German financial regulatory authority BaFin published further guidance on its view around tokens and crypto-currencies used to structure Initial Coins offerings (German version available here).

In a nutshell, the notice stresses that market participants need to closely assess the character of the respective token, e.g. whether it forms a financial instrument as per MiFID II, a security or constitutes an investment pursuant and subject to respective regulations.

Regulations and respective duties, including potentially also obtaining a licence, may address service providers around ICOs, traders and platforms and also public offerings, so care should be had when picking partner and token for your ICO project.