The new form of corporate financing for digital companies via so-called Initial Coin Offerings (“ICOs”) raises several questions in the field of financial regulatory law. What is the legal classification of a ‘Token’? What are the legal “pitfalls” for both issuers of the Tokens and platforms that offer the exchange of Tokens? Many members of the crypto industry still seem to believe that ICOs are unregulated. However, they are, in fact, mistaken, as ICOs are definitely on the regulator’s radar.
Together with the offices in Belgium, France, Hong Kong, Italy, The Netherlands, Singapore, Spain, and the UK, Osborne Clarke Germany has created a booklet containing an overview of the current legal assessment of ICOs – taking into account, inter alia, possible regulatory requirements for issuers of the Tokens and platforms that offer the exchange of Tokens.
Please click here to download the booklet.