Techub News reports, according to ledgerinsights, the German Parliament passed the 'Financial Markets Digitalization Act' (Finanzmarktdigitalisierungsgesetz or FinmadiG) this week. The Parliament responded to industry demands to ensure legislation is in place before MiCAR comes into full effect on December 30.

The 'Financial Markets Digitalization Act' not only pertains to cryptocurrencies 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.