Today, we have obtained the permission for the distribution of financial assets. Since 1 January 2013, financial intermediaries like us require an official license for financial investment brokerage and advisory services in accordance with section 34f Gewerbeordnung (“GewO”).
It has taken a bit of time and effort to obtain the license, but we are very glad to be permissioned to act as a token broker in Germany. To initiate our activities as token broker, we are now entered in the register for financial intermediaries pursuant to § 11a GewO under the registration number D-F-155-QQX4-99. The register can be reached at www.vermittlerregister.info.
Our token will represent a share in a so called “Vermögensanlage”, which can be translated as “financial asset” in accordance with the German Capital Investment Act (Vermögensanlagengesetz – “VermAnlG”). This type of investment is less complex compared to traditional securities, which allows a streamlined registration process for the token with the BaFin, the German Federal Financial Supervisory Authority.