In this book, the complex topic of crypto securities is presented in a compact, understandable and practical manner. In addition to conveying the fundamentals and technical background of the crypto market, a classification in the various areas of supervisory law is made. The focus is on German law, although reference is also made to the European equivalence standards. In order to succeed in a correct classification into European financial market law, both the Liechtenstein law on tokens and VT service providers and the European proposal for a regulation on markets for crypto assets are discussed in detail and compared with the German supervisory regulations on crypto assets. The aim, in addition to creating a basic understanding of how crypto assets work, is to construct a comprehensive overall picture of their regulatory treatment in Germany and to include possible implications of a European push.
The work thus provides guidance to individuals who, for example, wish to invest in cryptocurrencies or start a business related to cryptocurrencies.
Author(s): Hannah Appel
Publisher: Springer Gabler
Year: 2023
Language: English
Pages: 106
City: Wiesbaden
Preface
References
Contents
Abbreviations
1: Basic Knowledge regarding Crypto Assets
1.1 Definition of Terms
1.2 Design of Crypto Tokens
1.2.1 Currency Tokens
1.2.2 Investment Tokens
1.2.3 Utility Tokens
1.2.4 Hybrid Forms
1.3 Technical Principles
1.3.1 Distributed Ledger Technology
1.3.2 Blockchain
1.4 Market Participants in Relation to Crypto Assets
1.4.1 Issuers
1.4.2 Service Providers
1.5 Opportunities and Risks
1.5.1 Opportunities
1.5.2 Risks
References
2: Regulatory Classification of Crypto Assets
2.1 Fundamentals of European Financial Market Supervision
2.2 Classification under Capital Market Law
2.2.1 Financial Instrument within the Meaning of the WpHG
2.2.2 Legal Consequences of Classification
2.3 Classification under Banking Supervisory Law
2.3.1 Financial Instrument within the Meaning of the KWG
2.3.2 Legal Consequences of Classification
References
3: Developments at the National and EU Level
3.1 The Liechtenstein Token and Trusted Technology Service Provider Act
3.1.1 Legislative Background
3.1.2 Structure and Content
3.2 The EU Proposal for a Regulation on Markets in Crypto-assets
3.2.1 Legislative Background
3.2.2 Structure and Content
References
4: Comparison and Critical Appraisal of the Regulatory Approaches
4.1 Scope of Application
4.1.1 Utility Tokens
4.1.2 Investment Tokens
4.1.3 Tokenisation of Other Rights
4.2 Regulatory Methodology
4.3 Technology Neutrality
4.4 Chosen Regulatory Instruments
4.4.1 Standardised Information Document
4.4.2 Authorisation Procedure
4.4.3 Public Register
4.5 Neglected Aspects
4.5.1 Endogenous Manipulation of the Network
4.5.2 Anonymity of Network Participants
4.5.3 Sustainability
References
5: Conclusion
