The Federal Financial Supervisory Authority of Germany (BaFin) is not ready to classify nonfungible tokens (NFTs) as securities. The agency suggests classifying the NFTs on a case-by-case basis.
On March 8, the BaFin journal published an explanatory note considering NFTs legal classification. At this point, the regulators don’t see how NFTs meet the criteria to be considered securities. However, in the future, BaFin may consider NFTs as securities if, for example, 1,000 NFTs embody the same repayment and interest claims.