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Stand:updated on 16.04.2025 Services and activities in connection with crypto-assets in accordance with MiCAR

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Markets in Crypto-Assets Regulation – MiCAR

Aktualisierungsübersicht

DatumThemaAktualisierung
10.01.2025ESA guidelines BaFin applies ESA guidelines
31.07.2024Information on applicability Publication of roadmap for MiCAR applicability from 30.06.2024
14.07.2023EBA encourages timely preparatory steps towards the application of MiCAR EBA-statement regarding preparatory steps
14.07.2023EBA consultation papersEBA Consultation papers
14.07.2023ESMA consultation papersESMA Consultation papers

Background, objectives and current status

On 20 April 2023, the European Parliament adopted Regulation (EU) 2023/1114 on Markets in Crypto-Assets (Markets in Crypto-Assets Regulation – MiCAR). The Council of the European Union gave its approval on 16 May 2023. The Regulation was published in the Official Journal of the European Union on 9 June 2023 and entered into force on 29 June 2023.

On 24 September 2020, the European Commission had submitted the legislative proposal for MiCAR as a part of the package regarding the digitalisation of the financial sector. In addition to the MiCAR proposal, the package included the Digital Operational Resilience Act (DORA), a proposal for a pilot regulation for market infrastructures that are based on distributed ledger technology (DLT), and a strategy for a digital financial sector.

MiCAR is aimed at creating a harmonised European regulatory framework for crypto-assets that promotes innovation and enables use of the potential offered by crypto-assets while ensuring financial stability and investor protection.

Regulatory content

MiCAR distinguishes between the activities carried out on the primary market, i.e. the issuance of crypto-assets, and the services provided on the secondary market, known as crypto asset services. In detail, MiCAR regulates transparency and disclosure requirements for the issuance and trading of crypto-assets, the authorisation requirement for and supervision of crypto asset service providers (CASPs) and issuers of crypto-assets, and the proper business organisation of crypto asset issuers and crypto asset service providers. The regulation also addresses investor and consumer protection for the issuance, trading and custody of crypto-assets and provides for the prevention of market abuse on cryptocurrency exchanges.

The various rules set out in MiCAR entered into force at different points in time:

  • Rules regarding asset-referenced tokens (ARTs) and e-money tokens (EMTs) set out in Title III and Title IV became applicable on 30 June 2024.
  • Rules regarding the authorisation and ongoing supervision of CASPs in Title V became applicable on 30 December 2024.
  • All the other provisions of MiCAR (in particular Title II and Title VI) that are not directly applicable under Article 149(4) of MiCAR also became applicable on 30 December 2024. In addition, some individual articles became applicable on 29 June 2023.

The German Cryptomarkets Supervision Act (Kryptomärkteaufsichtsgesetz – KMAG), the national law accompanying MiCAR, was published in the Federal Law Gazette on 27 December 2024.

At the same time, the European Securities and Markets Authority (ESMA) and the European Banking Authority (EBA) are preparing regulatory technical standards, implementing technical standards and guidelines that will further specify the application of MiCAR.

Please be advised that fees are charged for the authorisation procedure for the provision of crypto-asset services (Article 59(1)(a) of Regulation (EU) 2023/1114) and for the notification of crypto-asset services (Article 60 of Regulation (EU) 2023/1114), among other things. These fees are time-based.

Guidance on the applicability of MiCAR from 30 June 2024

Part 1: Asset-referenced tokens (ARTs) and e-money tokens (EMTs)

If you intend to issue an ART or EMT, please send us an email at art-emt@bafin.de.

Authorisation procedures under Article 16 et seq. of MiCAR and white paper assessments under Article 17(1)(a) of MiCAR are the responsibility of Division ZK 1 of BaFin’s Banking Supervision Sector (which can be contacted at art-emt@bafin.de) and the respective regional office of the Deutsche Bundesbank. To determine the regional office responsible in your case, see the notice published in the Federal Gazette of 22 March 2024 regarding special rules for the ongoing monitoring of certain companies by the regional offices of the Deutsche Bundesbank. Please send your authorisation applications to both BaFin and the Deutsche Bundesbank.

Part 2: Other crypto-assets as asset-referenced tokens (ARTs) and e-money tokens (EMTs)

Offerors of crypto-assets other than ARTs or EMTs and persons seeking admission of such crypto-assets to trading are obliged to prepare a white paper and to submit it to BaFin as the competent authority under Article 8(1) of MiCAR at least 20 working days before the publication of the crypto-asset white paper in accordance with Article 8(5) of MiCAR. Article 4 of MiCAR defines the possible exemptions. At BaFin’s request, the marketing communications under Article 8(2) must be submitted. Furthermore, the submitted white paper must be accompanied by an explanation under Article 8(4) of MiCAR as to why the crypto-asset is excluded from the scope of Article 2(4) of MiCAR and why it is not considered to be an ART or EMT. In addition, a list of all EU countries in which the crypto-asset is offered to the public or admission to trading is sought must be submitted.

