Country Manual Cryptos Overview Update
Germany
BRP has updated its Country Manuals Cryptos Overview for
Germany
out of Crypto-Asset service provider’s country of establishment (DEF, RS & RT)
| SOURCE OF CHANGES | ANSWERS |
|---|---|
| Law/Regulation | No |
| New Position of the Authorities | No |
| Evolution of Expert’s interpretation | Yes |
Definitions & Concepts, Regulatory Summary and Behaviour Template
The Country Manual Cryptos Overview has been reviewed to ensure that the content of all the documents remain accurate and up to date.
Material changes
The Cryptos Overview Behaviour Template (BT) reflects the principles set out in the Regulatroy Summary document (RS) using schematic “dos and don’ts” that now cover both types of investors (Retail and Professional). However, the position with respect to Professional Investors is generally the same as for Retail Investors.
The provision of advisory services relating to payment and utility tokens falls within the scope of MiCA, whereas those relating to security tokens are subject to German investment service regulations. As MiCA authorization is required for payment and utility tokens, a strict approach (“Grey zone/NO”) is adopted for active onshore and remote scenarios (irrespective of the presence of an advisory agreement that has been requested by the client), in order to better reflect the narrow interpretation of ‘reverse solicitation’ under MiCA.
On the other hand regarding Security Tokens, CASPs may provide investment advice to clients in/into Germany (onshore and remote) either upon a client’s own specific request or based an ongoing advisory agreement that specifically covers these services and which has been established in compliance with the German cross-border regulation (i.e. on a reverse solicitation basis). Still, the CASP may only act on German territory on an occasional basis in order to avoid a permanent place of business and/or a de facto branch. Accordingly, the CM CO BT provides the relevant onshore and remote scenarios with the answer “Grey zone/YES” with additional comments.
Non-material changes
Some comments and content have been slightly reworded, without introducing substantive changes to better reflect the regulatory situation/current interpretation of the regulatory framework more accurately.
For more information, please contact us: info@brpsa.com
Geneva, May 27th, 2025