Odaily Planet Daily News: The German Parliament (Bundestag) this week passed the Financial Market Digitalization Act (Finanzmarktdigitalisierungsgesetz of FinmadiG). The parliament responded to industry demands to ensure legislation is in place before the full implementation of MiCAR on December 30. FinmadiG not only pertains to cryptocurrency and MiCAR but also affects other EU laws, such as DORA and the funds transfer regulation. For MiCAR, it introduces the Cryptocurrency Market Regulation Act (KMAG), which replaces Germany's old cryptocurrency rules with MiCAR. Technically, MiCAR is a regulation, so local laws are not required. However, legislation needs to designate BaFin as the regulatory authority; otherwise, BaFin cannot issue licenses. This will allow EU companies with cryptocurrency licenses from other countries to operate in Germany, but German companies will not be able to operate in the EU. Furthermore, MiCAR allows companies holding existing licenses to continue operating for up to 18 months, with the transition period determined by each jurisdiction. The new German legislation specifies a one-year period.