Revelation: Tokens Are Securities, Shares and Units of Account

In a consultation letter, Bundesanttal für Finnjadinstilinstonsfoffeich (buffin) provides some basic definitions of the ICO and related conditions. A company or a personal issue sells tokens and traditional currencies, such as euro, or more generally, in exchange for virtual currencies like Bitikoine or ether, the agency tells them. Bafin informs people that the token is usually generated using distributed accounting or block-token technology, SOURCE https://news.bitcoin.com/bafin-clarifies-stance-icos-germans-ask-tokens/