Division ZK 1 in BaFin’s Banking Supervision Sector is responsible for authorisation procedures and for reviewing white papers. Please send your white paper to whitepaper@bafin.de.

Part 3: Crypto-asset service providers (CASPs)

For institutions already providing financial services in connection with crypto-assets and for companies intending to provide crypto-asset services in the future, the applicability of MiCAR has brought about several changes. In particular, it is necessary to have authorisation under MiCAR in order to provide crypto-asset services.

MiCAR provides for various potential situations as follows.

A. Institutions with authorisation for crypto custody business or other financial services with regard to crypto-assets

Institutions that hold authorisation for crypto custody business or other financial services with regard to crypto-assets on 29 December 2024 and that are not CRR credit institutions may use the simplified procedure under Article 143(6) of MiCAR in conjunction with section 50 (3) of the KMAG. For these institutions, the draft of the German Regulation on the Implementation of the Simplified Procedure under Article 143(6) of Regulation (EU) 2023/1114 (Verordnung zur Durchführung des vereinfachten Verfahrens nach Artikel 143 Absatz 6 der Verordnung (EU) 2023/1114) is relevant in particular. Among other things, the German regulation sets out requirements for the content of the application and the timeline for the procedure, including the application deadlines. Until they get a MiCAR authorisation, these institutions may continue temporarily (until 31.12.2025 at the latest) to provide the services previously covered by their authorisation under the German Banking Act within the framework of a transitional regulation (31.12.2025 at the latest) on a national level.

B. Institutions already supervised by BaFin that intend to submit notifications in accordance with Article 60 of MiCAR

Institutions already supervised by BaFin that are permitted to provide crypto-asset services under Article 60 of MiCAR – i.e. CRR credit institutions, authorised central securities depositories (CSDs), investment firms, e-money institutions, UCITS management companies, alternative investment fund managers or authorised market operators of trading platforms – must notify BaFin of the information required under Article 60(7) of MiCAR at least 40 working days before providing the deadlines for the notification procedure are governed by Article 60 of MiCAR. Article 60(8) of MiCAR must be taken into account in this respect.

If you are an institution as described in Article 60(1) to (6) of MiCAR and have questions regarding the notification procedure under Article 60 of MiCAR, please contact the supervisor responsible for your institution at BaFin or at the competent regional office of the Deutsche Bundesbank. Investment firms are kindly asked to send their questions to wpi-notification@bafin.de.

If your institution intends to submit a notification under Article 60 of MiCAR, we ask that you send the template (pp. 68 – 74) together with the information required in Article 60(7) of MiCAR to casp-notification@bafin.de as well as to the regional office of the Deutsche Bundesbank responsible for your institution. To determine the regional office responsible in your case, see the notice in the Federal Gazette of 22 March 2024 regarding special rules for the ongoing monitoring of certain companies by the regional offices of the Deutsche Bundesbank. Please send your notification to both BaFin and the Deutsche Bundesbank.

C. Applicants currently engaged in an application procedure under section 32 of the German Banking Act (Kreditwesengesetz – KWG) regarding crypto-asset services

As of 30 December 2024, the provision of crypto-asset services requires authorisation under MiCAR. Applicants should therefore make the necessary changes in their organisation, processes and associated documentation at an early stage in order to meet the requirements under MiCAR. Applicants must submit an application for authorisation in accordance with Article 62 of MiCAR. It is possible to refer to information or documentation already submitted if such information or documentation is still up to date. The deadlines for the authorisation procedure are governed by Article 63 of MiCAR. The application for the current authorisation procedure under section 32 of the KWG must be withdrawn if the applicant does not intend to conduct qualified crypto custody business under section 1 (1a) sentence 2 no. 6 of the KWG. The authorisation application procedure as such carries a fee; a fee will also be charged if the application is withdrawn.

D. New applicants (companies not yet supervised by BaFin) intending to provide crypto-asset services under MiCAR

Companies intending to provide crypto-asset services under MiCAR require authorisation under Article 59(1)(a) in conjunction with Article 63 of MiCAR. Applications, Information and questions can be submitted to casp-authorisation@bafin.de.

The deadlines for the authorisation procedure are governed by Article 63 of MiCAR.

