• Mehr als 3 Millionen Wörter Inhalt
  • |
  • info@itmedialaw.com
  • |
  • Tel: 03322 5078053
Rechtsanwalt Marian Härtel - ITMediaLaw

No products in the cart.

  • en English
  • de Deutsch
  • Informationen
    • Ideal partner
    • About lawyer Marian Härtel
    • Quick and flexible access
    • Principles as a lawyer
    • Why a lawyer and business consultant?
    • Focus areas of attorney Marian Härtel
      • Focus on start-ups
      • Investment advice
      • Corporate law
      • Cryptocurrencies, Blockchain and Games
      • AI and SaaS
      • Streamers and influencers
      • Games and esports law
      • IT/IP Law
      • Law firm for GMBH,UG, GbR
      • Law firm for IT/IP and media law
    • The everyday life of an IT lawyer
    • How can I help clients?
    • Testimonials
    • Team: Saskia Härtel – WHO AM I?
    • Agile and lean law firm
    • Price overview
    • Various information
      • Terms
      • Privacy policy
      • Imprint
  • Services
    • Support and advice of agencies
    • Contract review and preparation
    • Games law consulting
    • Consulting for influencers and streamers
    • Advice in e-commerce
    • DLT and Blockchain consulting
    • Legal advice in corporate law: from incorporation to structuring
    • Legal compliance and expert opinions
    • Outsourcing – for companies or law firms
    • Booking as speaker
  • News
    • Gloss / Opinion
    • Law on the Internet
    • Online retail
    • Law and computer games
    • Law and Esport
    • Blockchain and web law
    • Data protection Law
    • Copyright
    • Labour law
    • Competition law
    • Corporate
    • EU law
    • Law on the protection of minors
    • Tax
    • Other
    • Internally
  • Podcast
    • ITMediaLaw Podcast
  • Knowledge base
    • Laws
    • Legal terms
    • Contract types
    • Clause types
    • Forms of financing
    • Legal means
    • Authorities
    • Company forms
    • Tax
    • Concepts
  • Videos
    • Information videos – about Marian Härtel
    • Videos – about me (Couch)
    • Blogpost – individual videos
    • Videos on services
    • Shorts
    • Podcast format
    • Third-party videos
    • Other videos
  • Contact
Kurzberatung
  • Informationen
    • Ideal partner
    • About lawyer Marian Härtel
    • Quick and flexible access
    • Principles as a lawyer
    • Why a lawyer and business consultant?
    • Focus areas of attorney Marian Härtel
      • Focus on start-ups
      • Investment advice
      • Corporate law
      • Cryptocurrencies, Blockchain and Games
      • AI and SaaS
      • Streamers and influencers
      • Games and esports law
      • IT/IP Law
      • Law firm for GMBH,UG, GbR
      • Law firm for IT/IP and media law
    • The everyday life of an IT lawyer
    • How can I help clients?
    • Testimonials
    • Team: Saskia Härtel – WHO AM I?
    • Agile and lean law firm
    • Price overview
    • Various information
      • Terms
      • Privacy policy
      • Imprint
  • Services
    • Support and advice of agencies
    • Contract review and preparation
    • Games law consulting
    • Consulting for influencers and streamers
    • Advice in e-commerce
    • DLT and Blockchain consulting
    • Legal advice in corporate law: from incorporation to structuring
    • Legal compliance and expert opinions
    • Outsourcing – for companies or law firms
    • Booking as speaker
  • News
    • Gloss / Opinion
    • Law on the Internet
    • Online retail
    • Law and computer games
    • Law and Esport
    • Blockchain and web law
    • Data protection Law
    • Copyright
    • Labour law
    • Competition law
    • Corporate
    • EU law
    • Law on the protection of minors
    • Tax
    • Other
    • Internally
  • Podcast
    • ITMediaLaw Podcast
  • Knowledge base
    • Laws
    • Legal terms
    • Contract types
    • Clause types
    • Forms of financing
    • Legal means
    • Authorities
    • Company forms
    • Tax
    • Concepts
  • Videos
    • Information videos – about Marian Härtel
    • Videos – about me (Couch)
    • Blogpost – individual videos
    • Videos on services
    • Shorts
    • Podcast format
    • Third-party videos
    • Other videos
  • Contact
Rechtsanwalt Marian Härtel - ITMediaLaw

