Key developments of interest over the last month include: the UK government publishing a pro-growth Action Plan for regulators and regulation, including pledges from the FCA of relevance to payments and digital assets firms;...more
Die Bundesanstalt für Finanzdienstleistungsaufsicht („BaFin„) hat zum Jahresbeginn ein Merkblatt zu den Kryptowerte-Dienstleistungen gemäß der neuen EU-Verordnung über Märkte für Kryptowerte („MiCAR„) veröffentlicht. Diese...more
Das Bundesministerium der Finanzen (BMF) hat am 5. April 2024 einen Referentenentwurf für zwei Rechtsverordnungen veröffentlicht, die den Übergang der nationalen Krypto-Regulierung in das europäische MiCAR-Regime erleichtern...more
U.S. Developments - Telegram Submits Answer to SEC Complaint Regarding TON Blockchain Network - On November 12, Telegram Group Inc. (Telegram) submitted its answer and affirmative defenses to a complaint filed against...more
The German Federal Financial Supervisory Authority (BaFin) has issued a notice letter reflecting its pragmatic approach to regulating initial coin offerings. In the absence of specific European and German laws, BaFin’s...more
German draft bill for the implementation of the 5th EU Anti-Money Laundering Directive provides for licensing requirements and an expansion of the address of the anti-money laundering obligations with regard to crypto-asset...more
The Situation: As the U.S. Securities and Exchange Commission ("SEC") continues to bring enforcement actions to stop unregistered sales of digital tokens, blockchain companies are exploring ways to sell tokens to the public...more
No-deal Brexit preparations: BaFin criticizes financial entities for missing Brexit preparation with regard to license requirements - As of March 2019, Germany's Federal Financial Supervisory Authority BaFin (Bundesanstalt...more
With crypto-currencies on the rise and technological developments providing great opportunities in the financial services sector, Initial Coin Offerings ("ICO") provide an innovative way of raising capital. They are...more
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
The Situation: In February 2018, Germany's Federal Financial Supervisory Authority ("BaFin") published an advisory letter on the classification of tokens as financial instruments, which was widely criticized for being too...more
BaFin Publishes Interpretative Notice Regarding the Qualification of Tokens and Cryptocurrencies Offered Through Initial Coin Offerings to Investors - BaFin published its new interpretative notice on 20 February regarding...more