Digital Law/ Blockchain and Tokenization
Digitization supported by new technologies has the potential to revolutionize classic business models and the relationships between companies and their stakeholders. This enormous technical potential raises extensive legal questions that require precise clarification in order to minimize liability risks, as well as the risks of penalties and damage to the company’s image. Through compliance, competitive advantages that arise from the use of new technologies can be maximized in the long term and legally secured. Blockchain technology, which offers a wide range of possible uses, has already established itself as one of many emerging new technologies. With the help of blockchain technology, existing business processes can be automated, designed transparently and securely, and new business models can be developed. Blockchain technology is also finding its way into classic corporate and securities law through tokenization (the “digital securitization”) of shareholder rights.
What EY Law can do for you
We accompany and advise our clients in the legal definition and analysis of their business model and cooperate with EY IT experts, which enables us to ensure comprehensive and competent advice. We also represent our clients before the Austrian and European authorities (in particular the financial market supervisory authority) and courts and support them in preliminary coordination and communication with them.
Our services include:
- Legal analysis of your digital business model (e.g. use of tokens/ smart contracts/ artificial intelligence)
- Regulatory analysis and structuring of your business model, in particular under the aspects of banking law (BWG, etc.), Payment Services Act (ZaDiG), Alternative Investment Fund Manager Act (AIFMG), Securities Supervision Act (WAG) and other regulatory frameworks
- Analysis and structuring of your business model on the basis of applicable civil and consumer protection regulations, in particular under the aspects of the E-Commerce Act, the Distance and External Business Act and the Distance Financial Services Act
- Focus on “data protection compliance” (e.g. for blockchain applications, big data analyzes, processing of personal data)
- Advising FinTechs and InsurTechs
- Advice on and support for the FMA’s preliminary review procedures