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The topic of digital finance is of particular relevance to the AI industry with regard to digital assets and the use of block chain or DLT technology. In the context of the block chain strategy of the Federal Government of Germany and the Digital Finance Package of the EU Commission, various legislative projects are currently being pushed forward. Of particular relevance in this context is the draft law on the introduction of electronic securities jointly submitted by the Federal Ministry of Finance and the Federal Ministry of Justice (Germany) and the draft regulation on the regulation of crypto asset markets (Markets in Crypto Assets, MiCA) submitted by the EU Commission. For the time being, the administrative practice developed by BaFin on the regulatory classification and treatment of crypto tokens, ICOs, etc. is still valid.

 

Act on electronic securities (Gesetz über elektronische Wertpapiere, eWpG)

BaFin administrative practice

General information provided by BaFin concerning company start-ups and fintech companies, also related to technologic topics as Blockchain technology, virtual currencies, ICOs, etc. can be found on the specific BaFin site

The BaFin also published specific circulars, guidelines, etc. on ICOs and crypto token and their regulatory treatment and on recently introduced crypto custody business

Guidelines on applications for authorisation for crypto custody business

Guidance notice – guidelines concerning the statutory definition of crypto custody business (section 1 (1a) sentence 2 no. 6 of the German Banking Act (Kreditwesengesetz – KWG)

Guidance Notice crypto tokens (Merkblatt Zweites Hinweisschreiben zu Prospekt- und Erlaubnispflichten im Zusammenhang mit der Ausgabe sogenannter Krypto-Token (GZ: WA 51-Wp 7100-2019/0011 und IF 1-AZB 1505-2019/0003)

German version

English convenience translation

Advisory letter Initial Coin Offerings: Advisory letter on the classification of tokens as financial instruments (Hinweisschreiben (WA) GZ: WA 11-QB 4100-2017/0010 Aufsichtsrechtliche Einordnung von sog. Initial Coin Offerings (ICOs) zugrunde liegenden Token bzw. Kryptowährungen als Finanzinstrumente im Bereich der Wertpapieraufsicht)

German version

English convenience translation

BAI Feedback Statements

 

 

Statement on the consultation on the BMF and BMJ key issues paper on electronic securities and crypto tokens - April 12, 2019

and

Statement on the Draft Law on the Introduction of Electronic Securities - September 14, 2020

 

BAI Documents/Contributions

FactSheet Digital Finance (Juli 2022)
BAI Newsletter VI/2021 Digitization
BAI Newsletter VI/2020 Digitization
BAI Newsletter V/2019 Crypto-Assets
PR Digital Finance + EU-Commissions Action plan on CMU
PR Draft Law on the Introduction of Electronic Securities

Main topics of the association's work
December 2020/January 2021: Crypto-Assets, digitization and new technologies

Upcoming webinars

Digitales Asset Management – Neuer Regulierungsrahmen in Deutschland und Europa für digitale Assets und Auswirkungen auf Branche und Geschäftsmodelle" - Teil 3 am 21. Januar 2021 (in German)

Documents of past BAI events

Webinar 2: Digitale Assets: Neue Möglichkeiten für Asset ManagerWelche neuen Geschäftsmodelle und Herausforderungen ergeben sich für Asset Manager? am 11. Dezember 2020

Webinar 1: Das Gesetz zur Einführung von elektronischen Wertpapieren - das deutsche Wertpapier- und Depotrecht im Umbruch! am 27. Oktober 2020

Unterlagen und Aufzeichnungen des Webinars „Auswirkungen der Corona-Krise auf Kryptowerte“ am 14. Mai 2020

Unterlagen des BAI Blockchain Events "Blockchain: Re-Thinking Asset Management - Implikationen für Investoren,Manager und Assetklassen" am Dienstag, 21. Januar 2020

Agenda der BAI Insight 34 FinTech & Co. - die Asset-Management Branche im disruptiven Wandel?!"

If you are interested in the BAI Insight documents, please contact Roland Brooks (brooks@bvai.de).

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