The Regulation of Tokens in Europe
Parts A & B: The EU legal and regulatory framework
June 2019 Version 1.0
This document is licensed under a Creative Commons Licence (CC-BY-SA). The terms of the licence can be found at creativecommons.org This paper may be cited as follows: “thinkBLOCKtank, Position paper on the regulation of tokens in Europe (version 1.0)”
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Please note that this contribution is a document that will be updated and supplemented over time. The most recent version of this document will be found at www.thinkblocktank.org.
This document does not constitute legal advice. Additionally, this document is the result of a series of thinkBLOCKtank meetings, discussions and debates. The views set out constitute the personal views of the contributors at the time of drafting, and are not necessarily the views of their firms or employers. These discussions and debates continue, and these views may evolve or change over time.
This paper is a joint effort by legal and other professionals from across Europe, inspired by the initial “Statement on token regulation with a focus on token sales” by the Finance Working Group of the Blockchain Bundesverband issued in February 2018 and the related extended German version. In order to highlight the differences between EU jurisdictions, the paper has been restructured into (i) an EU section and (ii) various Annexes outlining the applicable legal and regulatory framework in thirteen European countries.
The primary contributors to this version included:
Denmark Niels Gade-Jacobsen (Njord Law Firm)
England & Wales Matthew Suter (DWF LLP) James Burnie (Eversheds Sutherland LLP) Andrew Henderson (Eversheds Sutherland LLP)
Europe – other Stefan Loesch (LexByte)
France Fabrice Piollet (McDermott Will & Emery LLP) Romain Desmonts (McDermott Will & Emery LLP) Emmanuelle Turek (McDermott Will & Emery LLP) Guillaume Béal (McDermott Will & Emery LLP)
Germany Prof. Dr. Heribert Anzinger (Universität Ulm) Natalie Eichler (DWF Germany Rechtsanwaltsgesellschaft mbH) Stephanie Fischer Dr. Christoph Gringel (Heuking Kühn Lüer Wojtek) Dr. Sven Hildebrandt (DLC Distributed Ledger Consulting GmbH) Dr. Sebastian Keding (McDermott Will & Emery Rechtsanwälte Steuerberater LLP) Lennart Lorenz (Schnittker Möllmann Partners Rechtsanwälte Steuerberater PartG mbB) Dr. Ian Maywald (Ashurst LLP) Daniel Resas (Schnittker Möllmann Partners Rechtsanwälte Steuerberater PartG mbB) Prof. Dr. Philipp Sandner (Frankfurt School Blockchain Center) Tobias Seidl (Co-Founder Stokr) Alireza Siadat (Simmons & Simmons LLP)
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