Finfluencers and Crypto: the BaFin Survey in Numbers

BaFin's representative consumer survey conducted in May 2024 examined investment behavior among 1,000 consumers aged 18 to 45 who had invested money in the past two years. The findings underscore the substantial influence of social media on retail investment decisions, particularly in cryptoassets. Over half of survey respondents reported trusting social media as a source of financial information, and this trust directly correlated with cryptocurrency investment activity. The data revealed that 43% of social media users in the cohort had invested in cryptoassets, establishing a measurable behavioral link between finfluencer engagement and crypto market participation.

In response to these findings, BaFin issued regulatory guidance emphasizing that financial influencers can no longer be viewed as benign content providers. The agency published "Five Points to Note for Influencers," clarifying that finfluencers cross into regulatory territory once they offer specific investment recommendations, provide actionable trading guidance, or operate on a monetized basis. This distinction reflects growing concern among securities regulators about the informal advice disseminated through social media channels and its material impact on retail investment decisions.

The regulatory environment for cryptoassets in Germany is simultaneously expanding and tightening. The Financial Market Digitalisation Act (FinmadiG) took effect at the end of 2024, strengthening consumer protections for cryptoasset investments and establishing frameworks for both regulated products—including e-money tokens, asset-referenced tokens, and utility tokens—and unregulated cryptoassets. Concurrently, institutional access to crypto trading is broadening: the German Savings Banks Association announced in 2025 that savings banks will offer cryptoasset trading from 2026, and 71% of cooperative banks reported in September 2025 that they are evaluating technical solutions to implement crypto trading capabilities. These developments reflect the growing mainstream adoption of cryptoassets while underscoring the persistent risks of value fluctuation and total loss, particularly for unregulated products offered by non-EU-authorized entities.