By Thomas Kulnigg, Ursula Rath

The Austrian government closely monitors developments in the area of alternative means of financing through distributed ledger technology and other digital assets, such as initial coin offerings (“ICOs”) or initial token offerings (“ITOs”). It tends to apply an open approach to cryptocurrencies, new technologies and fintech, while at the same time stressing that integrity, security and investor protection must not be compromised.

While Austrian law does not prohibit cryptocurrencies such as Bitcoin, Ethereum, Ripple or Litecoin, there is currently no specific legislation applicable to cryptocurrencies either.