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Inflation rates are at a record high and key interest rates are rising. Investors are more interested in equity than debt in these times. But which equity products can actually be tokenized under German law?

Numerous business models attempt to link ownership of tangible assets with tokens. Although the German private law does not allow this in principle, it offers an attractive alternative for the tokenization of assets.

MiCAR introduces a new and Pan-European concept of crypto assets, which differs strongly in its definition from the German crypto asset concept. What impact will this have on the handling of utility tokens?

The text for the Markets in Crypto Assets Regulation (MiCAR) has recently been finalized. As soon as the new regulation applies, the provision of crypto-asset services in the EU will be subject to authorization. But which activities does this actually affect exactly?

Crypto securities registrars are obligated in accordance to anti-money laundering law to apply KYC measures to their customers. But who is actually the registrar’s customer, the issuer or the crypto security investor?

Crypto investors can use their crypto assets for profit via yield farming instead of merely hodling them. But can participation in yield farming trigger regulatory authorization requirements for liquidity providers?

Occasionally, BaFin refuses to approve WIBs until shortly prior to the start of the public offering, arguing that approval should be granted close in time to the start of the offering in order to ensure that the WIB is up-to-date. Is this administrative practice legally tenable?

The founders of new blockchain or DLT technologies often intend to establish a non-profit foundation or gGmbH, probably because of the existence of numerous successful examples. In which circumstances can a non-profit be advantageous and what are the pros and cons?

The question if NFTs and business models relating to them should be subject to MiCAR was controversially discussed and unclear for a long time. A compromise was reached in the end which now causes legal uncertainty.

As commercial enterprises, crypto custodians are also exposed to the risk of becoming insolvent. But what happens to the safeguarded crypto assets of clients in the event of a crypto custody service provider’s insolvency?

Systematic internalisers act outside of regulated trading venues on the capital markets and are therefore subject to additional supervisory obligations. Is this also true for OTC-traders of crypto assets?

The DLT Pilot regime is supposed to create a simplified regulatory environment for trading security tokens at organized markets as of spring of 2023. A summary of current regulatory problems and the solutions proposed by the future regulation.