Digital Assets
Australia Digital Asset Regulation: ASIC, AFSL, and the Licensing Reform
Australia ASIC digital asset regulation — AFSL licensing for crypto exchanges and token products, licensing reform 2024, AUSTRAC AML registration, FATF Travel Rule implementation, and the token mapping consultation.
BaFin Digital Asset Supervision: Crypto Custody and MiCA Implementation
BaFin regulates crypto custody as a licensed financial service under the KWG, supervises 20+ crypto custody licensees, and leads Germany's MiCA transition as the home NCA for major EU crypto businesses.
FINMA: Swiss Financial Market Supervision for Digital Assets
FINMA issued landmark 2018 ICO guidelines classifying payment, utility, and asset tokens; licensed SDX as the world's first DLT Trading Facility; and oversees 14+ fintech license holders with CHF 100M deposit cap.
Hong Kong Tokenization Regulation: SFC VASP Licensing and Tokenization Circulars
Hong Kong SFC VASP mandatory licensing (June 2023), tokenization of SFC-authorized products (Nov 2023 circular), secondary market guidance (Feb 2024), HKD 5M capital, retail access rules.
Howey Test
The Howey Test is the US Supreme Court's four-prong framework determining whether a transaction constitutes an 'investment contract' and thus a security.
PSAN (Prestataire de Services sur Actifs Numériques)
The PSAN is France's AMF registration and licensing regime for digital asset service providers, a leading EU framework that transitions to MiCA CASP authorisation from 2024.
SEC Digital Asset Regulation: Enforcement History and the Path Forward
The SEC has brought 100+ digital asset enforcement actions since 2018, including the Ripple partial win (2023), Coinbase, and Terraform. The Crypto Asset Task Force (Jan 2025) signals a recalibration.
Security Token
A security token is a blockchain-based digital instrument representing ownership rights in an asset that qualifies as a security under applicable law.
UAE Tokenization Regulation: VARA, ADGM, and DFSA Frameworks
Complete guide to UAE tokenization compliance — VARA (Dubai Law No. 4/2022), ADGM FSRA, DFSA frameworks, VASP licensing categories, and capital requirements for digital asset businesses.
US Tokenization Regulation: SEC, CFTC, Howey Test, and the Path to Compliance
US tokenization compliance framework — SEC securities jurisdiction, CFTC commodities, Howey test, Reg D/A+/S exemptions, FIT21, SAB 122, OCC custody guidance, FinCEN MSB, BitLicense.