Istvan Cocron

Bitcoin, Blockchain, ICO, STO & TGE: Legal advice on crypto currencies

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As one of the first law firms in Germany, the CLLB has positioned itself as an expert when it comes to legal issues relating to crypto currencies, blockchain, ICO, STO & Co. Lawyer István Cocron, as part of our team of experts, has also been honoured by the DGI Academy as a Certified Cryptography Practitioner, has a particularly high level of expertise and can also draw on numerous experiences in this field as a speaker at various national and international blockchain and ICO / STO events.

Our CLLB team of experts supports companies in all legal questions – especially in financing via an Initial Coin Offering (ICO) or Security Token Offering (STO). We also help you to use the blockchain in compliance with data protection regulations and provide comprehensive legal advice on the new means of payment Bitcoin, Ether, Onecoin, Litecoin, Monero, Ripple, Dash etc.

Conferences

17th April 2018 – Speaker at the workshop „Blockchain – next digital Disruption?“
26th April 2018 – Participation Blockchain Summit Frankfurt 2018
14th to 16th May 2018 – Participation consensus 2018
25th/26th May 2018 – Speaker at Blockchainhotel conference 2018
27th/28th June 2018 – Participation Blockchain Expo Europe 2018
30th September to 2nd October 2018 – Participation Bits & Pretzels 2018
4th to 5th December 2018 – Participation Slush 2018
21st January 2019 – Speaker at Investorenkongress Kryptowährungen und Blockchain
24th January 2019 – Speaker at Crypto42 Watchdog 2019
25th March 2019 – Speaker at Crypto Currencies, Security Tokens and Euro-on-Blockchain: What’s the Future?⁩
21st February 2019 – Speaker at Azhos Supply-Chain Innovation Day 2019
23rd/24th May 2019 – Judge at STO Battle at Malta AI & Blockchain Summit
11th September 2019 – Participation BaFin-Tech 2019

Interviews & Guest contributions

14th March 2018 – Bloomberg Interview: Tax Hurdles Thwart Virtual Currency Surge in Germany
27th June 2018 – Bloomberg Interview: Germany Reaffirms Crypto Tax Stance
12th November 2018 – Bloomberg Interview: Berlin Bitcoin Ruling Spurs Industry to Seek Tax Clarity

Legal advice Corporate finance / start-up financing via an ICO / STO

Companies, especially start-ups, often do not have enough money at their disposal at the start of business. Initial Coin Offerings (ICO) have proven to be a serious financing alternative to help start-ups raise sufficient sums for their business model. Within the framework of the ICO, the company creates its own tokens, which are sold to investors and investors who in turn hope that the success of the company will later increase the value of their shares. In contrast to a classic IPO – the Initial Public Offering (IPO) – the hurdles for an ICO are often significantly lower from a bureaucratic point of view alone. In addition to the ICO, the Security Token Offering (STO) is currently being developed – a financing method that stands for greater security and, according to experts, will replace the ICO in the long term. The STO is also very well suited for start-ups.

Due to the lack of regulation in many countries, ICOs and STOs are particularly attractive for companies, but contain many legal and regulatory pitfalls to consider. Companies can therefore not avoid legal advice on this financing model. CLLB already assists numerous companies in the preparation of whitepapers, organisation and development of a national and possibly also international company structure taking into account the respective regulatory and tax implications and has already successfully assisted clients with their ICO. Together we will be happy to provide you with legally compliant planning, preparation and implementation of an ICO / STO and look forward to hearing from you!

Rights and obligations of an ICO / STO

The financing method with an ICO or STO still leaves many questions open for companies, especially from a legal point of view. German law still lacks regulation by the legislator and the Federal Financial Supervisory Authority (BaFin), which is one of the reasons why it is not clear how the prospectus requirement for traded tokens behaves within the ICO / STO. Future regulation in accordance with the Asset Management Act (VermAnlG) is possible.

Good to know: Whoever has his company headquarters abroad, but also expressly courts German investors & investors with his ICO / STO, cannot avoid German supervisory law.

Although an ICO and STO is associated with some legal uncertainties, it can be carried out legally and professionally through competent advice and clean preparation. The CLLB team will be happy to advise you.

