
Why a statement by the banking authority might make Germany the crypto valley - mmmnt
https://blog.neufund.org/german-financial-supervisory-authority-bafin-on-icos-and-cryptocurrencies-2fc9bfa3f85b
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bobbrown
Here is the link to the original statement of the BaFin:
[https://www.bafin.de/SharedDocs/Veroeffentlichungen/EN/Facha...](https://www.bafin.de/SharedDocs/Veroeffentlichungen/EN/Fachartikel/2017/fa_bj_1711_ICO_en.html)

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d__k
So the difference is as follows:

\- USA: crypto tokens are securities (under US law)

\- Germany: crypto tokens are units of account (Kreditwesengesetz)

The question is whether "units of account" are like normal food sold in
supermarkets or financial instruments.

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detaro
Are units of account, and might fall in further categories:

> _Based on the specific formulation of the contract for each ICO, BaFin
> decides on a case-by-case basis whether the offeror is required to obtain
> authorisation pursuant to the German Banking Act (Kreditwesengesetz – KWG),
> Investment Code (Kapitalanlagegesetzbuch – KAGB), Payment Services
> Supervision Act (Zahlungsdiensteaufsichtsgesetz – ZAG) or Insurance
> Supervision Act (Versicherungsaufsichtsgesetz – VAG) and whether they must
> fulfil prospectus requirements._

So your ICO might require further paperwork if it looks to much like an
investment vehicle, an insurance policy, ...

Looking at the German text in comparison "unit of account" is translated from
Rechnungseinheiten. Those are a type of financial instrument that contains
private or artifical currencies and are treated similarly to holdings of
foreign money. Offering them to the public or commercial trade in them
requires permission (as the article already notes).

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vanilizer
I love the spirit of Berlin and German regulators

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bierlingm
That was unexpected...

