Under Italian laws, the legal classification of tokens must be carried out on a case-by-case basis, having regard to the nature of the rights embedded in the token. The latter, by applying the principle of technological neutrality of the regulation and the relevant prerequisites, could alternatively be qualified as "securities", "financial instruments" (other than securities) or "financial products". If the token falls into one of the above mentioned categories, the...

Under Italian laws, tokens should be qualified on a case-by-case approach, that it is having regard to the nature of the rights embedded in the token. As outlined in a previous contribution, applying the principle of technological neutrality of regulation, tokens could be qualified as "financial products". If the token falls within the above mentioned category, the related "public offer", so called ICO, made in Italy must be considered subject,...

First of all, a person who wants to launch a token sale should consider: where to incorporate; when to incorporate; in which jurisdictions the tokens will be promoted and/or sold; whether the tokens may qualify as “financial product” either (a) pursuant to the law of the place of incorporation, and (b) pursuant to the law of each jurisdiction in which the tokens will be promoted and/or sold; whether there might...