According to Odaily Planet Daily, the German Parliament passed the (Financial Market Digitalization Act) this week. The Parliament responded to industry requests to ensure that legislation is in place before MiCAR fully takes effect on December 30. FinmadiG not only involves cryptocurrencies and MiCAR, but also affects other EU laws such as DORA and the Fund Transfer Regulations. MiCAR introduced the (Cryptocurrency Market Supervision Act), which replaces Germany's old cryptocurrency rules.
MiCAR is a regulation that does not require local laws, but requires legislation to designate BaFin as the regulator, otherwise no license can be issued. This move allows EU companies to operate in Germany, but German companies cannot operate in the EU. MiCAR allows companies with existing licenses to continue operating for up to 18 months, while the new German legislation stipulates one year.
