The German Parliament has passed the "Digitalization of Financial Markets Act", bringing new changes to the cryptocurrency market. 🎉 This legislation not only concerns cryptocurrencies but also impacts other EU laws, such as DORA and the Funds Transfer Regulation. With this legislation, Germany paves the way for the implementation of MiCAR, ensuring readiness before it comes into full effect on December 30.

The introduction of MiCAR replaces Germany's old cryptocurrency rules and designates BaFin as the regulatory authority, which is good news for EU companies operating in Germany. However, German companies still face challenges when operating in other regions of the EU. ⏳ Additionally, companies holding existing licenses can continue to operate during the transition period, which Germany has set at one year.