{"id":11577,"date":"2025-04-02T09:03:05","date_gmt":"2025-04-02T09:03:05","guid":{"rendered":"https:\/\/www.marketing-faktor.de\/token-regulierung\/"},"modified":"2025-12-11T09:14:02","modified_gmt":"2025-12-11T09:14:02","slug":"token-regulation","status":"publish","type":"blog_posts","link":"https:\/\/www.marketing-faktor.de\/en\/token-regulation\/","title":{"rendered":"All about MiCAR and token regulation by BaFin"},"content":{"rendered":"<section class=\"wpb-content-wrapper\"><p>[vc_row][vc_column][vc_column_text]<\/p>\n<h1 style=\"text-align: center;\"><span id=\"Everything_about_MiCAR_and_Token_Regulation_by_BaFin\"><strong>Everything about MiCAR and Token Regulation by BaFin<\/strong><\/span><\/h1>\n<p>&nbsp;<\/p>\n<div id=\"gtx-trans\" style=\"position: absolute; left: 198px; top: 104.984px;\">\n<div class=\"gtx-trans-icon\"><\/div>\n<p>&nbsp;<\/p>\n<\/div>\n<p>[\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column width=&#8221;1\/2&#8243;][vc_single_image image=&#8221;13178&#8243; img_size=&#8221;full&#8221; css=&#8221;.vc_custom_1761741322586{padding-right: 20px !important;}&#8221;][\/vc_column][vc_column width=&#8221;1\/2&#8243;][vc_column_text css=&#8221;.vc_custom_1743584358732{padding-top: 20px !important;padding-right: 20px !important;padding-bottom: 20px !important;padding-left: 30px !important;}&#8221;]<span style=\"font-weight: 400;\">The market for crypto-assets is growing rapidly. Companies and investors are increasingly turning to <\/span><b>digital assets<\/b><span style=\"font-weight: 400;\">. But as adoption rises, the need for <\/span><b>clear regulation<\/b><span style=\"font-weight: 400;\"> also grows. This is precisely where the <\/span><b>Markets in<\/b> <b>Crypto-Assets Regulation (MiCAR)<\/b><span style=\"font-weight: 400;\"> comes in. This new regulation creates uniform rules for tokens, their issuers and service providers.\u00a0\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In Germany, <\/span><b>BaFin<\/b><span style=\"font-weight: 400;\"> plays a central role in implementing MiCAR. It determines which tokens are valid and how they are regulated. This article gives you a detailed <\/span><b>overview<\/b><span style=\"font-weight: 400;\"> of MiCAR, the <\/span><b>requirements<\/b><span style=\"font-weight: 400;\"> for companies and the <\/span><b>impact<\/b><span style=\"font-weight: 400;\"> on crypto-assets and cryptocurrencies. <\/span>[\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column][vc_column_text]<div id=\"toc_container\" class=\"no_bullets\"><p class=\"toc_title\">Inhaltsverzeichnis<\/p><ul class=\"toc_list\"><li><a href=\"#Everything_about_MiCAR_and_Token_Regulation_by_BaFin\"><span class=\"toc_number toc_depth_1\">1<\/span> Everything about MiCAR and Token Regulation by BaFin<\/a><ul><li><a href=\"#MiCAR_sets_new_standards_for_tokens\"><span class=\"toc_number toc_depth_2\">1.1<\/span> MiCAR sets new standards for tokens\u00a0 <\/a><ul><li><a href=\"#Which_tokens_does_MiCAR_classify\"><span class=\"toc_number toc_depth_3\">1.1.1<\/span> Which tokens does MiCAR classify?<\/a><\/li><\/ul><\/li><li><a href=\"#The_role_of_BaFin_in_regulating_crypto-assets\"><span class=\"toc_number toc_depth_2\">1.2<\/span> The role of BaFin in regulating crypto-assets<\/a><ul><li><a href=\"#What_requirements_must_issuers_meet\"><span class=\"toc_number toc_depth_3\">1.2.1<\/span> What requirements must issuers meet? <\/a><\/li><\/ul><\/li><li><a href=\"#Impact_of_MiCAR_regulation_on_cryptocurrencies\"><span class=\"toc_number toc_depth_2\">1.3<\/span> Impact of MiCAR regulation on cryptocurrencies<\/a><ul><li><a href=\"#How_are_Bitcoin_and_Ethereum_regulated\"><span class=\"toc_number toc_depth_3\">1.3.1<\/span> How are Bitcoin and Ethereum regulated?<\/a><\/li><\/ul><\/li><li><a href=\"#What_does_the_new_regulation_mean_for_ICOs\"><span class=\"toc_number toc_depth_2\">1.4<\/span> What does the new regulation mean for ICOs?\u00a0 <\/a><ul><li><a href=\"#Key_innovations_for_ICOs\"><span class=\"toc_number toc_depth_3\">1.4.1<\/span> Key innovations for ICOs<\/a><\/li><\/ul><\/li><li><a href=\"#In_conclusion\"><span class=\"toc_number toc_depth_2\">1.5<\/span> In conclusion<\/a><\/li><li><a href=\"#Further_articles\"><span class=\"toc_number toc_depth_2\">1.6<\/span> Further articles<\/a><ul><li><ul><li><a href=\"#Bewerten_Sie_unseren_Artikel\"><span class=\"toc_number toc_depth_4\">1.6.0.1<\/span> Bewerten Sie unseren Artikel<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/div>\n[\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column][vc_column_text]<\/p>\n<h2 style=\"text-align: center;\"><span id=\"MiCAR_sets_new_standards_for_tokens\"><strong>MiCAR sets new standards for tokens\u00a0 <\/strong><\/span><\/h2>\n<p>&nbsp;<\/p>\n<div id=\"gtx-trans\" style=\"position: absolute; left: 424px; top: 56px;\">\n<div class=\"gtx-trans-icon\"><\/div>\n<p>&nbsp;<\/p>\n<\/div>\n<p>[\/vc_column_text][vc_separator color=&#8221;juicy_pink&#8221; border_width=&#8221;5&#8243; el_width=&#8221;10&#8243;][vc_column_text]<span style=\"font-weight: 400;\">The <\/span><b>Markets in Crypto-Assets Regulation (MiCAR)<\/b><span style=\"font-weight: 400;\"> was developed to harmonise the European market for crypto-assets. Until now, a <\/span><b>single set of rules<\/b><span style=\"font-weight: 400;\"> was missing, which created uncertainty for issuers and investors.