Even if a token sale may in some cases not require a prospectus to be drafted and published from a supervisory point of view, because the tokens do not qualify as securities or asset investments, Whitepapers, marketing leaflets and handouts that are used for advertisement purposes may have liability consequences. What has to be observed and what are the possible liabilities?
BaFin informs supervised service providers via MaComp about the minimum requirements it places on the implementation of compliance obligations. But is MaComp also applicable to regulated crypto service providers?
Service providers that only provide technical services within a crypto business model, may be able to provide their services without prior BaFin authorization in specific cases. Nevertheless, in some scenarios technical service providers may be subject to supervisory obligations anyways.
Crypto assets are regulated as financial instruments since the beginning of this year. But in which cases BaFin’s administrative practice to qualify cryptocurrencies as units of account is still applicable and relevant?
The German legislator intends to introduce the new financial service of crypto security registry management to the German Banking Act. But which activities shall be covered, who will need an authorization and what will be the requirements will have to be fulfilled by applicants?
The German legislator intends to also extend the crypto custody business with the introduction of crypto securities. What does crypto custody business consist of in the future, what will be permitted and what will be prohibited?