20 February published a guide in which BaFin, Federal financial Supervisory authority, explained to the ICO and the attitude of the authorities towards them.
This guide Germany joined the list of countries that have adopted new instruments of Fund-raising and provided explanations on this issue.
In BaFin received a large number of queries regarding their relationship to the ICO and digital coins which are not financial instruments. The published statement contains the explanation of the regulator regulatory classification of tokens.
Now enrolling for IPO coins should be completely governed by market instruments like securities. The company will be held within the legal framework only in the case that the ICO will meet the issue of shares. Of any discrepancies, the company will have to report to the Federal financial Supervisory authority.
The tendency to adopt initial proposals of coins observed in the countries of the European Union. Spain and Switzerland are developing new legislation: tax breaks blockchain companies will help the cryptocurrency sector in development. British overseas territory, Gibraltar was the first jurisdiction that fully recognizes the blockchain.