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">MiCAR now provides <\/span><b>clear definitions<\/b><span style=\"font-weight: 400;\"> for tokens and specifies which types of crypto-assets fall under <a class=\"wpil_keyword_link\" title=\"Regulation\" href=\"https:\/\/www.marketing-faktor.de\/ico-regulierung\/\" data-wpil-keyword-link=\"linked\" data-wpil-monitor-id=\"1836\">Regulation<\/a>. It also ensures that companies working with tokens meet <\/span><b>specific requirements<\/b><span style=\"font-weight: 400;\">. <\/span>[\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column][vc_column_text]<\/p>\n<h3 style=\"text-align: center;\"><span id=\"Which_tokens_does_MiCAR_classify\"><strong>Which tokens does MiCAR classify?<\/strong><\/span><\/h3>\n<p>&nbsp;<\/p>\n<div id=\"gtx-trans\" style=\"position: absolute; left: 171px; top: 91px;\">\n<div class=\"gtx-trans-icon\"><\/div>\n<p>&nbsp;<\/p>\n<\/div>\n<p>[\/vc_column_text][vc_separator color=&#8221;juicy_pink&#8221; border_width=&#8221;5&#8243; el_width=&#8221;10&#8243;][vc_column_text]<span style=\"font-weight: 400;\">MiCAR distinguishes various categories of tokens to create clear regulatory <\/span><b>frameworks<\/b><span style=\"font-weight: 400;\">. It defines which tokens qualify as <\/span><b>financial instruments<\/b><span style=\"font-weight: 400;\"> and which can be used as <\/span><b>pure means of payment<\/b><span style=\"font-weight: 400;\">. This classification is crucial for <\/span><b>legal categorisation<\/b><span style=\"font-weight: 400;\"> and influences which regulations apply to a particular token.\u00a0\u00a0<\/span><\/p>\n<ol>\n<li><b>E-money tokens:<\/b><span style=\"font-weight: 400;\"> Intended to represent a stable currency and to be used as a means of payment. They are subject to stricter requirements because they have a direct impact on the financial market.\u00a0\u00a0<\/span><\/li>\n<li><b>Payment tokens:<\/b><span style=\"font-weight: 400;\"> Used as a means of payment but do not meet the definition of an e-money token.\u00a0\u00a0<\/span><\/li>\n<li><b>Security tokens:<\/b><span style=\"font-weight: 400;\"> Correspond to traditional securities and are deemed financial instruments. Their issuance is subject to the same rules as conventional securities.\u00a0\u00a0<\/span><\/li>\n<li><b>Asset-referenced tokens:<\/b><span style=\"font-weight: 400;\"> Pegged to other assets such as gold or a basket of cryptocurrencies.\u00a0\u00a0<\/span><\/li>\n<\/ol>\n<p><span style=\"font-weight: 400;\">This classification helps BaFin declare tokens <\/span><b>valid or invalid<\/b><span style=\"font-weight: 400;\"> and sets clear guidelines for issuers and investors. <\/span>[\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column][vc_column_text]<\/p>\n<h2 style=\"text-align: center;\"><span id=\"The_role_of_BaFin_in_regulating_crypto-assets\"><strong>The role of BaFin in regulating crypto-assets<\/strong><\/span><\/h2>\n<p>&nbsp;<\/p>\n<div id=\"gtx-trans\" style=\"position: absolute; left: 260px; top: 91px;\">\n<div class=\"gtx-trans-icon\"><\/div>\n<p>&nbsp;<\/p>\n<\/div>\n<p>[\/vc_column_text][vc_separator color=&#8221;juicy_pink&#8221; border_width=&#8221;5&#8243; el_width=&#8221;10&#8243;][vc_column_text]<span style=\"font-weight: 400;\">In Germany, BaFin is responsible for supervising crypto-assets and their regulation. It ensures that tokens and their issuers comply with <\/span><b>statutory requirements<\/b><span style=\"font-weight: 400;\">. This involves not only the <\/span><b>approval<\/b><span style=\"font-weight: 400;\"> of new tokens but also the <\/span><b>ongoing supervision<\/b><span style=\"font-weight: 400;\"> of providers that trade or hold crypto-assets. Its oversight aims to prevent <\/span><b>unsafe<\/b><span style=\"font-weight: 400;\"> or <\/span><b>fraudulent tokens<\/b><span style=\"font-weight: 400;\"> from entering the market.\u00a0\u00a0<\/span>[\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column][vc_column_text]<\/p>\n<h3 style=\"text-align: center;\"><span id=\"What_requirements_must_issuers_meet\"><strong>What requirements must issuers meet? <\/strong><\/span><\/h3>\n<p>&nbsp;<\/p>\n<div id=\"gtx-trans\" style=\"position: absolute; left: 267px; top: 56px;\">\n<div class=\"gtx-trans-icon\"><\/div>\n<p>&nbsp;<\/p>\n<\/div>\n<p>[\/vc_column_text][vc_separator color=&#8221;juicy_pink&#8221; border_width=&#8221;5&#8243; el_width=&#8221;10&#8243;][vc_column_text]<span style=\"font-weight: 400;\">Anyone wishing to issue tokens in Germany must comply with <\/span><b>clear regulations<\/b><span style=\"font-weight: 400;\">, including:\u00a0\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Authorisation by BaFin:<\/b><span style=\"font-weight: 400;\"> Every company that wants to issue tokens needs <\/span><b>official approval<\/b><span style=\"font-weight: 400;\">. This is granted only if all regulatory requirements are met.\u00a0\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Transparency requirements:<\/b><span style=\"font-weight: 400;\"> Issuers must provide <\/span><b>comprehensive information<\/b><span style=\"font-weight: 400;\"> about their token, including technical structure, business model and potential risks for investors.\u00a0\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Risk management:<\/b><span style=\"font-weight: 400;\"> Companies must ensure that financial, technical and operational risks are minimised. This includes <\/span><b>security measures<\/b><span style=\"font-weight: 400;\"> against cyber-attacks, anti-fraud measures and market-stability strategies.\u00a0\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Compliance with anti-money-laundering rules:<\/b><span style=\"font-weight: 400;\"> Issuers must implement systems for <\/span><b>investor identification and authentication<\/b><span style=\"font-weight: 400;\"> to prevent illicit financial flows.\u00a0\u00a0<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">These measures aim to curb <\/span><b>market manipulation<\/b> <b>and fraud<\/b><span style=\"font-weight: 400;\"> and to protect investors. BaFin regularly checks whether companies comply with the requirements and can impose <\/span><b>penalties<\/b><span style=\"font-weight: 400;\"> or revoke licences in case of violations.