New legal commentary on the Crypto Markets Supervision Act

At the beginning of March, NOMOS Verlag published the legal commentary on the Crypto Markets Supervision Act (KMAG) edited by Prof. Hon. Prof. Dr Dominik Skauradszun (Fulda University of Applied Sciences) and Prof. Dr Dimitrios Linardatos (Saarland University).

The Crypto Markets Supervision Act is a sister law to the German Banking Act, the Central University Administration Act for credit institutions and financial services institutions. The KMAG serves to implement the EU Regulation on Markets in Crypto Assets (MiCAR). If issuers in Germany wish to issue stable coins (e-money tokens or asset-backed tokens) or offer other crypto assets to the public, or wish to operate as providers of crypto asset services in these markets, they must fulfil the regulatory requirements of both MiCAR and KMAG.

The KMAG also contains numerous special provisions for accounting and final examination. Prof Dr Christian Laschewski, StB, from the Department of Business commented on these regulations. Prof Skauradszun, together with Prof Linardatos, wrote a comprehensive introduction to the KMAG, in which numerous special legal features such as a genuine retroactive effect of the law were assessed. He also commented on the measures in special cases such as insufficient capital resources, organisational defects, risk and insolvency.

Other authors come from the Deutsche Bundesbank, BaFin, from academic research (Prof. Dr Philipp Maume, Technical University of Munich; Dr Felix Ruppert, Ludwig Maximilian University of Munich) and from advisory services (Dr Conrad Ruppel, Baker McKenzie; Georg Lorenz, Kirkland & Ellis).

The approximately 700-page work is available here: www.nomos-shop.de/de/p/kryptomaerkteaufsichtsgesetz-kmag-978-3-7560-1534-4