On 28th February, Latham & Watkins reported that BaFin, the German Federal financial services supervisory authority, has joined global regulators in releasing guidance for German ICO issuers and advisors. In conclusion, the firm says that, in line with BaFin’s supervisory practice so far, the BaFin statement makes clear that ICO are generally feasible in Germany provided that they comply with existing regulatory requirements.  However, uncertainties remain regarding the exact classification of a given token design as a specific financial instrument.  Therefore, careful structuring of the ICO is imperative to avoid undesired regulatory implications.

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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