The Markets in Crypto-Assets Regulation (MiCA) will apply from 30 December 2024 (except for the provisions on e-money tokens and asset-referenced tokens, which will apply from 30 June 2024). As an EU Regulation, the rules will directly apply to market participants and without further transitional measures. However, MiCA will require accompanying legislative measures from member states. In addition, MiCA must be aligned with national provisions that already govern crypto-assets.
On 23 October 2023, the German Ministry of Finance published its Draft Act on the Digitalisation of the Financial Markets (“Finanzmarktdigitalisierungsgesetz”). An initial look on this still to-be-adopted “Draft Act” reveals certain provisions that deserve a closer analysis:
New Law: The Draft Act will introduce a new law, the Crypto Markets Supervision Act (“Kryptomärkteaufsichtsgesetz” (“KMAG”)). The law mainly grants the German regulator the necessary competences to supervise compliance with MiCA. The KMAG will apply to companies that carry out licensable activities described in MiCA: the issuance of asset-referenced and e-money tokens and the provision of…
