Summary: BaFin issued guidance on (i) potential prospectus requirements when issuing crypto assets (generally stating that prospectus requirements apply if the crypto asset is substantially equivalent to traditional securities that require a prospectus ("substance over form")), (ii) potential license requirements for the issuance of crypto assets as well as for financial services in relation to such crypto assets, as well as (iii) how issuers can obtain BaFin's opinion in these matters for specific cases. BaFin emphasized that German prospectus and license requirements generally may apply if the German market is targeted (e.g., online) - regardless of where the issuer or financial services provider is located.