Determining whether your Security Token Offering (STO) requires full registration with a regulatory authority or qualifies for an exemption is essential to ensuring compliance, investor eligibility, and marketability. This decision dictates who can invest, how the offering can be promoted, and the regulatory obligations the issuer must fulfill. If the offering is registered, it must be formally approved by a recognized financial regulator before tokens are sold. If it qualifies for an exemption, issuers must adhere to specific conditions, such as investor type restrictions, marketing limitations, and filing requirements. Clear recording of this decision ensures legal transparency and regulatory alignment throughout the token’s lifecycle.
Yes
No
If the Offering is Registered,
Note: Skip this point if your offering is exempted.
European Securities and Markets Authority (ESMA)
European Commission (EC)
Federal Financial Supervisory Authority (BaFin)
Autorité des Marchés Financiers (AMF)
Commissione Nazionale per le Società e la Borsa (CONSOB)
Comisión Nacional del Mercado de Valores (CNMV)
Securities and Exchange Commission (SEC)
Financial Industry Regulatory Authority (FINRA)
Commodity Futures Trading Commission (CFTC)
Financial Market Supervisory Authority (FINMA)
BVI Financial Services Commission (FSC)
Gibraltar Financial Services Commission (GFSC)
Financial Market Authority (FMA)
Yes
No
If the Offering is Exempted,
Note: Skip this point if your offering is registered.
US: Regulation D
US: Regulation S
US: Regulation A Tier 1
US: Regulation A Tier 2
EU: Qualified Investors Exemption
EU: Limited Investors Number Exemption
EU: Small Offers Exemption
CH: Qualified Investors Exemption
CH: Limited Investors Number Exemption
CH: Small Offers Exemption
UK: Qualified Investor Exemption
UK: Limited Investors Number Exemption
UK: Small Offers Exemption
Global Investor Outreach
Example: Prospectus, PPM.
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