Germany:
Fancy An ICO For Financing Your Project? Consider The Regulator's View
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German financial regulatory authority BaFin published further
guidance on its view around tokens and crypto-currencies used to
structure Initial Coins offerings (German version available here).
In a nutshell, the notice stresses that market participants need
to closely assess the character of the respective token, e.g.
whether it forms a financial instrument as per MiFID II, a security
or constitutes an investment pursuant and subject to respective
regulations.
Regulations and respective duties, including potentially also
obtaining a licence, may address service providers around ICOs,
traders and platforms and also public offerings, so care should be
had when picking partner and token for your ICO project.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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