisdiction. The new German legislation provides for one year.
FinmadiG not only deals with cryptocurrencies and MiCAR, but also affects other European Union laws, such as DORA and funds transfer regulations. For MiCAR, it introduced the Cryptocurrency Market Regulation Act (KMAG), which replaced the old German cryptocurrency rules with MiCAR.
Technically, MiCAR is a regulation, so no local law is required. However, legislation is needed to designate BaFin as the regulator, otherwise BaFin cannot issue a license. This would allow European Union companies with cryptocurrency licenses in other countries to operate in Germany, but German companies would not be able to operate in the European Union.
In addition, MiCAR allows companies with existing licences to continue operating for up to 18 months, with the transition period determined by each jurisdiction. The new German legislation provides for one year.
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