Federal Financial Supervisory Authority of Germany (BaFin) is not ready to classify nonfungible tokens (NFTs) as securities yet. The Agency suggests classifying the NFTs on a case-by-case basis.
On March 8, the BaFin journal published an explanatory note considering NFTs and their legal classification. At this point, the regulators don’t see how NFTs correspond to the criteria of tradeability and standardization, which define securities. However, in the future, BaFin may consider NFTs as securities. For example, if 1,000 NFTs embody the same repayment and interest claims.
According to another reservation, if an NFT contains documentation of exploitation rights or ownership, such as a promise of distribution, it could be considered an investment.
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The agency recommends a case-by-case approach to the classification of NFTs when it comes to
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