Die Abbildung von Vermögenswerten durch die Anlage-Tokens

In 2018, approximately USD 17 billion in capital was raised worldwide through so-called Initial Coin Offerings (IC0). This new form of capital raising is becoming increasingly popular, particularly among start-up companies. While FINMA was able to largely clarify the implications of ICOs under financial market law with its guidance of February 16, 2018, numerous questions remain unresolved under private law. In particular, it is questionable whether so-called tokens can be used to map legal positions outside of a blockchain. In this paper, the question is explored whether rights such as claims or the ownership of things can be mapped by tokens. Based on a comparison to securities law, it is first shown which functions a token would have to fulfill for this purpose. In a second step, the extent to which a token can fulfill these functions de lege lata is examined. Finally, the preliminary draft of the Federal Council for the adaptation of federal law to developments in the technology of distributed electronic registers will be discussed.