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ARTICLE · 27 DECEMBER 2024

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German Parliament Passes Act On The Digitalisation Of Financial Markets

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On 18 December 2024, the German Parliament (Bundestag) passed the Act on the Digitalization of Financial Markets (Finanzmarktdigitalisierungsgesetz, the "Act").

GermanyTechnology
Benjamin Beck
Benjamin Beck
Marcel Hörauf
Marcel Hörauf
Tim Waetcke
Tim Waetcke
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On 18 December 2024, the German Parliament (Bundestag) passed the Act on the Digitalization of Financial Markets (Finanzmarktdigitalisierungsgesetz, the "Act"). The Act is intended to complement key measures of the European Commission's Digital Finance Strategy in German law. These measures include the Markets in Crypto Assets Regulation (MiCAR), the Digital Operational Resilience Act (DORA) and the revised Transfer of Funds Regulation (TFR).

  • MiCAR entered into force in June 2023, became effective in part from June 2024, and will generally apply in its entirety from 30 December 2024. It regulates activities carried out on the primary market (e.g., the issuance of crypto-assets) and services provided on the secondary market, referred to as "crypto-asset services". These secondary market services include, for example, the custody and administration of crypto-assets on behalf of third parties and the operation of a trading platform.

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