Clifford Chance

Germany's new Financial Market Digitalisation Act

23 November 2023

On 23 October 2023, the German Ministry of Finance (BMF) published a draft Act on the Digitalisation of the Financial Markets (Finanzmarktdigitalisierungsgesetz – FinmadiG).

FinmadiG is intended to align the German financial regulation regime with key parts of the EU's new Digital Finance Package, which includes comprehensive new regulations on markets in crypto-assets (MiCA) and digital operational resilience (DORA). Amongst others, FinmadiG introduces a new Act on the Supervision of Crypto Markets (Kryptomärkteaufsichtsgesetz – KMAG) and amends numerous German financial market laws such as the German Banking Act (KWG), the German Securities Trading Act (WpHG), the German Investment Institutions Act (WpIG) and the German Capital Investment Code (KAGB).

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