BaFin and the regulation of e-money (including computer games)

11. December 2022
in Blockchain and web law, Law and computer games
Reading Time: 22 mins read
0 0
A A
0
sell g1389e32ca 1920
Key Facts
  • BaFin is the supervisory authority for financial service providers in Germany, founded in 2002 and based in Bonn and Frankfurt.
  • BaFin's main task is to monitor the integrity of the financial system and enforce legal regulations.
  • BaFin regulates banks, insurance companies and e-money institutions and ensures financial stability.
  • Electronic money institutions must meet strict requirements in terms of financial resources and risk management in order to be licensed.
  • BaFin can impose sanctions if companies violate regulations and ensures customer protection.
  • When regulating NFTs, consider treating them as securities, which requires authorizations.
  • It is essential for companies in the e-money sector to comply with BaFin regulations in order to prevent legal problems.

What is BaFin?

Content Hide
1. What is BaFin?
2. Tasks of BaFin
3. Regulation of e-money by BaFin
3.1. Fundamentals of the regulation of e-money institutions
3.2. Requirements for the issuance of a license as an electronic money institution
4. E-money, computer games and play money?
5. Conclusion: Great opportunities, but also great effort to become an e-money institution
5.1. Author: Marian Härtel

BaFin is the Federal Financial Supervisory Authority and is the German supervisory authority for credit institutions, insurance companies, financial service providers and securities trading houses. BaFin monitors and regulates the German financial market and ensures that companies operating in this market comply with the statutory rules. BaFin was established in 2002, replacing the previous supervisory authority, the Federal Banking Supervisory Office (BAKred). Since its foundation, BaFin has been based in Bonn. In 2011, however, the agency moved (at least in part) to Frankfurt am Main. BaFin’s main task is to safeguard the integrity of the German financial system. This includes BaFin inspecting financial companies and ensuring that they comply with the legal rules. The authority also acts as a dispute resolution body between customers and companies. BaFin is subordinate to the Federal Ministry of Finance.

Tasks of BaFin

BaFin is responsible for the proper conduct of banking transactions as well as financial services and e-money throughout Germany. It takes control of banks, insurance companies, financial service providers and investment funds and ensures that these companies meet their obligations. BaFin also has an important role in the regulation of e-money in Germany. It is responsible for monitoring the activities of companies offering e-money and ensuring that they fully comply with applicable laws. The authority may also impose fines or other sanctions if companies violate regulations or requirements.

To effectively regulate these companies, there are various laws and regulations that all financial companies must abide by. This includes regular reporting to BaFin and an anti-money laundering program to prevent money laundering activities by these organizations. In addition, BaFin is responsible for reviewing or issuing strict control measures when issuing license applications to companies, as well as regularly reviewing existing license applications and establishing new rules or guidelines as necessary. The aim here is always to ensure customer protection with regard to financial services products and services and to hedge potential financial risks for investors.

Providers of NFTs could also be required to be regulated by BaFin or fall under the relevant laws, depending on their design. If NFTs are classified as securities, this means that they are subject to the same rules as other financial instruments. This means that companies wishing to offer or trade such NFTs must obtain approval from BaFin. They must also adhere to the same transparency and risk management standards that apply to other securities. This is an important step in ensuring that investors are treated fairly when purchasing NFT in a regulated market. The distinction between NFT, for example in computer games or for fashion, and NFT, which actually only serve investment purposes, is currently very difficult and one of the great challenges for lawyers in this area.

Regulation of e-money by BaFin

Fundamentals of the regulation of e-money institutions

Due to concerns about the financial security and stability associated with e-money, BaFin has established a set of rules that require e-money institutions to meet certain standards. These include:

1. an e-money institution must be able to demonstrate that it has sufficient financial resources to keep customer funds safe and to meet all obligations to customers. BaFin regularly reviews the financial stability of the institution.