If you intend to submit an application under Article 62 of MiCAR, we ask that you send the template (pp. 105-112) together with the information required in Article 62(2) of MiCAR to casp-authorisation@bafin.de as well as to the Deutsche Bundesbank. To determine the office responsible in your case, see the notice in the Federal Gazette of 22 March 2024 regarding special rules for the ongoing monitoring of certain companies by the regional offices of the Deutsche Bundesbank. Please send your application to both BaFin and the Deutsche Bundesbank.

Furthermore, BaFin recommends keeping track of the publications of the Federal Ministry of Finance (Bundesministerium der Finanzen) in connection with the German Cryptomarkets Supervision Act (Kryptomärkteaufsichtsgesetz – KMAG) on an ongoing basis. Any related regulations will also be published on the BaFin website.

Part 3: Passporting

Notifications for cross-border crypto-asset services under Article 65 of MiCAR can be sent to passporting-notification@bafin.de.

ESA guidelines

BaFin declares the following guidelines of the European Supervisory Authorities (ESAs) to be directly applicable in connection with MiCAR.

ReferenceName and linkDate of application
EBA/GL/2024/06Guidelines on the minimum content of the governance arrangements for issuers of asset-referenced tokens31 January 2025
EBA/GL/2024/07Guidelines on recovery plans under Articles 46 and 55 of Regulation (EU) 2023/1114 31 January 2025
EBA/GL/2024/08Guidelines establishing the common reference parameters of the stress test scenarios for the liquidity stress tests referred in Article 45(4) Regulation (EU) 2023/111431 January 2025
EBA/GL/2024/09 ESMA75-453128700-10EBA and ESMA Guidelines on the suitability assessment of members of management body of issuers of asset-referenced tokens and of crypto-asset service providers, and on Joint EBA and ESMA Guidelines on the suitability assessment of
shareholders and members, whether direct or indirect, with qualifying holdings in issuers of asset-referenced tokens and in crypto-asset service providers 		04 February 2025
EBA/GL/2024/13Guidelines on redemption plans under Articles 47 and 55 of Regulation (EU) 2023/1114 10 February 2025

FAQs regarding MiCAR

The following questions regarding MiCAR are intended to give an initial overview of the most important issues regarding the services governed by MiCAR, without any claim to completeness.

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What are the obligations and requirements that EMT issuers have to fulfil under MiCAR?

Article 49 of MiCAR sets out provisions regarding the issuance and redeemability of EMTs. In detail, MiCAR grants the holders of EMTs a claim on the issuer of the respective EMTs. Moreover, MiCAR requires issuers, on receipt of funds, to issue EMTs at par value. EMT holders are entitled to request that an issuer redeem, at par value and at any moment, the monetary value of the EMTs. Neither EMT issuers nor crypto-asset service providers are authorised to grant EMT holders interest or any other benefit during the period in which EMTs are held (Article 50 of MiCAR).


Furthermore, MiCAR covers questions concerning liability for white paper content and sets out rules regarding the investment of funds received in exchange for EMTs.

Does MiCAR set out any specific additional obligations for certain EMTs?

Where EMTs are classified as significant by the EBA based on some of the criteria defined in Article 56 of MiCAR (size, volume, interconnectedness, etc.), issuers must fulfil additional obligations (higher own funds requirements, requirements for holding reserve assets, etc.) set out in Article 58 of MiCAR. Where the issuer is an e-money institution, the responsibility for supervision is transferred in some cases to the EBA.

How does MiCAR regulate the issuance of crypto-assets that are neither ARTs nor EMTs?

In contrast to the requirements for the issuance of ARTs and EMTs, the regulation does not provide for an authorisation requirement for the issuance of other crypto-assets. To issue or offer to the public any type of crypto-assets (in the event that no exemptions apply), issuers must submit a white paper to the competent authority and publish it, comply with requirements for marketing communications and grant token holders rights of withdrawal (Article 6 et seq. of MiCAR). Moreover, issuers of crypto-assets other than ARTs or EMTs and persons seeking the admission to trading for such crypto-assets must comply with conduct of business rules (Article 14 of MiCAR) and are to be held responsible for the information provided in a crypto-asset white paper (Article 15 of MiCAR).

The aforementioned requirements do not apply, for example, to issuers or providers of crypto-assets that are offered free of charge or where crypto-assets are issued as mining rewards (Article 4(3)(b) of MiCAR).

How does MiCAR define crypto-asset services?

