Efficient processing of FinTech authorisation enquiries
SFMA processes a large number of enquiries on the topics of distributed ledger technology and blockchain every year. Between 2021 and 2024, it was able to reduce the average number of days it took to respond to an enquiry from 141 to 25 – a reduction of 82%.
SFMA has been processing a consistently high number of enquiries about DLT (distributed ledger technology) and blockchain for many years. Due to the increasing number of enquiries from the market, SFMA already commented in 2017 on the regulatory treatment of initial coin offerings (ICOs) and the aspects of ICOs that may fall under financial market law. In 2018, SFMA published its ICO guidelines to create legal certainty at an early stage. In these, it transparently presented its supervisory practice on the legal categorisation of different types of tokens. In 2019, SFMA published a supplement to its guidelines for enquiries relating to ICOs containing information on its supervisory practice relating to stablecoins.
Between 2017 and 2024, SFMA processed an average of around 160 such enquiries per year. The number has remained consistently high with about 100 authorisation enquiries per year since 2021. In addition to ICOs and stablecoins, the enquiries also increasingly included new topics, particularly in connection with non-fungible tokens (NFT) or decentralised finance. Nevertheless, the processing time for enquiries was significantly reduced thanks to sufficient resources with a high level of expertise (see chart above). In 2021, the average processing time (median) for authorisation enquiries was 141 days. In 2022, this time was able to be reduced by more than half to 60 days and in 2024 by more than half again to 25 days. Overall, the processing time by SFMA has been reduced by 82% since 2021. In order to make these processes even more efficient, SFMA is now providing a form on the survey and application platform (EHP) specifically for authorisation enquiries. The form enables applicants to submit their projects to SFMA entirely digitally by completing a questionnaire. SFMA is thus significantly simplifying the process of submitting an enquiry. A quick guide to the electronic submission of authorisation enquiries is available as an aid.
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