On February 20, Germany’s financial regulator, the Federal Financial Supervisory Authority (“BaFin”) published a letter of advice on ICOs. This is the second statement from BaFin on the matter and it provides more substance to how they expect to manage the growing interest in ICOs within Germany.
The letter (an English version is not available at this time) notes that BaFin will conduct a “precise case-by-case examination” of tokens issued via ICOs to determine their legal status and application under current regulations. As such they have stopped short from issuing any sector specific guidance.
The letter is available here