One platform, configured for the rules where you raise.

Serbia's Law on Digital Assets allows a company to issue digital tokens to the public on the basis of a whitepaper approved by the Securities Commission of the Republic of Serbia.

This is the jurisdiction where the platform already runs live regulated offerings, from the approved documents to the register and reporting afterwards. See the track record.

A token that gives rights like a share or a bond is usually a financial instrument, so the normal securities rules apply: MiFID II for the firms that distribute it and the Prospectus Regulation for the offer. MiCA, the EU's rules for crypto-assets, covers crypto-assets that are not financial instruments, so it is generally not the framework for an asset-backed security.

The DLT Pilot Regime lets authorised market infrastructures trade and settle securities issued in digital form. A prospectus approved in one member state can be passported to others, which is one of the main reasons issuers choose the EU. Some member states, such as Germany and Luxembourg, also have national laws on electronic securities.

Switzerland's DLT Act, in force since 2021, amended existing law rather than creating a separate regime. It introduced ledger-based securities: the legal term for rights recorded in a digital register that can be transferred through that register, with legal certainty for holders. FINMA supervises financial market participants and applies the rules by substance, not by label.

Public offers generally need a prospectus under the Financial Services Act, with exemptions for offers only to professional clients and for other defined cases.

A security token is a security under US law. Under the Securities Act of 1933 every offer must be registered with the SEC or fit an exemption. Regulation D Rule 506(c) allows general solicitation if every buyer is a verified accredited investor. Regulation A+ allows offers to a wider public within set limits after SEC qualification. Regulation S covers offers made outside the United States.

Distribution normally runs through a FINRA-member broker-dealer, and the register of holders is often kept by an SEC-registered transfer agent. Resale of securities sold under an exemption is restricted.

The UAE has several regulators, and which one applies depends on where the issuer and the activity sit. The two financial free zones have their own regimes: the DFSA in the Dubai International Financial Centre and the FSRA in Abu Dhabi Global Market, both with rules for securities in digital form. Onshore, securities fall under the SCA.

In Dubai outside the DIFC, VARA regulates virtual assets. A token that is a security is usually treated under the securities regime rather than as a virtual asset, but the line needs to be drawn by local counsel.

MAS treats a digital token that has the features of a share, a debenture or a unit in a collective investment scheme as a capital markets product under the Securities and Futures Act. The usual prospectus rules then apply.

Most private offerings rely on the exemptions for offers to accredited and institutional investors, or on the small-offer and private-placement exemptions. Secondary trading needs a venue approved or recognised by MAS.

The SFC regulates tokenised securities under the Securities and Futures Ordinance. Its 2023 circulars on tokenisation set out how licensed intermediaries may deal in tokenised securities and how SFC-authorised products may be tokenised, treating them as traditional securities in a digital wrapper.

Private offers are usually made to professional investors. Offers to the wider public need an authorised product or a registered prospectus, and dealing is done through SFC-licensed intermediaries.