The Capital Markets Union removes obstacles within the European capital markets. STO issuers can freely chose the country in which they want their security prospectus to be approved. But which supervisory authority is the best choice and what are the criteria to be considered for the selection?
Not only German providers but also foreign companies are interested in applying for a license to offer crypto custody services in Germany. The fourth part of our ongoing blog series “Let’s Build a Crypto Custodian” shows the different options for foreign providers of these services to obtain a BaFin authorization.
The harmonization of the capital markets enables European security emitters to offer their securities EEA-wide as long as they conduct a notification procedure. This is due to the EU Prospectus Directive. But can this advantage be transferred to security token offerings?
By regulating crypto custodian services as a financial service, the German legislator chooses a non-european but national regulatory approach. But will this national crypto custodian license potentially be vaild in other european countries as well?
Under which conditions do startups have the possibility to conduct Security Token Offerings on basis of a so called security information sheet instead of a full securities prospectus approved by BaFin and are there any special implications to face?