Last week, a piece of the artist Beeple has been auctioned off at Chritie´s for almost 70 Million USD as an NFT. Are NFT qualified as financial instruments in Germany as it is the case with most cryptocurrencies?
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?
With the Crypto Custodian Service, the German legislator plans to introduce a completely new fiancial service which requires service providers to obtain a BaFin licence. Additionally, Crypto Assets shall in future explicitely qualify as financial instruments. But what does this mean for blockchain fintechs?