<\/span>[\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column][vc_column_text]<\/p>\n<h2 style=\"text-align: center;\"><span id=\"Impact_of_MiCAR_regulation_on_cryptocurrencies\"><strong>Impact of MiCAR regulation on cryptocurrencies<\/strong><\/span><\/h2>\n<p>&nbsp;<\/p>\n<div id=\"gtx-trans\" style=\"position: absolute; left: 229px; top: 91px;\">\n<div class=\"gtx-trans-icon\"><\/div>\n<p>&nbsp;<\/p>\n<\/div>\n<p>[\/vc_column_text][vc_separator color=&#8221;juicy_pink&#8221; border_width=&#8221;5&#8243; el_width=&#8221;10&#8243;][vc_column_text]<span style=\"font-weight: 400;\">MiCAR regulation affects not only tokens but also traditional cryptocurrencies such as Bitcoin or Ethereum. In particular, trading platforms, custodians and other service providers dealing with <\/span><b>digital assets<\/b><span style=\"font-weight: 400;\"> must prepare for <\/span><b>new rules<\/b><span style=\"font-weight: 400;\">. The goal is to make trading <\/span><b>more transparent<\/b><span style=\"font-weight: 400;\">, minimise risks for investors and prevent <\/span><b>market abuse<\/b><span style=\"font-weight: 400;\">. Companies working with cryptocurrencies must demonstrate that they have robust <\/span><b>security and compliance mechanisms<\/b><span style=\"font-weight: 400;\"> in place.\u00a0\u00a0<\/span>[\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column][vc_column_text]<\/p>\n<h3 style=\"text-align: center;\"><span id=\"How_are_Bitcoin_and_Ethereum_regulated\"><strong>How are Bitcoin and Ethereum regulated?<\/strong><\/span><\/h3>\n<p>&nbsp;<\/p>\n<div id=\"gtx-trans\" style=\"position: absolute; left: 282px; top: 91px;\">\n<div class=\"gtx-trans-icon\"><\/div>\n<p>&nbsp;<\/p>\n<\/div>\n<p>[\/vc_column_text][vc_separator color=&#8221;juicy_pink&#8221; border_width=&#8221;5&#8243; el_width=&#8221;10&#8243;][vc_column_text]<span style=\"font-weight: 400;\">Bitcoin and Ethereum are not considered <\/span><b>security tokens<\/b><span style=\"font-weight: 400;\"> because they are <\/span><b>decentralised<\/b><span style=\"font-weight: 400;\"> and have no central issuer. Nevertheless, many companies dealing with these cryptocurrencies fall under the new MiCAR requirements. Those particularly affected include:\u00a0\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Trading platforms<\/b><span style=\"font-weight: 400;\">: Operators of crypto exchanges must meet <\/span><b>stricter requirements<\/b><span style=\"font-weight: 400;\"> for user authentication. This includes <\/span><b>Know-Your-Customer (KYC)<\/b><span style=\"font-weight: 400;\"> and <\/span><b>Anti-Money-Laundering (AML) procedures<\/b><span style=\"font-weight: 400;\"> to prevent illegal transactions.\u00a0\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Custodians<\/b><span style=\"font-weight: 400;\">: Companies that store cryptocurrencies for customers must introduce <\/span><b>enhanced security measures<\/b><span style=\"font-weight: 400;\"> such as encrypted wallets, multi-signature technologies and regular audits by BaFin.\u00a0\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Crypto-payment service providers<\/b><span style=\"font-weight: 400;\">: Payment providers integrating Bitcoin or Ethereum as a <\/span><b>means of payment<\/b><span style=\"font-weight: 400;\"> must implement <\/span><b>clear protocols<\/b><span style=\"font-weight: 400;\"> to mitigate risks and forward reports of suspicious transactions to supervisory authorities.\u00a0\u00a0<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">MiCAR obliges these actors to provide <\/span><b>detailed information<\/b><span style=\"font-weight: 400;\"> on transactions, prevent <\/span><b>market manipulation<\/b><span style=\"font-weight: 400;\"> and ensure <\/span><b>greater transparency<\/b><span style=\"font-weight: 400;\"> in the crypto market. Failure to comply can result in <\/span><b>hefty fines<\/b><span style=\"font-weight: 400;\"> or loss of operating licences.<\/span>[\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column][vc_column_text]<\/p>\n<h2 style=\"text-align: center;\"><span id=\"What_does_the_new_regulation_mean_for_ICOs\"><strong>What does the new regulation mean for ICOs?\u00a0 <\/strong><\/span><\/h2>\n<p>&nbsp;<\/p>\n<div id=\"gtx-trans\" style=\"position: absolute; left: 234px; top: 77.0156px;\">\n<div class=\"gtx-trans-icon\"><\/div>\n<p>&nbsp;<\/p>\n<\/div>\n<p>[\/vc_column_text][vc_separator color=&#8221;juicy_pink&#8221; border_width=&#8221;5&#8243; el_width=&#8221;10&#8243;][vc_column_text]<b>ICOs (Initial Coin Offerings)<\/b><span style=\"font-weight: 400;\"> were long an unregulated area offering many innovative financing models but also <\/span><b>considerable risks<\/b><span style=\"font-weight: 400;\"> for investors. In the past, there were frequent <\/span><b>fraudulent projects<\/b><span style=\"font-weight: 400;\"> or issuer insolvencies because there were <\/span><b>hardly any legal requirements<\/b><span style=\"font-weight: 400;\">. MiCAR now makes this market <\/span><b>much stricter<\/b><span style=\"font-weight: 400;\"> to create more security and transparency for investors.