MiCAR sets out and defines the following crypto-asset services (points 16(a) to (j) and points 17 to 26 of Article 3(1) of MiCAR):

  • operation of a trading platform for crypto-assets: management of one or more multilateral systems, which bring together or facilitate the bringing together of multiple third-party purchasing and selling interests in crypto-assets, in the system and in accordance with its rules, in a way that results in a contract, either by exchanging crypto-assets for funds or by the exchange of crypto-assets for other crypto-assets;
  • exchange of crypto-assets for funds: conclusion of purchase or sale contracts concerning crypto-assets with clients for funds by using proprietary capital;
  • exchange of crypto-assets for other crypto-assets: conclusion of purchase or sale contracts concerning crypto-assets with clients for other crypto-assets by using proprietary capital;
  • execution of orders for crypto-assets on behalf of clients: conclusion of agreements, on behalf of clients, to purchase or sell one or more crypto-assets or the subscription on behalf of clients for one or more crypto-assets; including the conclusion of contracts to sell crypto-assets at the moment of their offer to the public or admission to trading;
  • placing of crypto-assets: marketing, on behalf of or for the account of the offeror or a party related to the offeror, of crypto-assets to purchasers;
  • reception and transmission of orders for crypto-assets on behalf of clients: the reception from a person of an order to purchase or sell one or more crypto-assets or to subscribe for one or more crypto-assets and the transmission of that order to a third party for execution;
  • providing advice on crypto-assets: offering, giving or agreeing to give personalised recommendations to a client, either at the client’s request or on the initiative of the crypto asset service provider providing the advice, in respect of one or more transactions relating to crypto-assets, or the use of crypto asset services;
  • providing portfolio management of crypto-assets: managing portfolios in accordance with mandates given by clients on a discretionary client-by-client basis where such portfolios include one or more crypto-assets;
  • providing transfer services for crypto-assets on behalf of clients: providing services of transfer, on behalf of a natural or legal person, of crypto-assets from one distributed ledger address or account to another.

Is the provision of crypto-asset services subject to an authorisation requirement under MiCAR?

Under Article 59 of MiCAR, crypto-asset services may generally only be provided by service providers that have a registered office in the EU and have been authorised as crypto-asset service providers by competent authorities in accordance with Article 63 of MiCAR.

Does MiCAR provide for any exemptions from the authorisation requirement for the provision of crypto-asset services?

Under Article 60(1) to (6) of MiCAR, certain entities such as CRR credit institutions (please note: these are CRR credit institutions within the meaning of point 28 of Article 3(1) of MiCAR), investment firms and e-money institutions are permitted to provide all or specific crypto-asset services without separate authorisation. These entities must notify the competent supervisory authorities of their intention to take up business activities, providing the information stipulated in Article 60(7) of MiCAR.

Who supervises ART/EMT issuers and crypto-asset service providers?

In Germany, supervision is generally provided by BaFin in cooperation with the Deutsche Bundesbank. For issuers of significant ARTs, supervisory responsibilities are transferred to the EBA (Article 43(7) of MiCAR); in the case of significant EMTs, supervisory responsibilities are transferred to the EBA in specific cases (Article 56(6) of MiCAR).

What are the conditions for utilising the transitional provisions under Article 143(3) of MiCAR?

Article 143(3) of MiCAR, which by its very wording refers to “crypto-asset service providers”, requires a relation to crypto-assets for the provision of services and covers situations in which these services (in relation to crypto-assets) were not subject to authorisation under national law or where an authorisation for the respective service had already been granted before MiCAR came into force. Article 143(3) of MiCAR does not apply to companies that are subject to supervision by BaFin for the conduct of banking business and/or the provision of financial services, but do not provide services in relation to crypto-assets.

If a supervised institution does not yet provide any services in relation to crypto-assets, that institution is not permitted to provide such services without authorisation or notification under MiCAR beginning 30 December 2024.

How should the deadlines for the notification procedure under Article 60 of MiCAR be understood?

Institutions authorised to provide crypto-asset services in accordance with Article 60(1) to (6) of MiCAR must provide BaFin with the information required under Article 60(7) of MiCAR in full, no later than 40 working days before the crypto-asset service is to be provided for the first time. As of 30 December 2024, the deadlines for the notification procedure are governed by Article 60 of MiCAR. After receiving the notification, BaFin has 20 working days to review it and to notify the institution as to whether all the necessary information has been provided in full. If the documentation is not complete, BaFin may request the missing information and set a deadline of no more than 20 working days for its submission. This period granted for the submission of missing information will extend the processing deadline. BaFin may, at its discretion, request further information or clarification regarding the information provided, but this will no longer extend the deadline. The maximum duration of a procedure is 60 working days, provided that BaFin has received all the documentation in full by the end of the 60th working day. However, this does not mean that a notifying institution is automatically authorised to provide crypto-asset services at the end of 60 working days from BaFin’s receipt of the notification. According to Article 60(8)(3) of MiCAR, the crypto-asset service provider is not to begin providing the crypto-asset services as long as the notification is incomplete.

Additional information

More on this topic

Warning on crypto-assets

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