Linked e-resources
Details
Table of Contents
Intro
Preface
References
Contents
Abbreviations
1: Basic Knowledge regarding Crypto Assets
1.1 Definition of Terms
1.2 Design of Crypto Tokens
1.2.1 Currency Tokens
1.2.2 Investment Tokens
1.2.3 Utility Tokens
1.2.4 Hybrid Forms
1.3 Technical Principles
1.3.1 Distributed Ledger Technology
1.3.2 Blockchain
1.4 Market Participants in Relation to Crypto Assets
1.4.1 Issuers
1.4.2 Service Providers
1.5 Opportunities and Risks
1.5.1 Opportunities
1.5.2 Risks
References
2: Regulatory Classification of Crypto Assets
2.1 Fundamentals of European Financial Market Supervision
2.2 Classification under Capital Market Law
2.2.1 Financial Instrument within the Meaning of the WpHG
2.2.2 Legal Consequences of Classification
2.3 Classification under Banking Supervisory Law
2.3.1 Financial Instrument within the Meaning of the KWG
2.3.2 Legal Consequences of Classification
References
3: Developments at the National and EU Level
3.1 The Liechtenstein Token and Trusted Technology Service Provider Act
3.1.1 Legislative Background
3.1.2 Structure and Content
3.2 The EU Proposal for a Regulation on Markets in Crypto-assets
3.2.1 Legislative Background
3.2.2 Structure and Content
References
4: Comparison and Critical Appraisal of the Regulatory Approaches
4.1 Scope of Application
4.1.1 Utility Tokens
4.1.2 Investment Tokens
4.1.3 Tokenisation of Other Rights
4.2 Regulatory Methodology
4.3 Technology Neutrality
4.4 Chosen Regulatory Instruments
4.4.1 Standardised Information Document
4.4.2 Authorisation Procedure
4.4.3 Public Register
4.5 Neglected Aspects
4.5.1 Endogenous Manipulation of the Network
4.5.2 Anonymity of Network Participants
4.5.3 Sustainability
References
5: Conclusion
Preface
References
Contents
Abbreviations
1: Basic Knowledge regarding Crypto Assets
1.1 Definition of Terms
1.2 Design of Crypto Tokens
1.2.1 Currency Tokens
1.2.2 Investment Tokens
1.2.3 Utility Tokens
1.2.4 Hybrid Forms
1.3 Technical Principles
1.3.1 Distributed Ledger Technology
1.3.2 Blockchain
1.4 Market Participants in Relation to Crypto Assets
1.4.1 Issuers
1.4.2 Service Providers
1.5 Opportunities and Risks
1.5.1 Opportunities
1.5.2 Risks
References
2: Regulatory Classification of Crypto Assets
2.1 Fundamentals of European Financial Market Supervision
2.2 Classification under Capital Market Law
2.2.1 Financial Instrument within the Meaning of the WpHG
2.2.2 Legal Consequences of Classification
2.3 Classification under Banking Supervisory Law
2.3.1 Financial Instrument within the Meaning of the KWG
2.3.2 Legal Consequences of Classification
References
3: Developments at the National and EU Level
3.1 The Liechtenstein Token and Trusted Technology Service Provider Act
3.1.1 Legislative Background
3.1.2 Structure and Content
3.2 The EU Proposal for a Regulation on Markets in Crypto-assets
3.2.1 Legislative Background
3.2.2 Structure and Content
References
4: Comparison and Critical Appraisal of the Regulatory Approaches
4.1 Scope of Application
4.1.1 Utility Tokens
4.1.2 Investment Tokens
4.1.3 Tokenisation of Other Rights
4.2 Regulatory Methodology
4.3 Technology Neutrality
4.4 Chosen Regulatory Instruments
4.4.1 Standardised Information Document
4.4.2 Authorisation Procedure
4.4.3 Public Register
4.5 Neglected Aspects
4.5.1 Endogenous Manipulation of the Network
4.5.2 Anonymity of Network Participants
4.5.3 Sustainability
References
5: Conclusion