We use cookies to customise content for your subscription and for analytics.
If you continue to browse Lexology, we will assume that you are happy to receive all our cookies. For further information please read our Cookie Policy.

Login or sign up: Please either login to Lexology or sign up for our free legal news service to be able to register for this event.

ICOs and STOs: the legal classification of crypto tokens

Bird & Bird LLP


Initial coin offerings (ICOs), often referred to as initial token sales or token generation events, and security token offerings (STOs) seek to transfer the world of finance and capital markets through distributed ledgers. As a financing option based on the idea of crowdfunding, the product issued in an ICO or STO is a blockchain-based coin or token. Its technical design is as flexible as its associated rights.

This webinar covers the types and regulation of blockchain tokens in Germany, looking at tokens according to the rights that they convey. By attending you will learn about the following:

• The technical structure of tokens;
• The legal and regulatory classification of tokens in Germany;
• Units of account or not – currency tokens;
• A symbol for rights and obligations – utility tokens;
• The tokenisation of capital markets – security tokens; and
• New developments under the implementation of the EU Fifth Anti-money Laundering Directive in Germany – the end of the German crypto market?


Michael Jünemann

Michael Jünemann heads the banking and finance practice in the Frankfurt office of Bird & Bird and is a member of the international financial services sector group steering committee.

Mr Jünemann mainly advises in the areas of national and international financial and capital markets law, as well as banking, payment services and insurance regulation. He advises international and national companies, incumbents and start-ups in all fields of regulatory law and its interdependence with digitalisation. He has remarkable knowledge of new and disruptive technologies such as blockchain and distributed ledger, and the legal issues the respective business models face.

Johannes Wirtz

Johannes Wirtz is a member of the banking and finance practice group and is based in Frankfurt. He works in the field of financial regulation as well as transaction financing.

His daily work is focused on regulatory issues regarding credit institutions, financial services institutions, payment service providers, e-money institutions and investment funds (managers) as well as the interdependence of regulation and digitalisation. This involves giving advice on various matters to fintech, insurtech and regtech companies as well as their investors. Mr Wirtz works on questions resulting from licensing, registrations and alternative structures, and offers advice on anti-money laundering, including the connection with anonymous products.


Dr. Michael Junemann
Johannes Wirtz


12 November 2019
14:00 - 14:55 UTC
55 min