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MiCAR vs MiFID II – Which Tokens Are Considered Crypto Assets and Which Are Financial Instruments?
ESMA has been tasked with providing guidelines by the end of the year to facilitate the legal assessment of the legal nature of tokens as crypto assets under MiCAR and as financial instruments under MiFID2. ESMA has already published an initial draft of the guidelines.
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NFTs as Crypto Assets – Are Non-Fungible Tokens Regulated Financial Instruments?
NFTs are based on blockchain technology, just like traditional cryptocurrencies. But does this necessarily result in NFTs qualifying as financial instruments in the sense of German regulatory law?
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Regulation of Non-Fungible Tokens – Are NFT Financial Instruments in Germany?
Germany assumed a unique position within the European Union early on, concerning the regulation of cryptocurrencies and business models relating to blockchain technology. Shortly after the emergence of bitcoin as the first cryptocurrency, BaFin established for the German jurisdiction that Bitcoin and comparable cryptocurrencies such as Litecoin shall qualify as units of account and therefore […]
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Crypto Assets vs. Units of Account – Are Units of Account Still Relevant in the Context of Supervisory Law?
and the verification of the first block of the Bitcoin blockchain. The disruptive innovation that enabled users to transfer units of value between each other without the necessity of a centralized settlement intermediary had the potential to circumvent the traditional financial payment system and therefore, at the time – shortly after the banking crisis of […]
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Crypto Custody and Crypto Assets – What Stands Behind the Announced Law Amendments?
Notice: This blog article refers to the first draft of the German Ministry of Finance dated 20th May 2019 which in this form has not been realized by the legislator. On 20 May 2019, the German Ministry of Finance published its first draft for the transposition of the provisions of the 5. European AML Directive into national […]
