The Situation: The requirement for a paper-based note for issuing securities under the German law has been an obstacle for the use of security tokens in Germany. With the release of a draft bill (the "Bill") permitting the...more
The Situation: Following the enactment earlier in 2019 of new French legislation to regulate activities related to digital assets (including cryptocurrency but excluding tokenized securities), final regulatory provisions were...more
1/2/2020
/ AML/CFT ,
Cryptocurrency ,
Digital Assets ,
Financial Instruments ,
Financial Statements ,
France ,
Initial Coin Offering (ICOs) ,
Investment ,
New Legislation ,
Popular ,
Regulatory Oversight ,
Token Sales ,
Virtual Currency
The Situation: ICOs and digital assets have become a new phenomenon that has impacted many aspects of our modern economies and created an alternative way of financing for start-ups or small and medium-sized...more
5/29/2019
/ Anti-Money Laundering ,
Criminal Sanctions ,
Cryptocurrency ,
Digital Assets ,
Distributed Ledger Technology (DLT) ,
Enforcement Actions ,
Financial Instruments ,
France ,
Initial Coin Offering (ICOs) ,
Registration Requirement ,
Token Sales
The Court Decision: On September 25, 2018, the Higher Regional Court of Berlin held that bitcoins would not qualify as financial instruments for the purposes of the German Banking Act (Kreditwesengesetz, "KWG"), thus...more
11/1/2018
/ BaFin ,
Cross-Border Transactions ,
Cryptocurrency ,
Distributed Ledger Technology (DLT) ,
EU ,
German Banking Act ,
Germany ,
Initial Coin Offering (ICOs) ,
MiFID II ,
Securities Regulation ,
Token Sales
The Situation: French investors continue to show interest in initial coin offerings.
The Result: The French Financial Market Authority has launched a public consultation to assess whether ICOs might fall within the scope...more
12/1/2017
/ AMF ,
Blockchain ,
Corporate Governance ,
Debt Securities ,
Distributed Ledger Technology (DLT) ,
France ,
Initial Coin Offering (ICOs) ,
Investors ,
Regulatory Oversight ,
Token Sales ,
UCITS