2. an adequate risk management structure must be in place to ensure that customers’ funds are protected from the risk of financial loss. This structure should include sound internal audit and control, as well as a code of conduct for all employees of the Institute.

3. reasonable precautions must be taken to protect customer data to ensure that personal information cannot be misused and customer data remains protected from unauthorized access.

4. precautions must be taken against fraudulent activities and manipulation of transactions. This includes risk-based screening of potential business relationships and transaction transparency.

5. the institution must be able to remain liquid and maintain all payment obligations by building up adequate reserves or taking other measures to avert or mitigate a liquidity crisis.

Requirements for the issuance of a license as an electronic money institution

BaFin sets strict requirements that must be met in order to obtain a license as an e-money institution. These include:

1. an applicant must obtain approval from BaFin and undergo a licensing procedure before it can be licensed as an e-money institution. This procedure includes a detailed examination of the technical and organizational components of the company and its activities.

2. the applicant must also demonstrate a minimum capital in proportion to the activities envisaged. The amount of minimum capital required depends on the type and size of the company and its activities.

3. in addition, an applicant must have the necessary expertise to perform the e-money institution’s tasks efficiently and in accordance with the applicable regulations. This also includes proof of recognized qualifications, which must be checked regularly.

4. finally, it is necessary for an e-money institution to adhere to certain requirements regarding customer identification, transparency and money laundering prevention. This includes the implementation of effective internal control systems and appropriate procedures to prevent manipulation or fraud in the Company’s financial services operations.

BaFin also sets certain reporting requirements to ensure that all relevant information can be reported in a timely manner. In addition, it may in certain cases require the provision of further evidence of performance or impose conditions to ensure that the legal requirements are met. To ensure that all regulations are properly followed, BaFin regularly monitors all e-money institutions in Germany and initiates measures to improve compliance if necessary.

This includes, among other things, reviewing the use of new technologies or products and their impact on the market and customer protection regulations. Due to its strict regulation, BaFin ensures that e-money institutions can fulfill their duties correctly and protect customer funds appropriately. Therefore, it is very important for companies to understand what BaFin’s requirements are and what steps need to be taken to become licensed as an e-money institution and stay in business.

E-money, computer games and play money?

E-money may also have an impact on the computer games market in the future. Since play money may be classified as e-money, this could mean that computer games that use play money, especially those that can be used in multiple games or in games from different providers, will be regulated by BaFin.

In the past, there have been cases of providers falling out of favor because they did not follow the applicable rules. To avoid this risk, it is advisable to seek professional advice when doing more with an in-game currency than using it purely internally in just one game, or when using blockchain mechanics or content to handle the currency.

Although there are no strict regulations for individual computer games yet, it is important to understand that any company with a product or service related to virtual money and digital payments has legal obligations. This includes compliance with certain data protection standards and, under certain circumstances, provisions of the German Money Laundering Act. This can, for example, prevent illegal activities such as money laundering or terrorist financing from being supported via the game. BaFin is currently looking at various ways to ensure that new technology is not abused and developers are able to sell their products legally. It is therefore advisable for all parties involved in the e-money sector to contact BaFin before making any changes to their products or services. This is the only way to be sure that you comply with all applicable laws and regulations and thus do not get into trouble unintentionally.

Ultimately, such regulation provides individuals and companies with protection against financial risk and unlawful conduct. Therefore, it is crucial that all companies in the e-money sector refresh their knowledge and always comply with BaFin in light of the latest developments.

Conclusion: Great opportunities, but also great effort to become an e-money institution

E-money offers great opportunities for companies that take on the effort and expense of establishing and operating an e-money institution. Especially in the field of computer games or when trying to establish a currency for more than one provider, there are hardly any providers so far.

Even though BaFin strictly monitors the regulation of e-money institutions, these companies can operate quite profitably. However, it is also important to note that an e-money institution is a very complex business and therefore also requires a lot of effort.

I am happy to advise on these issues and can also help with the creation of a business model or assist with any issues away from BaFin.

