BaFin generally qualifies security tokens as securities sui generis. Does that exclude the possibility of designing security tokens as asset investments under the German Asset Investments Act and if not, what are the advantages of crypto based asset investments for the issuer and distributers?
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?
BaFin will qualify security tokens as securities in the future already for the reason that their tradability on the capital markets is highly increased by their blockchain design. Does the authority go beyond it's competencies?