The Situation: The requirement for a paper-based note for issuing securities under the German law has been an obstacle for the use of security tokens in Germany. With the release of a draft bill (the "Bill") permitting the...more
While the crypto market is still in its early stages, the number of asset managers offering funds investing in cryptocurrencies and companies using blockchain or distributed ledger technology ("DLT") is constantly growing....more
7/19/2019
/ Alternative Investment Fund Managers Directive (AIFMD) ,
Anti-Money Laundering ,
Asset Management ,
Blockchain ,
Cryptocurrency ,
Distributed Ledger Technology (DLT) ,
EU ,
Financial Markets ,
Initial Coin Offering (ICOs) ,
Securities Tokens ,
Smart Contracts ,
Token Sales ,
Tokenization
The Situation: On January 9, 2019, the European Securities and Markets Authority ("ESMA") issued advice to the EU Commission, Council, and Parliament on initial coin offerings ("ICOs") and crypto assets.
The Result: ESMA...more
2/22/2019
/ Anti-Money Laundering ,
Blockchain ,
Cryptoassets ,
Distributed Ledger Technology (DLT) ,
EU ,
European Securities and Markets Authority (ESMA) ,
Financial Instruments ,
Initial Coin Offering (ICOs) ,
MiFID II ,
Regulatory Standards ,
Token Sales
The Court Decision: On September 25, 2018, the Higher Regional Court of Berlin held that bitcoins would not qualify as financial instruments for the purposes of the German Banking Act (Kreditwesengesetz, "KWG"), thus...more
11/1/2018
/ BaFin ,
Cross-Border Transactions ,
Cryptocurrency ,
Distributed Ledger Technology (DLT) ,
EU ,
German Banking Act ,
Germany ,
Initial Coin Offering (ICOs) ,
MiFID II ,
Securities Regulation ,
Token Sales