Marian Härtel
Author: Marian Härtel

Marian Härtel ist Rechtsanwalt und Fachanwalt für IT-Recht mit einer über 25-jährigen Erfahrung als Unternehmer und Berater in den Bereichen Games, E-Sport, Blockchain, SaaS und Künstliche Intelligenz. Seine Beratungsschwerpunkte umfassen neben dem IT-Recht insbesondere das Urheberrecht, Medienrecht sowie Wettbewerbsrecht. Er betreut schwerpunktmäßig Start-ups, Agenturen und Influencer, die er in strategischen Fragen, komplexen Vertragsangelegenheiten sowie bei Investitionsprojekten begleitet. Dabei zeichnet sich seine Beratung durch einen interdisziplinären Ansatz aus, der juristische Expertise und langjährige unternehmerische Erfahrung miteinander verbindet. Ziel seiner Tätigkeit ist stets, Mandanten praxisorientierte Lösungen anzubieten und rechtlich fundierte Unterstützung bei der Umsetzung innovativer Geschäftsmodelle zu gewährleisten.

Tags: BankBlockchainComplianceComputerComputer gameDevelopmentdigitalFinancingFrankfurtGamesInformationInterestInvestmentInvestorLawsLizenzManagementModelMoney launderingPrivacyRegulationRisk ManagementSanctionSecuritiesserviceSicherheit

Weitere spannende Blogposts

ECJ: Mere storage of goods does not constitute trademark infringement

Online shops: Attention to advertising with EIA
7. November 2022

The mere storage of trademark infringing goods by Amazon in the context of its online marketplace (Amazon Marketplace) does not...

Read moreDetails

Searches in cases of “Google Fonts” cease-and-desist letters

Searches in cases of “Google Fonts” cease-and-desist letters
3. January 2023

In proceedings against two defendants - a 53-year-old lawyer based in Berlin and his 41-year-old client, the alleged representative of...

Read moreDetails

Navigating AI Generators: Liability, disclosure, and the need for regulation

Navigating AI Generators: Liability, disclosure, and the need for regulation
25. May 2023

Introduction In my daily work as a technology and media law attorney, I come into contact with various forms of...

Read moreDetails

Gambling vs. Skillgaming, a small demolition

Gambling vs. Skillgaming, a small demolition
1. July 2019

Skillgaming? I have just completed an expert opinion on the admissibility of Skillgaming under Section 284 of the German Criminal...

Read moreDetails

Federal Court of Justice and “climate neutral”

BGH considers Uber Black to be anti-competitive
10. July 2024

The Federal Court of Justice has ruled that advertising with an ambiguous environmental term (here: "climate neutral") is only permissible...

Read moreDetails

Data protection conference allows “pure subscription” model on websites

Data protection conference allows “pure subscription” model on websites
4. April 2023

The Conference of Independent Federal and State Data Protection Authorities (DSK) recently issued a decision regarding so-called pure subscription models...

Read moreDetails

BGH on misleading Google ads

No more free tissues at the pharmacy?
25. July 2019

The I.E. Civil Senate of the Federal Court of Justice, which is responsible for trademark law, among other things, has...

Read moreDetails

Cookies for advertising purposes only with the active consent of the user

ECJ: Cookies require explicit consent of users
5. June 2020

The BGH has ruled on the question of the requirements for consent to telephone advertising and the storage of cookies...

Read moreDetails

Bundestag speech by Monika Lazar (B90/Grüne) on eSports on 8/9.11.18

Bundestag speech by Monika Lazar (B90/Grüne) on eSports on 8/9.11.18
7. November 2022

The speech of Monika Lazar (Bündnis 90 / Die Grünen), member of the Bundestag from Leipzig (Saxony), on the motion...

Read moreDetails
Contractual regulations for no-code/low-code software development
Other

Contractual regulations for no-code/low-code software development

21. May 2025

No-code and low-code platforms enable rapid software development without extensive manual programming. Applications are increasingly being developed on the basis...