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Companies offering tokens via ICOs will in future have to provide <\/span><b>detailed information<\/b><span style=\"font-weight: 400;\"> and apply for approval from BaFin or another competent supervisory authority within the EU. These new requirements are designed to prevent <\/span><b>dubious projects<\/b><span style=\"font-weight: 400;\"> from raising capital without a real business foundation. <\/span>[\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column][vc_column_text]<\/p>\n<h3 style=\"text-align: center;\"><span id=\"Key_innovations_for_ICOs\"><strong>Key innovations for ICOs<\/strong><\/span><\/h3>\n<p>&nbsp;<\/p>\n<div id=\"gtx-trans\" style=\"position: absolute; left: 361px; top: 91px;\">\n<div class=\"gtx-trans-icon\"><\/div>\n<p>&nbsp;<\/p>\n<\/div>\n<p>[\/vc_column_text][vc_separator color=&#8221;juicy_pink&#8221; border_width=&#8221;5&#8243; el_width=&#8221;10&#8243;][vc_column_text]<\/p>\n<ol>\n<li><b> Obligation to provide information for issuers\u00a0\u00a0<\/b><\/li>\n<\/ol>\n<p><span style=\"font-weight: 400;\">Companies must disclose details of the token in a <\/span><b><a class=\"wpil_keyword_link\" title=\"white paper\" href=\"https:\/\/www.marketing-faktor.de\/was-ist-whitepaper\/\" data-wpil-keyword-link=\"linked\" data-wpil-monitor-id=\"2326\">white paper<\/a><\/b><span style=\"font-weight: 400;\">, including technology, business model, opportunities and risks. This information must be clear and easily accessible.\u00a0\u00a0<\/span><\/p>\n<ol start=\"2\">\n<li><b> BaFin review and approval requirement\u00a0\u00a0<\/b><\/li>\n<\/ol>\n<p><span style=\"font-weight: 400;\">BaFin checks whether a token meets the <\/span><b>regulatory requirements<\/b><span style=\"font-weight: 400;\">. An ICO may only start after it has been approved, preventing unregulated or risky offerings.\u00a0\u00a0<\/span><\/p>\n<ol start=\"3\">\n<li><b> Investor protection measures\u00a0\u00a0<\/b><\/li>\n<\/ol>\n<p><span style=\"font-weight: 400;\">Companies must <\/span><b>disclose risks<\/b><span style=\"font-weight: 400;\"> such as volatility or technical weaknesses. Tokens may only be sold to <\/span><b>verified investors<\/b><span style=\"font-weight: 400;\"> to prevent fraud and money laundering.\u00a0\u00a0<\/span><\/p>\n<ol start=\"4\">\n<li><b> Ban on misleading advertising\u00a0\u00a0<\/b><\/li>\n<\/ol>\n<p><span style=\"font-weight: 400;\">Tokens may not be advertised with exaggerated <\/span><b>profit promises<\/b><span style=\"font-weight: 400;\">. MiCAR requires transparent and verifiable marketing to protect investors.\u00a0\u00a0<\/span><\/p>\n<ol start=\"5\">\n<li><b> Right of withdrawal for investors\u00a0\u00a0<\/b><\/li>\n<\/ol>\n<p><span style=\"font-weight: 400;\">Investors can <\/span><b>withdraw<\/b><span style=\"font-weight: 400;\"> their investment within a certain period after purchasing a token. This strengthens trust and protects against hasty decisions.\u00a0\u00a0<\/span><\/p>\n<ol start=\"6\">\n<li><b> Increased liability for issuers\u00a0\u00a0<\/b><\/li>\n<\/ol>\n<p><span style=\"font-weight: 400;\">Companies are liable for <\/span><b>false or misleading statements<\/b><span style=\"font-weight: 400;\"> about their token. Violations may lead to fines or legal consequences imposed by BaFin.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">These stricter requirements make the ICO market <\/span><b>more transparent and safer<\/b><span style=\"font-weight: 400;\">. Companies must adopt a more professional approach and prove that their token project is <\/span><b>economically viable<\/b><span style=\"font-weight: 400;\">. At the same time, investors benefit from more safeguards and clear <\/span><b>legal frameworks<\/b>[\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column][vc_column_text]<\/p>\n<h2 style=\"text-align: center;\"><span id=\"In_conclusion\"><strong>In conclusion<\/strong><\/span><\/h2>\n<p>[\/vc_column_text][vc_separator color=&#8221;juicy_pink&#8221; border_width=&#8221;5&#8243; el_width=&#8221;10&#8243;][vc_message icon_fontawesome=&#8221;fas fa-bars&#8221;]<span style=\"font-weight: 400;\">The Markets in Crypto-Assets Regulation (MiCAR) sets <\/span><b>new standards <\/b><span style=\"font-weight: 400;\">for regulating crypto-assets and tokens. BaFin in particular plays a decisive role in implementation in Germany. Issuers must comply with <\/span><b>strict regulations<\/b><span style=\"font-weight: 400;\"> to bring their tokens to market legally. Even cryptocurrencies such as <\/span><b>Bitcoin and Ethereum<\/b><span style=\"font-weight: 400;\"> are indirectly affected by the <\/span><b>new rules<\/b><span style=\"font-weight: 400;\">. Companies active in this field should prepare early for the new requirements. This is the only way to <\/span><b>optimally<\/b><span style=\"font-weight: 400;\"> exploit opportunities and avoid regulatory hurdles.<\/span>[\/vc_message]<div class=\"customblock_display_il\"><a href=\"https:\/\/www.marketing-faktor.de\/en\/application\/\"><img src=\"https:\/\/www.marketing-faktor.de\/wp-content\/uploads\/2020\/06\/Group-1000002123-1.png\"><\/a><\/div>[\/vc_column][\/vc_row][vc_row][vc_column][vc_column_text]<\/p>\n<h2 style=\"text-align: center;\"><span id=\"Further_articles\"><strong>Further articles<\/strong><\/span><\/h2>\n<p>[\/vc_column_text][vc_separator color=&#8221;juicy_pink&#8221; border_width=&#8221;5&#8243; el_width=&#8221;10&#8243;]<div class=\"blog-preview row\"><div class=\"item\" itemtype=\"http:\/\/schema.org\/Blog\"><div class=\"item-sd-container\"><div class=\"photo\"><a itemprop=\"url\" href=\"https:\/\/www.marketing-faktor.de\/token-audit\/\"><img itemprop=\"image\" src=\"https:\/\/www.marketing-faktor.de\/wp-content\/uploads\/2025\/04\/10-Tipps-zur-Durchfuehrung-und-dem-Ablauf-eines-Token-Audit.png\"><\/a><\/div><div class=\"content\"><a itemprop=\"url\" href=\"https:\/\/www.marketing-faktor.de\/token-audit\/\"><div class=\"title\">10 Tipps zur Durchf\u00fchrung und dem Ablauf eines Tok...