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ICO vs. IPO – Prospektrechtliche Anforderungen bei Equity Token Offerings

Author

Listed:
  • Hahn Christopher

    (Dr. iur., Rechtsanwalt, trustberg LLP, Berlin und München)

  • Wilkens Robert

    (Doktorand am Lehrstuhl für Wirtschaftsstrafrecht an der Universität Leipzig und Of Counsel bei trustberg LLP, Berlin)

Abstract

Mit Initial Coin Offerings (ICOs) ist auf Basis der Blockchain-Technologie eine neuartige Form der Unternehmensfinanzierung entstanden, die das Potenzial hat, klassische VC-Investments in den Schatten zu stellen. Trotz der sprachlichen Ähnlichkeit haben ICOs meist wenig mit einem Börsengang (Initial Public Offering, IPO), zu tun. Mit den sog. Equity Token Offerings (ETOs) hat sich jedoch eine besondere ICO-Form herausgebildet, die zwar weniger in sprachlicher, dafür aber umso mehr in funktionaler Hinsicht mit einem klassischen IPO vergleichbar ist und nun auch in Deutschland in den Startlöchern steht. ETO-Initiatoren treibt dabei vor allem. die Frage nach einer möglichen IPO-ähnlichen Prospektpflicht um.

Suggested Citation

  • Hahn Christopher & Wilkens Robert, 2019. "ICO vs. IPO – Prospektrechtliche Anforderungen bei Equity Token Offerings," Zeitschrift für Bankrecht und Bankwirtschaft (ZBB) / Journal of Banking Law and Banking (JBB), RWS Verlag, vol. 31(1), pages 10-26, February.
    • Handle: RePEc:bpj:zfbrbw:v:31:y:2019:i:1:p:10-26:n:4
    DOI: 10.15375/zbb-2019-0104
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