Token Sale

In the context of public offerings of token sales designed in accordance with MiCAR, all purchasers should have the same rights. In the case of private investors, however, consumer protection may vary in individual cases due to the Rome-I-Regulation. Is the corrective measure of the Rome-I-Regulation for public offerings of financial instruments also applicable to token sales?

Token sales are usually massively digitally advertised and often in creative ways. However, marketing communications for public offerings of crypto assets are now very strictly regulated under MiCAR. What do providers need to consider in this regard?

Initial DEX Offerings are a relatively new type of token sale. What does the term mean and is it possible that tokens may be publicly offered via IDOs without triggering regulatory obligations for the involved parties and without a documentation of the offer by the issuer?

Over the last years, so-called token sales have emerged as a new method of financing for businesses. By such, companies that seek funding offer interested investors their self-created blockchain tokens for purchase. These tokens allow their bearers the assertion of certain connected rights vis-à-vis the issuer. The rights that can be associated with the tokens […]

Since around 2015, especially startups often choose to fund their business through a so-called Initial Coin Offering (ICO). These involve the creation of crypto tokens related to the issuers business model, which are subsequently offered to interested investors. Depending on the project, the ICO issuer may choose to connect the issued tokens to additional rights […]

In 2019 BaFin allowed the first security token offerings in Germany and approved the corresponding and necessary security prospectuses. Blockchain-based capital markets issuances are therefore possible in Germany and a viable alternative for issuers seeking to acquire capital. However, the approval of the necessary prospectus is just the first step to a successful emission. The […]