<\/div><\/a><\/div><\/div><\/div><div class=\"item\" itemtype=\"http:\/\/schema.org\/Blog\"><div class=\"item-sd-container\"><div class=\"photo\"><a itemprop=\"url\" href=\"https:\/\/www.marketing-faktor.de\/tokenisierung-von-projekten\/\"><img itemprop=\"image\" src=\"https:\/\/www.marketing-faktor.de\/wp-content\/uploads\/2024\/12\/Tokenisierung-von-Projekten.png\"><\/a><\/div><div class=\"content\"><a itemprop=\"url\" href=\"https:\/\/www.marketing-faktor.de\/tokenisierung-von-projekten\/\"><div class=\"title\">Tokenisierung von Projekten: Die Zukunft der Verm\u00f6...<\/div><\/a><\/div><\/div><\/div><div class=\"item\" itemtype=\"http:\/\/schema.org\/Blog\"><div class=\"item-sd-container\"><div class=\"photo\"><a itemprop=\"url\" href=\"https:\/\/www.marketing-faktor.de\/eigenen-token-erstellen\/\"><img itemprop=\"image\" src=\"https:\/\/www.marketing-faktor.de\/wp-content\/uploads\/2024\/09\/Eigenen-Token-erstellen-768x432-1.png\"><\/a><\/div><div class=\"content\"><a itemprop=\"url\" href=\"https:\/\/www.marketing-faktor.de\/eigenen-token-erstellen\/\"><div class=\"title\">Eigenen Token erstellen: 10 Tipps f\u00fcr die Erstellu...<\/div><\/a><\/div><\/div><\/div><\/div>[\/vc_column][\/vc_row][vc_row][vc_column][vc_column_text el_class=&#8221;block-round-corners&#8221;]<div class=\"rating-form  mr-shortcode\">\t<form id=\"rating-form-10203-1\" action=\"#\">\t\t<h4><span id=\"Bewerten_Sie_unseren_Artikel\">Bewerten Sie unseren Artikel<\/span><\/h4><div class=\"rating-item mr \" >\t<label class=\"description\" for=\"rating-item-1-1\">Sample rating item<\/label>\t\t\t\t<span class=\"mr-star-rating mr-star-rating-select\">\t\t<i title=\"1\" id=\"index-1-rating-item-1-1\" class=\"dashicons dashicons-star-empty mr-star-empty index-1-rating-item-1-1\"><\/i>\t\t\t\t<i title=\"2\" id=\"index-2-rating-item-1-1\" class=\"dashicons dashicons-star-empty mr-star-empty index-2-rating-item-1-1\"><\/i>\t\t\t\t<i title=\"3\" id=\"index-3-rating-item-1-1\" class=\"dashicons dashicons-star-empty mr-star-empty index-3-rating-item-1-1\"><\/i>\t\t\t\t<i title=\"4\" id=\"index-4-rating-item-1-1\" class=\"dashicons dashicons-star-empty mr-star-empty index-4-rating-item-1-1\"><\/i>\t\t\t\t<i title=\"5\" id=\"index-5-rating-item-1-1\" class=\"dashicons dashicons-star-empty mr-star-empty index-5-rating-item-1-1\"><\/i>\t\t<\/span>\t\t\t\t<!-- hidden field for storing selected star rating value --><input type=\"hidden\" name=\"rating-item-1-1\" id=\"rating-item-1-1\" value=\"0\">\t<span id=\"rating-item-1-1-error\" class=\"mr-error\"><\/span><\/div>\t\t\t<!-- hidden field to get rating item id -->\t\t\t<input type=\"hidden\" value=\"1\" class=\"rating-item-10203-1\" id=\"hidden-rating-item-id-1\" \/>\t\t\t\t\t<div class=\"wp-block-button\">\t\t\t<input type=\"submit\" class=\"wp-block-button__link save-rating\" id=\"saveBtn-10203-1\" value=\"Bewertung abgeben\"><\/input>\t\t<\/div>\t\t<input type=\"hidden\" name=\"sequence\" value=\"1\" \/>\t\t\t\t\t<\/form><\/div>[\/vc_column_text][\/vc_column][\/vc_row]<\/p>\n<\/section>","protected":false},"author":3,"featured_media":11567,"menu_order":0,"comment_status":"open","ping_status":"closed","template":"","format":"standard","meta":{"rating_form_position":"","rating_results_position":"","mr_structured_data_type":""},"categories":[953],"tags":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.14 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>All about MiCAR and token regulation by BaFin<\/title>\n<meta name=\"description\" content=\"Find out how MiCAR and BaFin regulate crypto assets. 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Companies and investors are increasingly turning to digital assets. But as adoption rises, the need for clear regulation also grows. This is precisely where the Markets in Crypto-Assets Regulation (MiCAR) comes in. This new regulation creates uniform rules for tokens, their issuers and service providers.\u00a0\u00a0\\r\\n\\r\\nIn Germany, BaFin plays a central role in implementing MiCAR. It determines which tokens are valid and how they are regulated. This article gives you a detailed overview of MiCAR, the requirements for companies and the impact on crypto-assets and cryptocurrencies. \\r\\nMiCAR sets new standards for tokens\u00a0 \\r\\n&nbsp;\\r\\n\\r\\n\\r\\n&nbsp;\\r\\n\\r\\n\\r\\nThe Markets in Crypto-Assets Regulation (MiCAR) was developed to harmonise the European market for crypto-assets. Until now, a single set of rules was missing, which created uncertainty for issuers and investors.\\r\\n\\r\\nMiCAR now provides clear definitions for tokens and specifies which types of crypto-assets fall under Regulation. It also ensures that companies working with tokens meet specific requirements. \\r\\nWhich tokens does MiCAR classify?\\r\\n&nbsp;\\r\\n\\r\\n\\r\\n&nbsp;\\r\\n\\r\\n\\r\\nMiCAR distinguishes various categories of tokens to create clear regulatory frameworks. It defines which tokens qualify as financial instruments and which can be used as pure means of payment. This classification is crucial for legal categorisation and influences which regulations apply to a particular token.\u00a0\u00a0\\r\\n\\r\\n \\tE-money tokens: Intended to represent a stable currency and to be used as a means of payment. They are subject to stricter requirements because they have a direct impact on the financial market.\u00a0\u00a0\\r\\n \\tPayment tokens: Used as a means of payment but do not meet the definition of an e-money token.\u00a0\u00a0\\r\\n \\tSecurity tokens: Correspond to traditional securities and are deemed financial instruments. Their issuance is subject to the same rules as conventional securities.\u00a0\u00a0\\r\\n \\tAsset-referenced tokens: Pegged to other assets such as gold or a basket of cryptocurrencies.