Golden Finance reported that according to Ledger Insights, the German Parliament (Bundestag) passed the Financial Market Digitalization Act (Finanzmarktdigitalisierungsgesetz of FinmadiG) this week. Parliament has responded to industry calls to ensure the legislation is in place before MiCAR fully comes into force on 30 December. FinmadiG not only touches on cryptocurrencies and MiCAR, but also affects other EU laws such as DORA and the Funds Transfer Regulation. For MiCAR, it introduced the Cryptocurrency Market Regulation Act (KMAG), which replaced Germany’s old cryptocurrency rules with MiCAR. Technically, MiCAR is a regulation and therefore does not require local laws. However, legislation is required to designate BaFin as the supervisory authority, otherwise BaFin cannot issue licenses. This will allow EU companies with cryptocurrency licenses from other countries to operate in Germany, but German companies will not be able to operate in the EU. Additionally, MiCAR will allow companies with existing licenses to continue operating for up to 18 months, with a transition period to be determined by each jurisdiction. New German legislation sets it at one year.