Currently there is no legally recognised classification of tokens, neither in Austria nor on a European or international level. The literature differentiates between three different types: Security / Investment Tokens (hereafter referred to as “Security Tokens”) Payment / Currency Tokens (hereafter referred to as “Payment Tokens”) Utility Tokens This classification…
Austrian Banking Act (BWG; Bankwesengesetz) deposit-taking business Where capital is not collected in the form of crypto assets, but are instead collected in the form of a currency that is legal tender and the ICO foresees the repayment of such funds, then the activity requiring a licence of deposit-taking…
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