Security Token Offering: Legal Issues

Abstract

That master thesis is dedicated to the regulatory problems of the Security token offering. In particular, it concerns the problems of the legal qualification of security tokens under the EU law and the legal problems and uncertainties that might be faced, during the lifecycle of the tokens. The text of the work is divided into 3 parts. The first one is concentrated around the technologies that underlying STO, the nature of that phenomenon as such, and types of the tokens. The second one is of the qualification of the security tokens under the European and national legal instruments. In that, part the focus is moved on the analyzing the terminology and the concepts are triggers the application of the securities regulations under the EU law and the law of particular countries. The third is about the regulatory framework within the scope of which, the STOs are. It includes the analysis of the regulatory requirements that are applicable to the security tokens during their lifecycle, including, the infrastructure, related services, and the aspect of the offering.