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ICO and tokens through the optics of capital markets law: Can tokens be transferable securities?

Publication at Faculty of Law |
2019

Abstract

The phenomena of Initial Coin Offering (ICO), tokens and the dynamic spreading of crypto-assets in general, represent a challenge both for legal theory and practice. The article analyzes the question, whether at all, or on what terms may tokens issued within the framework of ICO be deemed transferable securities in the sense of EU financial market regulation and corresponding national legislation.