State of Hesse liquidates crypto assets worth approximately €100 million
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
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. www.ypog.law