kaal:claim:3117224-028

Under German law the decisive factor in classifying a token is which rights are associated with it; labels such as participation token, utility token, or payment token give only initial guidance and cannot be relied upon outside a comprehensive and binding regulatory classification.

A prior classification of the token (i.e. as a "participation token", "utility token", or "payment token") can provide initial guidance as to the type of token it is under German law, but is not to be relied upon outside a comprehensive and binding regulatory classification.

Wulf A. Kaal, Initial Coin Offerings The Top 25 Jurisdictions and Their Comparative Regulatory Responses (2018), IV. Regulatory Responses, p. 17
https://ssrn.com/abstract=3117224 · source PDF

Wulf A. Kaal, Initial Coin Offerings The Top 25 Jurisdictions and Their Comparative Regulatory Responses (2018). SSRN: https://ssrn.com/abstract=3117224

• Germany
• BaFin securities supervision

definitionalsupport: evidencedsystemic-risktokenomicssecurities-law

• restated_by kaal:claim:4021599-021 Merely calling a token a utility token, or structuring it so that it provides some utility, does not prevent t...
• extended_by kaal:claim:4021599-023 Utility tokens can be distinguished from securities tokens along several core factors: the purpose of the toke...
• extended_by kaal:claim:4021599-008 The boundaries between the different types of tokens are regularly blurred, so the securities token versus uti...

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