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Initial Coin Offerings (ICOs)

Author

Listed:
  • Klöhn Lars

    (Prof. Dr. iur, LL.M. (Harvard), Lehrstuhl für Bürgerliches Recht und Wirtschaftsrecht, Humboldt-Universität zu Berlin)

  • Parhofer Nicolas

    (Wissenschaftlicher Mitarbeiter, Lehrstuhl für Bürgerliches Recht und Wirtschaftsrecht, Humboldt-Universität zu Berlin)

  • Resas Daniel

    (Rechtsanwalt und Assoziierter Partner der Schnittker Möllmann Partners Rechtsanwälte Steuerberater PartG mbB, Hamburg/Berlin)

Abstract

Kein Thema wird derzeit im Kapitalmarktrecht so leidenschaftlich diskutiert wie das der Initial Coin Offerings (auch: Token Sales). Es geht um zwei Grundfragen: Unterfallen diese Transaktionen dem geltenden Kapitalmarktrecht, und sollten sie spezifisch reguliert werden? Der vorliegende Beitrag versucht, die erste Frage zu beantworten und Grundlagen für die Diskussion über die zweite Frage zu legen. Dabei erläutert er den ökonomischen Hintergrund ICO-finanzierter Projekte, analysiert deren Potenzial sowie die Gefahren für Anleger und beleuchtet rechtsvergleichend sowohl die Regulierung und Aufsicht in den USA als auch die Behördenpraxis in der Schweiz.

Suggested Citation

  • Klöhn Lars & Parhofer Nicolas & Resas Daniel, 2018. "Initial Coin Offerings (ICOs)," Zeitschrift für Bankrecht und Bankwirtschaft (ZBB) / Journal of Banking Law and Banking (JBB), RWS Verlag, vol. 30(2), pages 89-106, April.
    • Handle: RePEc:bpj:zfbrbw:v:30:y:2018:i:2:p:89-106:n:3
    DOI: 10.15375/zbb-2018-0203
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