Read moreDetails
Erotic content on OnlyFans: Copyright and personality rights protection for creators

Erotic content on OnlyFans: Copyright and personality rights protection for creators

20. May 2025
Goodbye hustle culture? Startup life between 24/7 grind and work-life balance

Goodbye hustle culture? Startup life between 24/7 grind and work-life balance

19. May 2025
Startup buzzwords 2025: Bullshit bingo in marketing German Introduction: Bullshit bingo in marketing German

Startup buzzwords 2025: Bullshit bingo in marketing German Introduction: Bullshit bingo in marketing German

18. May 2025
From the metaverse boom to AI euphoria – a tech lawyer in the hype cycle

From the metaverse boom to AI euphoria – a tech lawyer in the hype cycle

17. May 2025

Podcastfolge

8315f1ef298eb54dfeed2f5e55c8b9da 1

First test episode of the ITMediaLaw Podcast

26. August 2024

First test episodeDear readers, I am delighted to present the first test run of our brand new IT Media Law...

Read moreDetails
d5ab3414c7c4a7a5040c3c3c60451c44

The metaverse – legal challenges in virtual worlds

26. September 2024
fcb134a2b3cfec5d256cf9742ecef1cd

The unconventional lawyer: a nerd in the service of the law

26. September 2024
3c671c5134443338a4e0c30412ac3270

“Digital law decoded” with lawyer Marian Härtel

26. September 2024
86fe194b0c4a43e7aef2a4773b88c2c4

On the dark side? A lawyer in the field of tension of innovative start-ups

26. September 2024

Video

My transparent billing

My transparent billing

10. February 2025

In this video, I talk a bit about transparent billing and how I communicate what it costs to work with...

Read moreDetails
Fascination between law and technology

Fascination between law and technology

10. February 2025
My two biggest challenges are?

My two biggest challenges are?

10. February 2025
What really makes me happy

What really makes me happy

10. February 2025
What I love about my job!

What I love about my job!

10. February 2025
  • Privacy policy
  • Imprint
  • Contact
  • About lawyer Marian Härtel
Marian Härtel, Rathenaustr. 58a, 14612 Falkensee, info@itmedialaw.com

Marian Härtel - Rechtsanwalt für IT-Recht, Medienrecht und Startups, mit einem Fokus auf innovative Geschäftsmodelle, Games, KI und Finanzierungsberatung.

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
  • Informationen
    • Ideal partner
    • About lawyer Marian Härtel
    • Quick and flexible access
    • Principles as a lawyer
    • Why a lawyer and business consultant?
    • Focus areas of attorney Marian Härtel
      • Focus on start-ups
      • Investment advice
      • Corporate law
      • Cryptocurrencies, Blockchain and Games
      • AI and SaaS
      • Streamers and influencers
      • Games and esports law
      • IT/IP Law
      • Law firm for GMBH,UG, GbR
      • Law firm for IT/IP and media law
    • The everyday life of an IT lawyer
    • How can I help clients?
    • Testimonials
    • Team: Saskia Härtel – WHO AM I?
    • Agile and lean law firm
    • Price overview
    • Various information
      • Terms
      • Privacy policy
      • Imprint
  • Services
    • Support and advice of agencies
    • Contract review and preparation
    • Games law consulting
    • Consulting for influencers and streamers
    • Advice in e-commerce
    • DLT and Blockchain consulting
    • Legal advice in corporate law: from incorporation to structuring
    • Legal compliance and expert opinions
    • Outsourcing – for companies or law firms
    • Booking as speaker
  • News
    • Gloss / Opinion
    • Law on the Internet
    • Online retail
    • Law and computer games
    • Law and Esport
    • Blockchain and web law
    • Data protection Law
    • Copyright
    • Labour law
    • Competition law
    • Corporate
    • EU law
    • Law on the protection of minors
    • Tax
    • Other
    • Internally
  • Podcast
    • ITMediaLaw Podcast
  • Knowledge base
    • Laws
    • Legal terms
    • Contract types
    • Clause types
    • Forms of financing
    • Legal means
    • Authorities
    • Company forms
    • Tax
    • Concepts
  • Videos
    • Information videos – about Marian Härtel
    • Videos – about me (Couch)
    • Blogpost – individual videos
    • Videos on services
    • Shorts
    • Podcast format
    • Third-party videos
    • Other videos
  • Contact
  • en English
  • de Deutsch
Kostenlose Kurzberatung