www.twobirds.com/en/news/articles/2019/germany/ico-neues-bafin-merkblatt
See also:
www.web-partner.de/en/journal/krypto-token-teil-1-digitale-vermoegenswerte-krypto-token-ermoeglichen-neue-finanzierungsformen
update-of-german-law-aspects-of-crypto-assets.pdf