AUSTRIA
Czech Republic
Germany
Slovak
Vienna
Austria
Law and Practice Contributed by: Oliver Völkel, Jara Erhard and Bryan Hollmann CERHA HEMPEL
Hungary
Italy
Slovenia
Croatia
Contents 1. Overview of Blockchain and Crypto-Assets p.37 1.1 Blockchain p.37 1.2 Crypto-Assets p.40 2. Regulation p.42 2.1 Regulators and International Alignment p.42 2.2 Crypto-Asset Regulatory Frameworks p.43 2.3 Regulated Firms and Legal Wrappers p.44 2.4 Token Issuance p.44 2.5 Market Abuse p.45 2.6 Non-Compliance p.46 3. Licensing and Set-Up Requirements p.46
3.1 Licensing Requirements p.46 3.2 Set-Up Requirements p.47 3.3 Change of Control p.47 3.4 Passporting p.47 4. Cross-Border Services p.48 4.1 Marketing p.48 4.2 White Labelling p.49 5. Decentralised Finance p.49 5.1 Ability to Use DeFi p.49 5.2 DeFi Structures p.49 5.3 Liability p.49 6. Payments and Stablecoins p.50
6.1 Payments p.50 6.2 Stablecoins p.50 7. Tokenisation and Real-World Assets p.51 7.1 Treatment p.51
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