\u00a0\u00a0\\r\\n\\r\\nThis classification helps BaFin declare tokens valid or invalid and sets clear guidelines for issuers and investors. \\r\\nThe role of BaFin in regulating crypto-assets\\r\\n&nbsp;\\r\\n\\r\\n\\r\\n&nbsp;\\r\\n\\r\\n\\r\\nIn Germany, BaFin is responsible for supervising crypto-assets and their regulation. It ensures that tokens and their issuers comply with statutory requirements. This involves not only the approval of new tokens but also the ongoing supervision of providers that trade or hold crypto-assets. Its oversight aims to prevent unsafe or fraudulent tokens from entering the market.\u00a0\u00a0\\r\\nWhat requirements must issuers meet? \\r\\n&nbsp;\\r\\n\\r\\n\\r\\n&nbsp;\\r\\n\\r\\n\\r\\nAnyone wishing to issue tokens in Germany must comply with clear regulations, including:\u00a0\u00a0\\r\\n\\r\\n \\tAuthorisation by BaFin: Every company that wants to issue tokens needs official approval. This is granted only if all regulatory requirements are met.\u00a0\u00a0\\r\\n \\tTransparency requirements: Issuers must provide comprehensive information about their token, including technical structure, business model and potential risks for investors.\u00a0\u00a0\\r\\n \\tRisk management: Companies must ensure that financial, technical and operational risks are minimised. This includes security measures against cyber-attacks, anti-fraud measures and market-stability strategies.\u00a0\u00a0\\r\\n \\tCompliance with anti-money-laundering rules: Issuers must implement systems for investor identification and authentication to prevent illicit financial flows.\u00a0\u00a0\\r\\n\\r\\nThese measures aim to curb market manipulation and fraud and to protect investors. BaFin regularly checks whether companies comply with the requirements and can impose penalties or revoke licences in case of violations.\\r\\nImpact of MiCAR regulation on cryptocurrencies\\r\\n&nbsp;\\r\\n\\r\\n\\r\\n&nbsp;\\r\\n\\r\\n\\r\\nMiCAR regulation affects not only tokens but also traditional cryptocurrencies such as Bitcoin or Ethereum. In particular, trading platforms, custodians and other service providers dealing with digital assets must prepare for new rules. The goal is to make trading more transparent, minimise risks for investors and prevent market abuse. Companies working with cryptocurrencies must demonstrate that they have robust security and compliance mechanisms in place.\u00a0\u00a0\\r\\nHow are Bitcoin and Ethereum regulated?\\r\\n&nbsp;\\r\\n\\r\\n\\r\\n&nbsp;\\r\\n\\r\\n\\r\\nBitcoin and Ethereum are not considered security tokens because they are decentralised and have no central issuer. Nevertheless, many companies dealing with these cryptocurrencies fall under the new MiCAR requirements. Those particularly affected include:\u00a0\u00a0\\r\\n\\r\\n \\tTrading platforms: Operators of crypto exchanges must meet stricter requirements for user authentication. This includes Know-Your-Customer (KYC) and Anti-Money-Laundering (AML) procedures to prevent illegal transactions.\u00a0\u00a0\\r\\n \\tCustodians: Companies that store cryptocurrencies for customers must introduce enhanced security measures such as encrypted wallets, multi-signature technologies and regular audits by BaFin.\u00a0\u00a0\\r\\n \\tCrypto-payment service providers: Payment providers integrating Bitcoin or Ethereum as a means of payment must implement clear protocols to mitigate risks and forward reports of suspicious transactions to supervisory authorities.\u00a0\u00a0\\r\\n\\r\\nMiCAR obliges these actors to provide detailed information on transactions, prevent market manipulation and ensure greater transparency in the crypto market. Failure to comply can result in hefty fines or loss of operating licences.\\r\\nWhat does the new regulation mean for ICOs?\u00a0 \\r\\n&nbsp;\\r\\n\\r\\n\\r\\n&nbsp;\\r\\n\\r\\n\\r\\nICOs (Initial Coin Offerings) were long an unregulated area offering many innovative financing models but also considerable risks for investors. In the past, there were frequent fraudulent projects or issuer insolvencies because there were hardly any legal requirements. MiCAR now makes this market much stricter to create more security and transparency for investors.\\r\\n\\r\\nCompanies offering tokens via ICOs will in future have to provide detailed information and apply for approval from BaFin or another competent supervisory authority within the EU. These new requirements are designed to prevent dubious projects from raising capital without a real business foundation. \\r\\nKey innovations for ICOs\\r\\n&nbsp;\\r\\n\\r\\n\\r\\n&nbsp;\\r\\n\\r\\n\\r\\n\\r\\n\\r\\n \\t Obligation to provide information for issuers\u00a0\u00a0\\r\\n\\r\\nCompanies must disclose details of the token in a white paper, including technology, business model, opportunities and risks. This information must be clear and easily accessible.\u00a0\u00a0\\r\\n\\r\\n \\t BaFin review and approval requirement\u00a0\u00a0\\r\\n\\r\\nBaFin checks whether a token meets the regulatory requirements. An ICO may only start after it has been approved, preventing unregulated or risky offerings.\u00a0\u00a0\\r\\n\\r\\n \\t Investor protection measures\u00a0\u00a0\\r\\n\\r\\nCompanies must disclose risks such as volatility or technical weaknesses. Tokens may only be sold to verified investors to prevent fraud and money laundering.\u00a0\u00a0\\r\\n\\r\\n \\t Ban on misleading advertising\u00a0\u00a0\\r\\n\\r\\nTokens may not be advertised with exaggerated profit promises. MiCAR requires transparent and verifiable marketing to protect investors.\u00a0\u00a0\\r\\n\\r\\n \\t Right of withdrawal for investors\u00a0\u00a0\\r\\n\\r\\nInvestors can withdraw their investment within a certain period after purchasing a token. This strengthens trust and protects against hasty decisions.