Tax consideration of crypto currencies

Anyone trading in crypto currencies must report any profits or losses to the tax office in order not to be accused of tax evasion by mistake. The Federal Ministry of Finance has already made it clear that every crypto currency is declared as private money and is therefore treated the same for tax purposes as assets such as your own gold bar or vintage car when sold. Income generated with crypto currencies is thus considered other income that must be entered in the tax return in the SO attachment. But not only the pure sale of the crypto currency must be considered fiscally. The following transactions are taxable:

  • If the crypto currency is sold or exchanged back into a legal tender, e.g. Euro or Dollar
  • When the crypto currency is exchanged for another crypto currency
  • When a real good or service is paid for with the crypto currency

As proof for the tax office, the investor should keep a transaction diary which, among other things, records the time and quantity of the crypto currency acquisition. As a legal expert in the field of crypto currencies, we can offer you comprehensive advice on the statutory tax obligations when trading in crypto currencies and will be happy to support you in preparing your tax return.

How the CLLB supports you in legal questions about ICO, STO, Blockchain & Co.

DGI Cryptography Practitioner Certificate

Crypto currencies and ICOs / STOs as financing alternatives are a hotly debated topic in the financial world. In Germany there is still a lack of regulations and companies are quickly confronted with a multitude of unanswered questions:

  • How can I legally implement an ICO or STO in Germany?
  • What do I have to consider for tax purposes when selling tokens in the context of an ICO or STO?
  • What rights do investors & investors have after a token purchase?

We advise companies to obtain comprehensive information on legal issues if they are considering entering the crypto currency, ICO, STO and TGE business.

For this purpose CLLB Rechtsanwälte has founded a team of experts, which among other things is very familiar with corporate financing via an ICO or STO and the creation of its own crypto currency or token. Continuous further training in this area is a matter of course for us, which is why we use numerous trade fairs and conferences to observe current developments in this area and to expand our know-how. Attorney István Cocron, part of the expert team and founding partner of the law firm CLLB, has also been awarded the title of Certified Cryptography Practitioner by the DGI Academy.

Our specialists are available at any time to assist you with legal questions around the topics Blockchain, ICO, STO, TGE and Cryptocurrencies. The team already has a wealth of valuable experience and advises numerous companies and start-ups who want to include the topic of blockchain in their business model or expand the use of it.

CryptoTax: Control reports for bitcoin and other crypto currencies

By the way: If you are looking for software for control reports for Bitcoin and other crypto currencies, we recommend our cooperation partner CryptoTax. With the following affiliate link you get to the registration page: Register for CryptoTax.io


Basics: What does STO mean?

STO is the abbreviation for „Security Token Offering“. The STO has evolved from the ICO and can therefore be regarded as a future successor to this form of financing. Due to numerous ICO fraud cases and the resulting first prohibitions and prohibitions of ICOs by the BaFin, ICOs have come under increasing criticism. For this reason, STOs are currently developing as a subgroup of the generic term ICO as a safe alternative. While with the ICO investors do not have anything „solid“ in their hands and do not know exactly what is happening with their money, this is not the case with the STO. The investment in the context of an STO is conceptually a tokenized right, similar to a security, like shares, bonds or profit shares in the form of profit participation rights, – only in digital form and in connection with the blockchain technology. In this context, BaFiN also speaks of securities-like tokens (WPÄ). In many countries, STO Exchanges are currently being set up in parallel, as almost exclusively utility tokens and crypto currencies can be traded on the previous crypto exchanges.

Basics: How do I perform an ICO or STO?

Anyone who decides to carry out an ICO or STO must consider a number of aspects that need to be clarified beforehand. The following is a rough explanation of what you need to consider when dealing with an ICO or STO:

Select suitable token

As the investors receive tokens for their investment as „consideration“ from an ICO/STO, you must first decide on a token variant. The different token types are characterized by different characteristics and later rights for the investor. The following tokens are used most frequently:

  • security tokens
  • utility tokens
  • asset tokens
  • currency tokens

Often, the choice falls on the utility tokens, as these are easier to handle for the founders and do not require prior regulatory approval and permission from the German financial supervisory authority BaFin.

Select Platform & Technology

Due to the hype around crypto currencies, many platforms have been created in the meantime on which an ICO/STO can be carried out. The choice of platform also determines the underlying blockchain used and the associated transaction speed, transaction costs and data security. Choosing the right platform is therefore of crucial importance. Currently, platforms based on ethereum are increasingly being used for ICOs/STOs, as the technical hurdles here are quite low. However, transactions taking place there are associated with a longer duration, which can become a problem depending on the situation.

