[i] Jünemann/Wirtz, Kreditwesen 2018, 1117 [Banking].
[ii] Sometimes also referred to as cryptocurrency tokens or payment tokens.
[iii] Cf. for example ESMA's statement dated November 13, 2017, ESMA 50-157-829.
[iv] Cf. for example BaFin, Virtual Currency (VC), edited April 28, 2016.
[v] Cf. BaFin, Virtual Currency (VC).
[vi] Cf. BaFin, Virtual Currency (VC); BaFin, Bitcoins: Supervisory assessment and risks to users, dated February 17, 2014; BaFin, Cryp Trade Capital Ltd.: BaFin prohibits unauthorized banking business and orders winding-up, dated August 3, 2017.
[vii] Higher Regional Court of Berlin, judgment of September 25, 2018, docket no.: (4) 161 Ss 28/18 (35/18).
[viii] Shmatenko/Möllenkamp, MMR 2018, 495, 496.
[ix] Cf. Boehm/Pesch, MMR 2014, 75, 78; Lerch, JBB 2015, 190, 193 et seq.; Schlund/Pongratz, DStR 2018, 598, 600; Shmatenko/Möllenkamp, MMR 2018, 495, 497.
[x] Cf. Lerch, JBB 2015, 190, 196.
[xi] Cf. Lerch, JBB 2015, 190, 196.
[xii] Cf. Spindler/Bille, WM 2014, 1357, 1363; Lerch, JBB 2015, 190, 196; Shmatenko/Möllenkamp, MMR 2018, 495, 498.
[xiii] Cf. Fritzsche, in: BeckOK BGB, Bamberger/Roth/Hau/Poseck, 44th edition, as of: November 1, 2017, sec. 903 BGB, marg. no. 14.
[xiv] Cf. sec. 453 (1) Alt. 2 BGB; cf. Spindler/Bille, WM 2014, 1357, 1360; Schlund/Pongratz, DStR 2018, 598, 600.
[xv] Cf. BaFin, Bitcoins: Supervisory assessment and risks to users, dated February 17, 2014; also Parliamentary State Secretary Hartmut Koschyk's response to a parliamentary request by member of parliament Frank Schäffler dated August 7, 2013, Bundestag document 17/14530, p. 41.
[xvi] Cf. Schäfer, in: Boos/Fischer/Schulte-Mattler KWG, CRR directive, 5th edition 2016, sec. 1 KWG, marg. no. 287; Spindler/Bille, WM 2014, 1357, 1361.
[xvii] Cf. Spindler/Bille, WM 2014, 1357, 1361.
[xviii] Cf. Schwennicke in: Schwennicke/Auerbach, German Banking Act, 3rd edition 2016, sec. 1 KWG, marg. no. 249; Auffenberg, NVwZ 2015, 1184, 1187 [New journal of administrative law]; Higher Regional Court of Berlin, judgment of September 25, 2018, docket no.: (4) 161 Ss 28/18 (35/18).
[xix] Cf. Spindler/Bille, WM 2014, 1357, 1362; different interpretation Auffenberg, NVwZ 2015, 1184, 1187.
[xx] Cf. Schäfer, in: Boos/Fischer/Schulte-Mattler KWG, CRR, 5th edition, sec. 1 KWG, marg. no. 287; Sprengnether/Wächter, RdF 2014, 114, 116 [legal journal of rights of financial instruments].
[xxi] Cf. Otte, in: Ferrari/Kieninger/Mankowski et al., Internationales Vertragsrecht [international contract law], 3rd edition 2018, Art. 23 CMR [Contracts for the international carriage of goods by road], marg. no. 28.
[xxii] The KWG and the WpHG use different terms for "financial instruments".
[xxiii] Cf. BaFin, Bitcoins: Supervisory assessment and risks to users, dated February 17, 2014; Lerch, JBB 2015, 190, 200; Schwennicke/Auerbach, German Banking Act, 3rd edition 2016, sec. 1 KWG, marg. no. 249; according to Schenk/Grieser (RdF 2015, 29, 33), the European Banking Authority (EBA) considers virtual currencies similar to a unit of account.
[xxiv] Cf. BaFin, Cryp Trade Capital Ltd.: BaFin prohibits unauthorized banking business and orders winding-up; Crypto.exchange GmbH: BaFin orders cessation of unauthorized principal broking services, dated January 29, 2018.
