For some time now, BaFin has been receiving an increasing number of queries enquiring whether tokens marketed in initial coin offerings (ICOs) are considered to be financial instruments. It has now published an advisory letter on the subject, with the aim of informing affected …
For some time now, BaFin has been receiving an increasing number of queries enquiring whether tokens marketed in initial coin offerings (ICOs) are considered to be financial instruments. It has now published an advisory letter on the subject, with the aim of informing affected market participants about the applicable legal requirements.