Create Whitepaper

If not already done before, the creation of a whitepaper is necessary. This represents a central component of the ICO/STO, as the financing project is presented and explained in detail in the white paper. A whitepaper can be compared to a business plan and should include the following information:

  • Description of the technology used
  • Description & introduction of the concept team
  • Project Description & Solutions
  • Identification & handling of risk factors
  • Information on the technical system architecture
  • Current market data & estimates for market growth
  • Requirements for the publication of the tokens and their subsequent rights of use
  • roadmap
  • List of team members, consultants and partner companies
  • disclaimer

Obtain legal advice

The planning & ultimately also the implementation of the ICO or STO is associated with many legal hurdles. Depending on the project, the relevant legal regulations must be complied with. In addition, it must be legally regulated whether only private or also institutional investors may participate in the ICO or STO. If you opt for this type of financing, it is therefore advisable to consult a lawyer specialising in crypto currency, ICO & STO. For founders & start-ups, this is an important cooperation partner and contact when it comes to the legal aspects of an ICO/STO.

Assemble team

When creating an ICO/STO, its success essentially depends on a competent team. This should be made up of a variety of people and should include developers as well as entrepreneurs. In this way, you already convey to potential investors that they are in a position to carry out their own ICO/STO. If individual competences are not available in the team (e.g. legal advice or marketing), external service providers should be commissioned to complete the team.

Development of a prototype

You can develop a prototype of your planned project in advance and present it at the ICO? Then your chances of becoming a successful ICO will increase immensely. With a prototype you create the necessary confidence with the investors and convey more clearly the function mode of your product or your planned service.

Design your online presence

If you want to conduct an ICO/STO, your product or service should be presented attractively and qualitatively on a website. A clean online presence provides potential investors with the most important data and facts about the project in an informative and understandable way and can help to build up the necessary trust in your start-up or project. Basically the website should contain the following information:

  • Produkt- oder Projektbeschreibung
  • Product or project description
  • Description of the token and the platform used
  • Presentation of the team and the partners
  • Explanation of the roadmap

Develop marketing strategy

A well-developed marketing plan serves to publicise your project and helps to attract the necessary customers and investors. If no marketing expert has joined your team, appropriate marketing agencies are suitable. These ensure that your website contains the necessary contact forms with which interested parties can get in touch with you. This data can later be used for marketing purposes and helps to make your project more successful and better known in the long run.

About Lawyer István Cocron

Mr. Istvan Cocron studied Law in Munich and graduated as a Lawyer in 1999. He worked in a variety of law-firms including: ‘Eschenweck’and Munich. Between 2001-2002, he worked as a Lawyer in Munich and in 2004 became a founding partner of the well renowned Law firm: CLLB Rechtsanwalte. In 2017 he became a member of ‘Reporters without Borders’ and in 2017 was admitted as an Advisor to the Federal Office of Economics and Export Control. This is how Mr. Cocron derived his entire Source of Wealth.

Current business activity

Mr. Cocron is a well-known German Lawyer. He currently specialises in providing advice to start-ups and companies, provides consultancy on corporate and investment law, and policy-holder representation.

He has extensive corporate experience and has already supervised several major proceedings for investors and consumers from all over Germany.
Mr. Cocron has been working for several years in the Fintech sector, particularly in the topics of blockchain and cryptocurrencies.

He has many years of experience in the field of national and international foreclosure, is a member of several creditors‘ committees and national and international associations of lawyers.

He is also a member of the following stakeholders:

  • the Arbeitsgemeinschaft Bank- und Kapitalmarktrecht of the German Bar Association
  • the Munich Bar Association
  • the German Bar Association
  • the Interessengemeinschaft Deutscher Strafverteidiger before the International Criminal Court
  • the European Bar Association
  • the Magic Circle Germany
  • Reporters Without Borders

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Letzte Aktualisierung: 21. August 2019

