State of Hesse liquidates crypto assets worth approximately €100 million

Photo: Daniel Resas, Part­ner at YPOG
10. Janu­ary 2022

Berlin — A YPOG team led by Daniel Resas and Niklas Ulrich advi­sed the Fede­ral State of Hesse on the liqui­da­tion of crypto assets with a market value of over € 100 million. YPOG prima­rily assis­ted the respon­si­ble Attor­ney General’s Office in Frank­furt am Main in nego­tia­ting and conclu­ding a corre­spon­ding frame­work agree­ment with Bank­haus Scheich Wert­pa­pier­spe­zia­list AG. 

Bank­haus Scheich Wert­pa­pier­spe­zia­list AG acts as a market maker in the context of market-driven sales. The frame­work agree­ment estab­lishes a long-term part­ner­ship and thus also serves as a basis for future explo­ita­ti­ons of seized crypto assets by the State of Hesse.

“In any case, this is the first time in Germany that such a high-volume liqui­da­tion of seized crypto assets has occur­red. This has posed major chal­lenges for those invol­ved, and not just in terms of selling off. Above all, we had to break prac­ti­cally new ground in deal­ing with the money laun­de­ring legal requi­re­ments of the trading parti­ci­pants. I am certain that we have crea­ted a new market stan­dard here for the explo­ita­tion of state-seized crypto assets,” said YPOG part­ner Daniel Resas (photo).

Advi­sor State of Hesse

Daniel Resas
(Co-Lead, Tran­sac­tions), Asso­cia­ted Partner, 
Dr. Niklas Ulrich
(co-lead, regu­la­tory), Associate, 
Dr. Jörn Wöbke
(Tran­sac­tions), Part­ner

About YPOG

YPOG is a specia­list tax and commer­cial law firm, opera­ting in the core areas of corpo­rate, funds, liti­ga­tion, tax, tran­sac­tions, IP/IT and nota­rial services. The YPOG team advi­ses a wide variety of clients. These include emer­ging tech­no­logy compa­nies and family-run medium-sized enter­pri­ses as well as corpo­ra­ti­ons and private equity/venture capi­tal funds. YPOG is one of the leading addres­ses for venture capi­tal, private equity and fund struc­tu­ring in Germany. Today, YPOG employs more than 70 expe­ri­en­ced lawy­ers, tax advi­sors, tax specia­lists and a notary in three offices in Berlin, Hamburg and Colo­gne.

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