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Security Token Offerings - a European perspective on regulation

New Clifford Chance Report

29 October 2020

Security token offerings, the issuance of digital tokens using blockchain or distributed ledger technology, are increasingly being seen as an alternative to mainstream debt and equity fundraisings. An evolution of the (supposedly) unregulated initial coin offerings or ICOs, security token offerings or STOs are typically structured to sit within securities law frameworks. This means much greater certainty for both fundraisers and investors, resulting in enhanced liquidity. In this report we consider how STOs are structured and some of the benefits and challenges, and explore the evolving regulatory landscape for STOs across Europe.

This is the first in a series of reports we plan to publish over the coming months, covering STO regulation in other regions such as the US, Asia and Middle East.

Contents of the Report
  • Overview and classification of security tokens
  • Overview of local regulation
  • Overview of EU-wide securities laws applicable to STOs
  • Country-specific analysis of STO regulation across Continental Europe and the UK
  • Jurisdictions where STOs are primarily regulated under traditional securities law
    • France
    • Germany
    • Italy
    • Luxembourg
    • The Netherlands
    • Romania
    • Spain
    • United Kingdom
  • Jurisdictions where STOs are unlikely to be regulated by securities law and no specific regime has been enacted
    • Czech Republic
    • Poland
    • Slovakia
  • Glossary of defined terms
  • Navigate the disruption: your fintech toolkit

Read the Full Report 

For more information on Clifford Chance’s global fintech capability and resources, or to be added to our weekly global fintech regulatory round-up, please email fintech@cliffordchance.com