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International Regulation of Token
Sales
Daniel Resas
www.smp.law
Vienna, 16 April 2018
Content
Regulatory challenges from a cross-border perspective
International best practices
Outlook
Tax | Funds | Transactions 2Private & Confidential
Private & Confidential Tax | Funds | Transactions 3
Regulatory Challenges
No consistent international legal framework
Lack of (regulated) intermediaries
Private & Confidential Tax | Funds | Transactions 4
International Deal Practice
(Attempted) jurisdictional arbitrage
Attempted creation of legal structures to avoid the hassle of fully
registered security offerings
Excluding certain types of investors
Increasing international regulatory activity
Private & Confidential Tax | Funds | Transactions 5
Outlook
Policy debate on token sales will continue
(Further) competition between jurisdictions for Blockchain
startups
Emergence of regulated infrastructure
Private & Confidential Tax | Funds | Transactions 6
Takeaways
Continuing legal uncertainty
Increasing regulatory & legislative activity in an increasingly
competitive environment
Regulated (trading) infrastructure as evolutionary step of a
maturing ecosystem
Contact
Daniel Resas
_ Rechtsanwalt
T +49 40 607728139
M +49 151 40228639
daniel.resas@smp.law
Tax | Funds | Transactions

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#Crypto42 Token Summit, International Regulation of Token Sales; Daniel Resas

  • 1. International Regulation of Token Sales Daniel Resas www.smp.law Vienna, 16 April 2018
  • 2. Content Regulatory challenges from a cross-border perspective International best practices Outlook Tax | Funds | Transactions 2Private & Confidential
  • 3. Private & Confidential Tax | Funds | Transactions 3 Regulatory Challenges No consistent international legal framework Lack of (regulated) intermediaries
  • 4. Private & Confidential Tax | Funds | Transactions 4 International Deal Practice (Attempted) jurisdictional arbitrage Attempted creation of legal structures to avoid the hassle of fully registered security offerings Excluding certain types of investors Increasing international regulatory activity
  • 5. Private & Confidential Tax | Funds | Transactions 5 Outlook Policy debate on token sales will continue (Further) competition between jurisdictions for Blockchain startups Emergence of regulated infrastructure
  • 6. Private & Confidential Tax | Funds | Transactions 6 Takeaways Continuing legal uncertainty Increasing regulatory & legislative activity in an increasingly competitive environment Regulated (trading) infrastructure as evolutionary step of a maturing ecosystem
  • 7. Contact Daniel Resas _ Rechtsanwalt T +49 40 607728139 M +49 151 40228639 daniel.resas@smp.law
  • 8. Tax | Funds | Transactions