Blockchain technology has become a reality as part of the
digitalisation of the economy. Every day, there is proof of
disruptive transformations of long-standing mechanisms into new
ecosystems on the blockchain. While existing market participants
are in many cases overwhelmed by the new normal, the new players
operate with the greatest creativity and efficiency.
There are no limits to the new ecosystems. The blockchain offers
countless possibilities of disintermediation, of participating in
and transferring assets, of recordkeeping and of creating
e-commerce beyond the boundaries of national currencies. And we are
only at the beginning of this transformation.
Tokens created on the blockchain can be used to represent a wide
variety of instruments and processes. For example, a new means of
payment can be created or indirect rights to shares, loans or
access rights can be digitised. The legal qualification of the
tokens is a major challenge due to the
