BaFin

Die DORA gilt seit dem 17. Januar 2025 und schon bis zum 11. April 2025 müssen Finanzunternehmen ihre Informationsregister gemäß DORA-Vorgaben bei der BaFin einreichen. Finanzunternehmen sollten sich frühzeitig vorbereiten und sicherstellen, dass die Register formgerecht eingereicht werden.

How are wrapped tokens and token bridges regulated under MiCAR? What obligations apply to providers and issuers and are there possibilities to realize a token bridge outside the scope of MiCAR?

MiCAR will to full extent enter into effect at the end of this year. Then, also the provisions on crypto asset whitepapers of MiCAR will become applicable. But what consequences will then have the publication of an incorrect whitepaper?

Subordinated loans granted by companies to other companies do not generally fall under the definition of lending business. However, there are exceptions to this rule. What are these?

If BaFin publishes public warnings about companies, this can have a negative impact on the companies. How can affected companies defend themselves in such cases?

MiCAR will set different requirements for crypto asset service providers when applying for a license. Companies that are already supervised will benefit from simplified procedures.

Bafin publishes details of its administrative practice in relation to crypto securities and the management of a crypto securities register. Which tokens does the authority classify as crypto securities?

The Federal Ministry of Finance has drafted a legislation to regulate the transition of crypto asset service providers from national KWG regulation to the MiCAR regime. What should regulated German crypto asset service providers be prepared for?

According to the draft legislation on the Financial Market Digitization Act, the Crypto Markets Supervision Act is to be an independent accompanying law to MiCAR. What regulations does it contain in relation to MiCAR whitepapers?

MiCAR will provide for a separate acquisition approval process for the acquisition of crypto asset service providers. What regulatory hurdles will interested acquirers then have to overcome?

BaFin has published its administrative practice on NFT. When is a capital market prospectus required, when are crypto asset service providers in need of a BaFin license when dealing with NFT?

Founders in the crypto industry often ask themselves whether it is still worth applying for a BaFin authorization according to the KWG or the WpIG prior to the MiCAR coming into force. In most cases, the answer is a clear “yes”.