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  • Writer's pictureадв. Светослав Григоров

Acquisitions of issuers of asset-referenced tokens

Updated: Jun 13, 2023

In the case of acquisitions of issuers of asset-referenced tokens, when the voting right or the owned share of the capital reaches 10, 20, 30, or 50%, or would become their subsidiary, the competent authority is notified. The same applies to reducing the shareholding.

Within 2 days, the competent authorities confirm receipt of the notification. Within 60 working days, they evaluate the planned acquisition. Additional information may be required to complete the assessment. The competent authorities notify of the decision taken to object to the planned acquisition. In the absence of objections, after the time limit for adjudication has expired, the intended acquisition or disposal shall be deemed to have been approved.

Content of the assessment for acquisitions of issuers of asset-referenced tokens

The competent authorities assess the persons and the financial stability of the planned acquisition, according to the following criteria:

- the reputation and financial stability of the acquirers;

- the reputation and experience of managers;

- the possibility of continuing to comply with the legal requirements;

- the absence of suspicion of money laundering or terrorist financing.

Competent authorities may object to the acquisition in the presence of valid considerations according to the above criteria.

Regarding the liability of acquiring asset-referenced token issuers, please contact us by going to contacts.

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