Regulation of Crypto Currencies in Europe – An overview

Zeitstrahl Kryptowährungsregulierung im Zehnjahresüberblick

Regulation of Crypto Currencies in Europe - An overview

Our infographic provides a comprehensive overview of the key milestones in cryptocurrency regulation in the European Union and Germany. Displayed on a timeline, it highlights the major content developments and legal adjustments. Click on the image to enlarge the graphic and access the links. Feel free to share and recommend this infographic!

May 2024

FinmadiG and MiCAR on the radar

Crypto asset regulation in Europe is picking up speed. From June 30, the regulations for asset-referenced tokens (ART) and e-money tokens (EMT; both also known as “stablecoins”) will apply throughout Europe as part of the Markets in Crypto-Assets Regulation (MiCAR). The German legislator has now also reacted and, with the Act on the Digitization of the Financial Market (Financial Market Digitization Act – FinmadiG) – which includes the Crypto Market Supervision Act (KMAG) – is providing the legal basis for existing German crypto asset regulations to be adapted to the MiCAR. The main features of this legislative initiative are

1. qualified crypto custody business:
in addition to the crypto custody business for crypto assets under MiCAR (all crypto assets that are not MiFID financial instruments), there will in future be the qualified crypto custody business, which also allows the custody of security tokens and therefore MiFID financial instruments.

2. priority of MiCAR over the Asset Investment Act (VermAnlG):
Insofar as tokens are considered to be investments and MiCAR crypto assets in the future, MiCAR will take precedence over the VermAnlG. In particular, this means that no asset investment prospectus will be required for the issue of such tokens. Instead, a MiCAR whitepaper will suffice and the tokens can be distributed throughout the European Economic Area (so-called passporting)

The national supervisory authorities (National Competent Authorities or NCAs) have also reacted and are busy publishing MiCAR-relevant information. For example:

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