Your contact person

István Cocron is a specialist in advising start-ups and companies, in corporate and investment law and in representing policyholders. He has extensive forensic experience and has already handled several major proceedings for investors and consumers throughout Germany. Attorney Cocron has also been dealing for several years with the latest developments in the field of IT, in particular the topics of blockchain and cryptocurrencies. He has many years of experience in the field of national and international enforcement, is a member of several committees of creditors and national and international associations of lawyers. Attorney Cocron is founding partner of the law firm CLLB Rechtsanwälte.
Contact him in the following ways
+49 30 / 288 789 620

 

Current articles on the subject of cryptocurrency

Cointed files bankruptcy petition

10.10.2018 | Themen: , , ,
Steffen Hartmann 10.10.2018 10. Oktober 2018

Tyrolean crypto company Cointed on the verge of collapse? At the end of September 2018, Cointed filed for bankruptcy. CLLB represents injured customers Berlin/Munich 08.10.18: For a long time there was speculation, anxiety and hope. Now it’s official: The Tyrolean crypto currency company Cointed has filed an application for the opening of bankruptcy proceedings before […]

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ICO der Envion AG – Lawyer’s deadline expired without result

08.08.2018 | Themen: , , , ,
Istvan Cocron 08.08.2018 10. Dezember 2018

CLLB Rechtsanwälte files first lawsuits for investors from the Envion ICO against Envion AG and other responsible persons at the Berlin Regional Court Switch to German Switch to Spanish Switch to French Berlin, Munich, 08.08.2018 As already reported in the press, Matthias Woestmann, IT forensic expert of the Blockchain Intelligence Group (BIG) was commissioned by […]

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BTraders refuses to pay out to investors

06.08.2018 | Themen: , , ,
Istvan Cocron 06.08.2018 6. August 2018

CLLB Rechtsanwälte sets last period for disbursement – platform for investors not to reach Munich, 3 August 2018: The boom in crypto currencies such as Bitcoin and others has also attracted black sheep who are trying to cheat investors. Apparently there are also some inconsistencies on the BTraders trading platform. Investors can no longer reach […]

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Cointed still under pressure

02.08.2018 | Themen: , , ,
Steffen Hartmann 02.08.2018 3. August 2018

Another search of the public prosecutor’s office in Vienna, search for new investors for Cointed probably difficult, investors are concerned Munich, Berlin August 2, 2018: The Austrian start-up Cointed is still under pressure. Only on Tuesday of last week, the Austrian Public Prosecutor for Economics and Corruption conducted another search of the premises of Cointed […]

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Disagreements at Concensum

30.07.2018 | Themen: , , ,
Istvan Cocron 30.07.2018 22. August 2018

Concensum, formerly Copytrack, has apparently made inaccurate statements in its white paper and may have deceived investors. CLLB attorneys represents damaged Investors Munich, Berlin 27.07.2018: Another planned success story on the crypto market does not seem to meet investors‘ expectations. Concensum, formerly Copytrack, is a company that prosecutes copyright infringements on images on the Internet. […]

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Payment difficulties at Cointed.com

12.07.2018 | Themen: , , , ,
Istvan Cocron 12.07.2018 17. Juli 2018

Customers of Krypto-Exchange Conted.com report canceled orders and missing withdrawals, investors are concerned Munich, Berlin 12.07.2018: What began in 2015 with an innovative idea and big plans is now turning into a nightmare for investors of the Cointed company. Cointed is not leaving the negative headlines. Everything started with a good idea. Cointed wanted to […]

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Investors of Envion – ICO still unsettled

05.07.2018 | Themen: , , , ,
Istvan Cocron 05.07.2018 10. Dezember 2018

Management Board of Envion AG contacts investors by email and lays accusations against the founders – CLLB Rechtsanwälte prepares lawsuits for investors of Envion AG Berlin, Munich, July 5th 2018 Even though Envion has not reacted to the out-of-court letters of formal notice from investors of the ICO, CEO M.Woestmann again address the investors by […]

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Scandal at Envion AG

22.06.2018 | Themen: , , , ,
Istvan Cocron 22.06.2018 10. Dezember 2018

Deadline to respond expires without success – CLLB Rechtsanwälte prepare first lawsuits against Envion AG and other responsible persons Berlin, Munich, 19.06.2018 As already reported in the press, the Executive Board of Envion AG, Matthias Woestmann, commissioned forensic IT experts Blockchain Intelligence Group (BIG), to investigate the circumstances surrounding the 40 million extra tokens produced. […]

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