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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.

 

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

 

Ongoing Consultations

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