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ARTICLE · 14 OCTOBER 2025

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KMMV: Specification Of Insider Disclosure Requirements

PwC Legal Germany
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Germany's Crypto Markets Communication RegulationShow (Kryptomärktemitteilungs-Verordnung - KMMV) was announced in the Federal Law Gazette on 28 August 2025 based on the regulatory authority granted...

GermanyFinance and Banking
Michael Huertas
Michael Huertas
Maximilian Kunz
Maximilian Kunz
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RegCORE Client Alert | German Regulatory Developments

Outlook

Germany's Crypto Markets Communication RegulationShow Footnote (Kryptomärktemitteilungs-Verordnung - KMMV) was announced in the Federal Law Gazette on 28 August 2025 based on the regulatory authority granted to the Federal Financial Supervisory Authority (BaFin) and came into force on 29 August 2025. On 18 September, BaFin published the KMMW communication on its website.Show Footnote

Through the KMMV, BaFin specifies the content and manner in which crypto-asset issuers, providers and other market participants must publish insider information in accordance with Sect. 36 of the Crypto Markets Supervision ActShow Footnote (Kryptomärkteaufsichtsgesetz - KMAG) and report it to the supervisory authority. The KMMV fits into the European legal framework and serves to further implement the KMAG, which anchors both Regulation (EU) 2023/1114Show Footnote (Markets in Crypto-Assets Regulations - MiCAR) and the

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