Initial Coin Offering (also known as token generating events, a token launch or a token offering) refers to the initial issue of tokens (in analogy to IPO, a regulated initial public offering on the stock market). It is a kind of crowd-funding based on cryptocurrencies to finance projects or start-ups at an early stage (seed stage). Coins or tokens are usually sold against cryptocurrencies, such as Bitcoin or Ether. The tokens may represent shares in a company or rights of use in a product, depending on the project and design. 

Innovation Clubs

A format through which companies/persons have the opportunity to propose or help to propose an improvement in the legal and regulatory framework. The point of contact is the SFI

Physical Validator

Tokens can represent rights (e.g. ownership or usage rights) in physical items. For example, if a paintig is tokenised and the sale is made by transferring the token, the physical validator ensures that the digital transfer is followed by the actual handover of the painting. The physical validator thus ensures the enforcement of the rights specified in the contract.


The TVTG introduces a new legal object with the token, in order to make it possible to depict the "real" world on TT systems in a legally secure manner. A token is, thus, the digital representation of information on a TT system that can represent claims or membership rights for a person, rights to property or other rights and is assigned to one or more TT identifiers.

Token economy

Digitisation requires that we be able to digitally map and transmit not only information but also values. The token economy is a term referring to a digital economy, in which blockchain technology, or tokens, is used as a basis for the efficient transfer of rights and assets. Blockchain technology allows people to interact directly using these tokens without the need for an agent or intermediary. Sending digital values over the Internet has, therefore, become as cheap and easy as sending an e-mail.

Token Emitter

Persons who offer tokens on their own or on behalf of third parties. One possible application is platforms that carry out Initial Coin Offerings (ICOs) for their customers

Token Generators

People who initially generate tokens by programming. It is crucial that they carry out their activity professionally and generate the token as a service on a TT system.

TT Exchange Service Providers

Service providers that exchange money (legal tender) for tokens and vice versa, as well as tokens for tokens. This for example includes physical exchange machines, at which cryptocurrencies can be exchanged, but also platforms that offer the exchange exclusively online.

TT Identifier




A TT Identifier is the public key or address, which enables the unique assignement of a token. 


TT Identity Service Provider

Persons who professionally identify the person with the right of disposal of a token and include them in a directory. This service is also, for example, essential for the integration of machines (Internet of Things). In this way, users who are carrying out transactions with machines are able to check beforehand who these machines are assigned to. However, it can also be used to document ownership via tokens, e.g. in the event of inheritance or in the event of theft or loss of the TT key.

TT Key Depositories

Service providers who store private keys for their customers. The depositories can also carry out transactions on behalf of customers.

TT Price Service Provider

Persons who aggregate or self-calculate and publish token pricing.

TT Protector

Service providers who hold tokens in their own name on account for third parties or carry out transactions for customers on a TT system (e.g. blockchain). Unlike the depositary role, they act as token owner towards the other contractors. They must have a licence in accordance with the Trustee Act.

TT System

Transaction systems based on trusted technologies. The term "trusted technology" means that trust is created by technology and not only by organisations. “Trustworthy” is understood to refer to the integrity of tokens which are clearly allocated and the secure exchange of which must be ensured.

TT Token Depositories

Service providers who store tokens for their customers. The depositories can also carry out transactions on behalf of customers.

TT Verifying Authority

Service providers who check the legal capacity and the prerequisites for the disposal of a token. This includes, for example, services that ensure that only adult persons or those with a specific approval can purchase certain tokens.


Law on Tokens and TT Service Providers (Blockchain Act). The term "transaction systems based on trustworthy technologies" covers a view of blockchain systems that is as technology-neutral as possible in order also to meet the needs of future technological generations. (See also TT Systems).