kaal:claim:5454054-029

BaFin applies substance over form, so transferable, tradable, or profit-oriented reward units risk classification as crypto-assets or financial instruments in Germany, potentially triggering licensing obligations such as crypto custody or proprietary trading.

Source quote, verbatim

BaFin applies substance-over-form. This means that transferable, tradable, or profit-oriented reward units risk classification as crypto-assets/financial instruments, potentially implicating licensing (e.g., crypto custody, proprietary trading).

From

Wulf A. Kaal, Liquid Equity Rewards (2025), Germany (BaFin), p. 23
https://ssrn.com/abstract=5454054 · source PDF

Cite as

Wulf A. Kaal, Liquid Equity Rewards (2025). SSRN: https://ssrn.com/abstract=5454054

Holds when

Germany
reward units that are transferable, tradable, or profit-oriented

Classification

failuresupport: arguedfailure: BaFin substance over form reclassificationfamily: definitional-ambiguityinstitutional-design

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