In November 2023, the German Parliament adopted the Act on Financing of the Future (Zukunftsfinanzierungsgesetz, âZuFinGâ), which will allow German stock corporations to issue stock âon chainâ (crypto-shares). This is achieved by amending the existing German Act on Electronic Securities (âeWpGâ) and the stock corporation law. However, a few requirements will need to be fulfilled. In particular, a change from a traditional paper-based issuance to crypto shares will require that all existing shareholders agree, which…
Initial Coin Offerings are now mushrooming in Germany as well. Besides the recent Savedroid ICO, the local Frankfurt news section of the Frankfurter Allgemeine Zeitung recently mentioned at least three more transactions that are in the process of being launched. Like its many European counterparts, the German regulator BaFin is very skeptical regarding blockchain-based coin (âtokenâ) sales and has issued a number of warnings to consumers. More recently, on 20 February 2018, the BaFin published…