Just remember that when there is an identified team that sells tokens for money it is two of the tests to determine if the token is a utility or security. Even if you call it a utility token, it might be considered a security token. Refer to the
CRC website for more details if you want to make sure your utility token is a utility token.
oh great post really appreciate in the first we tried to creat a security token but it s just impossible for an exchange services we will have to register a prospectus in every country it will cost a lot and it will take a lot of time this is the reason why we creat a utility and the token was review by our legal advisor
thanks to share with me info about utility to thanks you i will give you what the requirements you need to creat a security token let me give an example in estonia i know that because veserus oü our company is based in Tallinn
Generally, if you want to issue security tokens, you’ll need to register the prospectus with the Estonian Financial Supervision Authority.
There are some exceptions to this rule though. If at least one of the following conditions are met, the prospectus is not required:
• an offer of securities is addressed solely to qualified investors, or
• an offer of securities is addressed to fewer than 150 persons per Contracting State, other than qualified investors, or • an offer of securities is addressed to investors who acquire securities for a total consideration of at least 100,000 euros per investor, for each separate offer, or
• an offer of securities with the nominal value or book value of at least 100,000 euros per security, or • an offer of securities with a total consideration of less than 2,500,000 euros per all the Contracting States in total calculated in a one-year period of the offer of the securities.
If none of the above conditions exist, the offer is deemed to be a public offer, in which case a prospectus for the offer must be prepared and registered with the EFSA.
All listing prospectuses must be prepared in accordance with the Prospectus Regulation 809/2004 and EU prospectus directive 2003/71. If the total value of the offering is less than 5 000 000 EUR, then drafting the prospectus under Estonian domestic regulations is also acceptable.
The basic rules are written in the Estonian domestic law: see from art. 14 here:
https://www.riigiteataja.ee/en/eli/ee/509092014002/consolide/currentIf the securities are offered and available for all the people in the European Union, the prospectus has to be registered with the EFSA.
The state fee for that is ca 600 euros. After submitting the prospectus registration application, the EFSA has up to 20 working days to provide a decision.
Here is a sample of s prospectus that are registered lately with the Estonian FSA can be found here:
https://www.fi.ee/sites/default/files/2018-10/upp_olaines_ou_noteerimisprospektus.pdfif you have other question or info let me know i will be happy to respond