On 16 August 2019, the German Federal Financial Supervisory Authority (BaFin) published an updated guidance notice (German) on the issuance of crypto token (e.g. through ICO, ITS or TGE) providing assistance with ...

The requirement of Strong Customer Authentication (SCA) for payment service providers was scheduled for 14 September 2019. Germany’s Federal Financial Supervisory Authority (BaFin), however, just announced it will ...

Germany’s Federal Financial Supervisory Authority (BaFin) concludes in a circular that bank’s new account interfaces do not conform to PSD2 requirements. They may thus not switch off access through existing ...

A look at the recent Australian and UK inquiries, and what the new wave of regulation of digital platforms (and, in Australia, media and journalism) might look like in 2019 and beyond.

The German Ministry of Finance (Bundesministerium der Finanzen – BMF) published a draft legislative proposal (German) to implement the European directive to amend the fourth European anti-money laundering directive ...

The German Ministry of Finance published a proposal to implement Directive (EU) 2018/843 (fifth Anti-Money Laundering Directive) into German national law. The draft proposes changes when using trusted third parties.

Depending on the rights a Token conveys, it can be a Security Token, a Currency Token, a Utility Token or take a hybrid form. Legal literature and regulatory practice can at times diverge.

Part 5/5 – Hybrid Forms: A token may have features of security token, currency token and/or utility token. These hybrid forms require a case by case assessment of applicable regulation.

Part 3/5 - Currency Token: Currency Token, also called cryptocurrency, are the origin of token. The most well-known example for a coin is Bitcoin. Other examples of Currency Token are Ethereum (or Ether) and Ripple

Part 2/5 - Security Token: By issuing security tokens the issuer promises some sort of return. Token can qualify as securities according to the German Security Trading Act (WpHG) and German Security Prospectus Act ...