Bundesportal | Have licensing requirements for companies in the financial sector checked in accordance with KWG, ZAG, VAG, KMAG, KrZwMG or KAGB

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Publisher

Federal Ministry of Finance (BMF)

Last update or date of publication

May 7, 2026

Contact

The government service telephone number 115 – your point of contact for questions related to the federal, state and local.

Monday through Friday from 8:00 to 18:00 (and beyond these times in some regions).

Call 115 now

Government service telephone number calls are charged at local rates.

The Federal Financial Supervisory Authority (Bafin) examines whether the business of new companies prior to market entry or new business models of companies already operating on the market require a license in accordance with statutory regulations. As an entrepreneur, you can ask Bafin to determine whether your business requires a license.

The licensing requirement applies to most transactions in the financial sector. It serves the integrity of the financial market and the protection of consumers.

Upon application, the Federal Financial Supervisory Authority decides that a company is subject to the supervisory regulations.

Various supervisory laws regulate the licensing requirements for transactions on the capital market in Germany:

The German Banking Act (KWG) regulates licenses for banking transactions and financial services.
The Insurance Supervision Act (VAG) regulates the supervision of insurance companies.
The Payment Services Supervision Act (ZAG) regulates payment services and the e-money business.
The Capital Investment Code (KAGB) regulates investment funds.
The Crypto Markets Supervision Act (KMAG) regulates services in connection with crypto assets.
The Secondary Credit Market Act (KrZwMG) regulates the secondary market for non-performing loans.

Detailed description of the business project
Draft contracts and, if applicable, articles of association
advertising materials
Communication with the following information:
- Type and form of the business model
- Business address of the company
- Name and address of the inquirer
- Relationship of the inquirer to the company

Preconditions

You would like to launch a new business model in the financial sector.
It is not clear from the relevant supervisory law that your business model is subject to licensing under the supervisory laws.
You would like a determination that your business model is subject to authorization.

If the permit requirement is determined by the administrative act, fees are charged on a time basis.

Gebührenbildung

Basis for legal action

§ 3 Absatz 3 Kreditzweitmarktgesetz (KrZwMG)

§ 4 Absatz 4 Zahlungsdiensteaufsichtsgesetz (ZAG)

§ 4 Absatz 9 Kryptomärkteaufsichtsgesetz (KMAG)

§ 4 Kreditwesengesetz (KWG)

§ 4 Versicherungsaufsichtsgesetz (VAG)

§ 5 Absatz 3 Kapitalanlagegesetzbuch (KAGB)

Legal Remedies

Objection
- Further information on how to lodge an objection can be found in the notification of your application for a permit for your new business model.

Procedure

You can submit the application for determination of the licensing requirement informally in writing or by e-mail.

Send your informal application to Bafin by post or e-mail.
You will receive an e-mail, a letter or the official notice with the assessment of the licensing requirement.

For inquiries relating to fintech business models, you can also use the contact form for fintechs on the Bafin website.

If you have any questions about the procedure, please contact the Financial System Integrity Division (IF) of the Federal Financial Supervisory Authority (Bafin). For inquiries by e-mail, please include "Obligation to obtain permission for financial transactions" in the subject line.

Processing time

The processing time for the application can take from a few days to 2 months. It depends, among other things, on whether the Federal Financial Supervisory Authority (Bafin) has all the relevant information.

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