Stadler Völkel Attorneys at Law is pleased to be a part of the Brutkasten-Magazin #06, "Buzzword oder Revolution", published on Sunday, March 18, 2018 (see on page 81).
This issue is all about Artificial Intelligence (AI) and Blockchain.
Both terms are increasingly becoming the focus of public attention and are used in many contexts. What they really mean, how much future prospects do they have and to what extent are they relevant for startups and companies - these questions and many more are the focal point of the new issue of the magazine. Both AI and the blockchain are the results of the progressive development of technologies, hence they open new legal areas that need to be regulated. Since technology is developing faster than the law can react to it, we are facing a number of legal questions.
The text on page 81 "Legal situation of ICOs in Austria" by Arthur Stadler and Oliver Völkel, attorneys at law specialized in this new corporate financing method, tries to shed some more light into the darkness.
This reveals that the form of the coins and tokens used in ICOs is currently decisive for the question of which legal provisions must be observed. In simple words, the Austrian Capital Market Act (Kapitalmarktgesetz, KMG) applies to coins or tokens that grant their holders rights. If no such rights are associated with these, general civil law rules are to be applied. This first distinction determines if a prospectus is required or not. Which other laws have to be considered can be read under the following link Buzzword oder Revolution – derbrutkasten – Ausgabe#06 on page 81.