Germany’s BaFin has published Guidance Notice on prospectus- and authorisation-requirements for the issuance of crypto tokens.

Annex I of the Guidance Notice explains which information and documents BaFin requires from issuers, so it can answer queries constructively, speedily and in advance.

BaFin stresses that the legal appraisal of this issue still has to be finalised, which means that there may be further advisory letters in the future, or that existing advisory letters may be supplemented and updated. 

The Guidance Notice deals extensively with the nature of crypto-tokens and informs the reader inter alia about their classification as: a security or 

as an investment product. The Notice then deals with potential obligations to prepare a prospectus or an information sheet and with authorisation requirements.

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