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Date
2025-10-21
Authors
Publisher
Philipps-Universität Marburg
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Abstract
The dissertation analyzes non-fungible tokens (NFTs) under European and German financial supervisory law. It begins with a working definition of “token” and develops a concept of NFTs in the supervisory-law context, distinguishing between "doubly genuine", "singly genuine", and "non-genuine" NFTs. Building on that, the thesis examines the scope and structure of the MiCA Regulation and especially the exemption in Article 2(3) (uniqueness/non-fungibility; series/collections; fractional interests; “substance over form”) and situates overlaps with MiFID II and the Market Abuse Regulation (including, inter alia, when certain NFTs qualify as financial instruments; insider trading, wash trading, pump-and-dump). For German law, it sets out the classification and legal consequences across the KWG/WpIG/WpPG/VermAnlG/ZAG, along with anti-money-laundering obligations and the (qualified) crypto-custody business; it also discusses reforms (e.g., the KMAG and amendments to the KWG and GwG). The result is guidelines for the supervisory classification of different NFT manifestations and concrete recommendations for designing a coherent, risk-appropriate regulatory framework.
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Dates
Created: 2025Issued: 2025-10-21Updated: 2025-10-21
Faculty
Fachbereich Rechtswissenschaften
Language
ger
Data types
DoctoralThesis
Keywords
NFTNFTssupervisory lawNon-fungible Token
DFG-subjects
Kryptographischer WertMICARMICA-VOMiFID IIAufsichtsrecht
DDC-Numbers
340
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Goldschmidt, Oleg: Non-Fungible Token (NFTs) im Aufsichtsrecht. : Philipps-Universität Marburg 2025-10-21. DOI: https://doi.org/10.17192/z2025.0530.