# Substance over form

`kaal:entity:substance-over-form`

**Status.** derived

This node is assembled mechanically from the 2 claims that carry the concept tag `substance-over-form`. It is a roster of what the corpus says under this term. It is **not** an adjudicated definition: no single statement here has been ruled canonical, and no first-appearance call has been made. Read the claims and judge for yourself.

## Every claim under this term

2 claims across 2 works, 2018 to 2025.

**2018**

- [3117224-029](https://wulfkaal.github.io/claims/3117224-029) [condition/evidenced] -- The Canadian Securities Administrators apply a four-factor test to determine whether a cryptocurrency must be registered as a security.
  > The CSA applies a four-factor test in determining whether a cryptocurrency have to be registered as securities.
  Wulf A. Kaal, Initial Coin Offerings The Top 25 Jurisdictions and Their Comparative Regulatory Responses (2018). SSRN: https://ssrn.com/abstract=3117224

**2025**

- [5454054-029](https://wulfkaal.github.io/claims/5454054-029) [failure/argued] *(failure mode)* -- 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.
  > 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).
  Wulf A. Kaal, Liquid Equity Rewards (2025). SSRN: https://ssrn.com/abstract=5454054

## Verify

Every claim above resolves to a record carrying a verbatim source quote, the sha256 of the source PDF, and a preformatted citation. Nothing here asks to be taken on trust.

    curl -s https://wulfkaal.github.io/entities/substance-over-form.md | sha256sum

**Canonical form.** This markdown file is the canonical hashed representation of this entity node. Its sha256 is the content hash.