Wolf Theiss has advised Bitpanda on the legal structuring of an Initial Coin Offering related to the company’s launch of its new open-source research project, Pantos.
Bitpanda has launched Pantos together with TU Wien (the University of Vienna) and the Academy of Sciences and RIAT (Institute for Future Cryptoeconomics), with the aim of developing the world's first multi- blockchain token system, by making Token Atomic Swap Technology (TAST) – the key technology of the token-based word – to become reality.
According to Eric Demuth and Paul Klanschek, co-founders of Bitpanda, "this way seamless token transaction between different blockchains will be possible in the final expansion stage for the first time."
Wolf Theiss reports that it "advised the company in all aspects of supervisory, civil, consumer, tax and data protection law. When structuring the ICO, the crypto project team particularly focused on creating a framework which both considers the Austrian supervisory law in a far-sighted way and excludes adverse consequences for customers, the market and clients.
Wolf Theiss Senior Associate Carina Wolf, who led the firm's team along with Counsel Gerhard Dilger, said: "The main focus of this project was on the legal structuring of ICO. Instead of having an ICO prospect, we created clearly structured terms & conditions for the ICO. For the first time on the Austrian market, these terms of conditions define and clearly classify the product in order to offer a clear legal treatment, a simple deal or exchange as well as a safe platform to all market players.”
In addition to Wolf, the Wolf Theiss team consisted of Partner Niklas Schmidt, and Senior Associates Eva Stadler and Paulina Pomorski.