[xxv] In some cases, the classification as a unit of account is at least not clearly confirmed; cf. Schäfer, in: Boos/Fischer/Schulte-Mattler, KWG, CRR, 5th edition 2016, sec. 1 KWG, marg. no. 287; Spindler/Bille, WM 2014, 1357, 1362; Sprengnether/Wächter, RdF 2014, 114, 116 et seq.; Schenk/Grieser, RdF 2015, 29, 33 et seqq.; Beck/König, JZ 2015, 130, 135 et seqq. [lawyer journal]; Lerch JBB 2015, 190 et seqq.; Beck NJW 2015, 580, 581 et seqq.; Auffenberg, NVwZ 2015, 1184; Higher Regional Court of Berlin, judgment of September 25, 2018, dockent no.: (4) 161 Ss 28/18 (35/18); Hanten/Stump, RdF 2018, 189.
[xxvi] Higher Regional Court of Berlin, judgment of September 25, 2018, docket no.: (4) 161 Ss 28/18 (35/18).
[xxvii] Higher Regional Court of Berlin, judgment of September 25, 2018, docket no.: (4) 161 Ss 28/18 (35/18).
[xxviii] Cf. Sprengnether/Wächter, RdF 2014, 114, 116.
[xxix] Cf. Sprengnether/Wächter, RdF 2014, 114, 116.
[xxx] Cf. Auffenberg, NVwZ 2015, 1184, 1187.
[xxxi] Cf. also Spindler/Bille, WM 2014, 1357, 1362.
[xxxii] Cf. Terlau, in: Casper/Terlau, ZAG (Payment Services Supervision Act), 1st edition 2014, sec. 1a ZAG old version, marg. no. 40, 50; Schwennicke, in: Schwennicke/Auerbach, German Banking Act, 3rd edition 2016, sec. 1a ZAG old edition, marg. no. 21; Findeisen, in: Ellenberger/Findeisen/Nobbe, Kommentar zum Zahlungsverkehrsrecht [commentary on payment transaction law], 2nd edition 2013, sec. 1a ZAG old version, marg. no. 53, 55; Zickgraf, AG 2018, 293, 307; BaFin fact sheet indications on the ZAG, edited on November 29, 2017; agreeing: Higher Regional Court of Berlin, judgment of September 25, 2018, dockent no.: (4) 161 Ss 28/18 (35/18).
[xxxiii] Cf. Sprengnether/Wächter, RdF 2014, 114, 116; Shmatenko/Möllenkamp, MMR 2018, 495, 496.
[xxxiv] In some literature the view is held that "fiat money" is a contemptuous term. However, it is also used by the EU (cf. 5th Directive on Money Laundering).
[xxxv] Cf. Terlau, in: Casper/Terlau, ZAG, sec. 1a ZAG old version, marg. no. 59; Fußwinkel/Kreiterling, publication series BaFinPerspectives, issue 1/2018 dated August 1, 2018, p. 54, 62.
[xxxvi] Cf. Terlau, in: Casper/Terlau, ZAG, sec. 1a ZAG old version, marg. no. 50; Fußwinkel/Kreiterling, publication series BaFinPerspectives, issue 1/2018 dated August 1, 2018, p. 54, 62.
[xxxvii] BaFin, advisory letter: Initial Coin Offerings: Advisory letter on the classification of tokens as financial instruments March 28, 2018, reference no.: WA 11-QB 4100-2017/0010.
[xxxviii] Cf. Hacker/Thomale: Crypto-Securities Regulation: ICOs, Token Sales and Cryptocurrencies under EU Financial Law, November 22, 2017, SSRN Electronic Journal, 10.2139/ssrn.3075820, available from SSRN: https://ssrn.com/abstract=3075820 or http://dx.doi.org/10.2139/ssrn.3075820, p. 29.
[xxxix] Cf. Bundestag document 16/4028, p. 54; Kumpan, in Schwark/Zimmer, Kapitalmarktrechts-Kommentar [commentary on capital market law], 4th edition 2010, sec. 2 WpHG, marg. no. 12; Fuchs, in: Fuchs, German Securities Trading Act, 2nd edition 2016, sec. 2 WpHG, marg. no. 10.
[xl] European Court of Justice's (ECJ) judgment of October 22, 2015 – C-264/14 (Hedqvist), DStR 2015, 2433.
[xli] Cf. Hacker/Thomale, loc. cit., p. 35.
[xlii] Currency tokens are also not regarded as securities in other jurisdictions, such as Switzerland (cf. FINMA), FINMA publishes ICO guidelines dated February 16, 2018) or the USA (cf. Jay Clayton, SEC, Statement on Cryptocurrencies and Initial Coin Offerings dated December 11, 2017).