German Regulator Clarifies Obligations For ICO Operators Following Increased Interest

Germany’s Federal Financial Supervisory Authority (BaFin) has clarified obligations for ICO tokens after receiving “increased queries” about their legal status. The note from BaFin is a follow-up on its warning to investors from November 2017, in which it discussed the potential “risks” of ICOs.

Under Germany’s jurisdiction, ICO operators “are required to check exactly whether a regulated instrument, [such as] a financial instrument… or a security, is being dealt with, in order to fulfil potential legal requirements without any gaps.”

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View BaFin note

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