Our own legal research reports:
When are tokens securities in the EU and US?
This article presents a comparative analysis of the application of US and EU securities laws to initial coin offerings (ICOs), or token sales. For the US, a full analysis of the application of the Howey test to different types of tokens gives insight into classification of tokens as a security (“investment contract”) under the US Securities Act and the Securities Exchange Act of 1934. For EU financial law, the analysis in this paper focuses on the classification of tokens as ‘transferable securities’ under Art. 4(1)(44) of MIFiD II.
Digital Assets in the EU
The report gives an in-depth overview of EU law covering digital currencies and initial coin offerings. While there is a degree of harmonization across European Member States, there are still substantial differences between Member State regulations, especially with regards to the regulation of crypto-assets under securities laws. The report shows these differences by providing a comparative overview of the legal classifications of digital currencies and crypto assets across EU Member States. It also covers the most crypto-friendly EU jurisdictions, incl. Malta, Estonia and Switzerland.