Tokenization & FinTechs
Crypto assets and blockchain technology are currently shaking up the financial market and fostering the emergence of new, innovative business models.
The blockchain technology underlying crypto-assets offers a wide range of possible applications that will enrich and change the economic world of tomorrow. With its help, processes can be decentralized, automated, more transparent and more secure. For example, smart contracts can be processed automatically and tokenization (the “digital securitization” using blockchain technology) is also becoming increasingly common in the area of corporate and securities law.
Fungible crypto-assets and non-fungible tokens (NFT) create innovation potential and enable new business models, payment solutions and forms of financing. However, this rapid progress not only creates opportunities, but also poses challenges and raises complex – often not yet conclusively clarified – issues that require comprehensive, solution-oriented legal expertise. Compliance is not a nice-to-have, but a must-have in order to minimize the risk of (regulatory) violations, liability, penalties and image damage and to maximize competitive advantages.
What EY Law can do for you
We advise our clients on the legal analysis and market-oriented structuring of their business model. With our expertise and focus on FinTechs, Crypto-Assets and New Technologies, we can provide targeted, innovative and tailored solutions to previously unresolved legal issues. Through our comprehensive and reliable advice on the legal problems of tomorrow, we already put our clients in a pioneering role today. In cooperation with EY’s IT experts, we can provide even more comprehensive advice.
We also represent our clients before Austrian and European authorities (in particular the Financial Market Authority) as well as courts and support them in obtaining registrations and licenses as well as in coordinating and communicating with them.
Furthermore, we are already taking first steps together with our clients in preparing existing or newly emerging business models for the upcoming Markets in Crypto Assets Regulation (MiCAR).
Our services include:
- Legal analysis of your digital business model (e.g..: Crypto Assets – broker platforms, NFT – projects, ICO/ITO, Centralized Finance (CeFi) vs Decenztralized Finance (DeFi)).
- Legal analysis of Crypto Assets from the perspective of civil and regulatory law.
- Legal analysis of NFT products and NFT artworks from the perspective of civil and copyright law (e.g.: licensing provisions, platform liability)
- Analysis of consumer law implications in the digital context (e.g. withdrawal rights, transparency of GTC)
- Advice and representation regarding registration as a service provider for virtual currencies (FM-GwG) before the FMA
- Regulatory analysis, structuring and delineation of your business model, in particular under the aspects of the Financial Market Money Laundering Act (FM-GwG), banking law (BWG, etc), Payment Services Act (ZaDiG), Alternative Investment Fund Manager Act (AIFMG), Securities Supervision Act (WAG) and other regulatory frameworks
- Consulting and preparation regarding the introduction of the markets in Crypto Assets Regulation on EU level (e.g.: Monitoring of current developments, preparation for registration and legal compliance).
- Advice and support in drafting general terms and conditions for, among others, Crypto Assets offerings or online platforms under consumer and regulatory aspects
- Legal analysis and advice on the structuring of new Crypto Assets products (ICO/ITO, derivative products) and services (staking, lending, margin trading via online platforms)
- Legal analysis of DAO structures under Austrian corporate law and the possibility to tokenize company shares (e.g.: virtual participation models)
- Advice to FinTechs and InsurTechs
- Advising on and accompanying preliminary review procedures or inquiries by the FMA;