Key points include
* MiCAR and KMAG: The Law on the Regulation of the Cryptocurrency Market (KMAG) is introduced to align German regulations with MiCAR, the European regulation on cryptocurrencies.
* Licenses: BaFin, the German financial regulator, will be able to grant licenses to cryptocurrency companies, allowing EU companies to operate in Germany.
* Transition period: Companies with existing licenses will have one year to adapt to the new regulations.
* Scope: The law covers not only cryptocurrencies but also other areas like payments and cybersecurity.
In summary, Germany is taking a significant step towards digitizing its financial sector and ensuring its companies can compete in the European single market.