\u00a0\u00a0\\r\\n\\r\\n \\t Increased liability for issuers\u00a0\u00a0\\r\\n\\r\\nCompanies are liable for false or misleading statements about their token. Violations may lead to fines or legal consequences imposed by BaFin.\\r\\n\\r\\nThese stricter requirements make the ICO market more transparent and safer. Companies must adopt a more professional approach and prove that their token project is economically viable. At the same time, investors benefit from more safeguards and clear legal frameworks\\r\\nIn conclusion\\r\\nThe Markets in Crypto-Assets Regulation (MiCAR) sets new standards for regulating crypto-assets and tokens. BaFin in particular plays a decisive role in implementation in Germany. Issuers must comply with strict regulations to bring their tokens to market legally. Even cryptocurrencies such as Bitcoin and Ethereum are indirectly affected by the new rules. Companies active in this field should prepare early for the new requirements. This is the only way to optimally exploit opportunities and avoid regulatory hurdles.\\r\\nFurther articles\\r\\n\"}}}}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"All about MiCAR and token regulation by BaFin","description":"Find out how MiCAR and BaFin regulate crypto assets. 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Companies and investors are increasingly turning to digital assets. But as adoption rises, the need for clear regulation also grows. This is precisely where the Markets in Crypto-Assets Regulation (MiCAR) comes in. This new regulation creates uniform rules for tokens, their issuers and service providers.\u00a0\u00a0\r\n\r\nIn Germany, BaFin plays a central role in implementing MiCAR. It determines which tokens are valid and how they are regulated. This article gives you a detailed overview of MiCAR, the requirements for companies and the impact on crypto-assets and cryptocurrencies. \r\nMiCAR sets new standards for tokens\u00a0 \r\n&nbsp;\r\n\r\n\r\n&nbsp;\r\n\r\n\r\nThe Markets in Crypto-Assets Regulation (MiCAR) was developed to harmonise the European market for crypto-assets. Until now, a single set of rules was missing, which created uncertainty for issuers and investors.\r\n\r\nMiCAR now provides clear definitions for tokens and specifies which types of crypto-assets fall under Regulation. It also ensures that companies working with tokens meet specific requirements. \r\nWhich tokens does MiCAR classify?\r\n&nbsp;\r\n\r\n\r\n&nbsp;\r\n\r\n\r\nMiCAR distinguishes various categories of tokens to create clear regulatory frameworks. It defines which tokens qualify as financial instruments and which can be used as pure means of payment. This classification is crucial for legal categorisation and influences which regulations apply to a particular token.\u00a0\u00a0\r\n\r\n \tE-money tokens: Intended to represent a stable currency and to be used as a means of payment. They are subject to stricter requirements because they have a direct impact on the financial market.\u00a0\u00a0\r\n \tPayment tokens: Used as a means of payment but do not meet the definition of an e-money token.\u00a0\u00a0\r\n \tSecurity tokens: Correspond to traditional securities and are deemed financial instruments. Their issuance is subject to the same rules as conventional securities.\u00a0\u00a0\r\n \tAsset-referenced tokens: Pegged to other assets such as gold or a basket of cryptocurrencies.\u00a0\u00a0\r\n\r\nThis classification helps BaFin declare tokens valid or invalid and sets clear guidelines for issuers and investors. \r\nThe role of BaFin in regulating crypto-assets\r\n&nbsp;\r\n\r\n\r\n&nbsp;\r\n\r\n\r\nIn Germany, BaFin is responsible for supervising crypto-assets and their regulation. It ensures that tokens and their issuers comply with statutory requirements. This involves not only the approval of new tokens but also the ongoing supervision of providers that trade or hold crypto-assets. Its oversight aims to prevent unsafe or fraudulent tokens from entering the market.\u00a0\u00a0\r\nWhat requirements must issuers meet? \r\n&nbsp;\r\n\r\n\r\n&nbsp;\r\n\r\n\r\nAnyone wishing to issue tokens in Germany must comply with clear regulations, including:\u00a0\u00a0\r\n\r\n \tAuthorisation by BaFin: Every company that wants to issue tokens needs official approval. This is granted only if all regulatory requirements are met.\u00a0\u00a0\r\n \tTransparency requirements: Issuers must provide comprehensive information about their token, including technical structure, business model and potential risks for investors.\u00a0\u00a0\r\n \tRisk management: Companies must ensure that financial, technical and operational risks are minimised. This includes security measures against cyber-attacks, anti-fraud measures and market-stability strategies.\u00a0\u00a0\r\n \tCompliance with anti-money-laundering rules: Issuers must implement systems for investor identification and authentication to prevent illicit financial flows.\u00a0\u00a0\r\n\r\nThese measures aim to curb market manipulation and fraud and to protect investors. BaFin regularly checks whether companies comply with the requirements and can impose penalties or revoke licences in case of violations.\r\nImpact of MiCAR regulation on cryptocurrencies\r\n&nbsp;\r\n\r\n\r\n&nbsp;\r\n\r\n\r\nMiCAR regulation affects not only tokens but also traditional cryptocurrencies such as Bitcoin or Ethereum. In particular, trading platforms, custodians and other service providers dealing with digital assets must prepare for new rules. The goal is to make trading more transparent, minimise risks for investors and prevent market abuse. Companies working with cryptocurrencies must demonstrate that they have robust security and compliance mechanisms in place.\u00a0\u00a0\r\nHow are Bitcoin and Ethereum regulated?