BaFin and the MiCAR Perimeter: How Regulators Separate Tokenised Securities From Crypto-Assets
Last updated: June 2026 Put a financial product on a blockchain and the hardest question is not how the token works. It is which rulebook the token sits under. Get the MiCAR perimeter wrong and a reporting team builds the wrong control set around the wrong instrument: white-paper notifications and crypto-asset service provider records where…