\r\n&nbsp;\r\n\r\n\r\n&nbsp;\r\n\r\n\r\nBitcoin and Ethereum are not considered security tokens because they are decentralised and have no central issuer. Nevertheless, many companies dealing with these cryptocurrencies fall under the new MiCAR requirements. Those particularly affected include:\u00a0\u00a0\r\n\r\n \tTrading platforms: Operators of crypto exchanges must meet stricter requirements for user authentication. This includes Know-Your-Customer (KYC) and Anti-Money-Laundering (AML) procedures to prevent illegal transactions.\u00a0\u00a0\r\n \tCustodians: Companies that store cryptocurrencies for customers must introduce enhanced security measures such as encrypted wallets, multi-signature technologies and regular audits by BaFin.\u00a0\u00a0\r\n \tCrypto-payment service providers: Payment providers integrating Bitcoin or Ethereum as a means of payment must implement clear protocols to mitigate risks and forward reports of suspicious transactions to supervisory authorities.\u00a0\u00a0\r\n\r\nMiCAR obliges these actors to provide detailed information on transactions, prevent market manipulation and ensure greater transparency in the crypto market. Failure to comply can result in hefty fines or loss of operating licences.\r\nWhat does the new regulation mean for ICOs?\u00a0 \r\n&nbsp;\r\n\r\n\r\n&nbsp;\r\n\r\n\r\nICOs (Initial Coin Offerings) were long an unregulated area offering many innovative financing models but also considerable risks for investors. In the past, there were frequent fraudulent projects or issuer insolvencies because there were hardly any legal requirements. MiCAR now makes this market much stricter to create more security and transparency for investors.\r\n\r\nCompanies offering tokens via ICOs will in future have to provide detailed information and apply for approval from BaFin or another competent supervisory authority within the EU. These new requirements are designed to prevent dubious projects from raising capital without a real business foundation. \r\nKey innovations for ICOs\r\n&nbsp;\r\n\r\n\r\n&nbsp;\r\n\r\n\r\n\r\n\r\n \t Obligation to provide information for issuers\u00a0\u00a0\r\n\r\nCompanies must disclose details of the token in a white paper, including technology, business model, opportunities and risks. This information must be clear and easily accessible.\u00a0\u00a0\r\n\r\n \t BaFin review and approval requirement\u00a0\u00a0\r\n\r\nBaFin checks whether a token meets the regulatory requirements. An ICO may only start after it has been approved, preventing unregulated or risky offerings.\u00a0\u00a0\r\n\r\n \t Investor protection measures\u00a0\u00a0\r\n\r\nCompanies must disclose risks such as volatility or technical weaknesses. Tokens may only be sold to verified investors to prevent fraud and money laundering.\u00a0\u00a0\r\n\r\n \t Ban on misleading advertising\u00a0\u00a0\r\n\r\nTokens may not be advertised with exaggerated profit promises. MiCAR requires transparent and verifiable marketing to protect investors.\u00a0\u00a0\r\n\r\n \t Right of withdrawal for investors\u00a0\u00a0\r\n\r\nInvestors can withdraw their investment within a certain period after purchasing a token. This strengthens trust and protects against hasty decisions.\u00a0\u00a0\r\n\r\n \t Increased liability for issuers\u00a0\u00a0\r\n\r\nCompanies are liable for false or misleading statements about their token. Violations may lead to fines or legal consequences imposed by BaFin.\r\n\r\nThese stricter requirements make the ICO market more transparent and safer. Companies must adopt a more professional approach and prove that their token project is economically viable. At the same time, investors benefit from more safeguards and clear legal frameworks\r\nIn conclusion\r\nThe Markets in Crypto-Assets Regulation (MiCAR) sets new standards for regulating crypto-assets and tokens. BaFin in particular plays a decisive role in implementation in Germany. Issuers must comply with strict regulations to bring their tokens to market legally. Even cryptocurrencies such as Bitcoin and Ethereum are indirectly affected by the new rules. Companies active in this field should prepare early for the new requirements. This is the only way to optimally exploit opportunities and avoid regulatory hurdles.\r\nFurther articles\r\n"}}}}]}},"multi-rating":{"mr_rating_results":[{"adjusted_star_result":0,"star_result":0,"total_max_option_value":5,"adjusted_score_result":0,"score_result":0,"percentage_result":0,"adjusted_percentage_result":0,"count":0,"post_id":11577}]},"_links":{"self":[{"href":"https:\/\/www.marketing-faktor.de\/en\/wp-json\/wp\/v2\/blog_posts\/11577"}],"collection":[{"href":"https:\/\/www.marketing-faktor.de\/en\/wp-json\/wp\/v2\/blog_posts"}],"about":[{"href":"https:\/\/www.marketing-faktor.de\/en\/wp-json\/wp\/v2\/types\/blog_posts"}],"author":[{"embeddable":true,"href":"https:\/\/www.marketing-faktor.de\/en\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.marketing-faktor.de\/en\/wp-json\/wp\/v2\/comments?post=11577"}],"version-history":[{"count":7,"href":"https:\/\/www.marketing-faktor.de\/en\/wp-json\/wp\/v2\/blog_posts\/11577\/revisions"}],"predecessor-version":[{"id":13583,"href":"https:\/\/www.marketing-faktor.de\/en\/wp-json\/wp\/v2\/blog_posts\/11577\/revisions\/13583"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.marketing-faktor.de\/en\/wp-json\/wp\/v2\/media\/11567"}],"wp:attachment":[{"href":"https:\/\/www.marketing-faktor.de\/en\/wp-json\/wp\/v2\/media?parent=11577"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.marketing-faktor.de\/en\/wp-json\/wp\/v2\/categories?post=11577"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.marketing-faktor.de\/en\/wp-json\/wp\/v2\/tags?post=11577"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}