The global overview provides a quick comparison of legal and economic considerations for every participating country. To read more in-depth country specific information for each area, please select a country from the list.

SectionTitle
ICO / token sale
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Companies and projects have increasingly relied on the sale of digital assets, or tokens, as a means of fundraising. These tokens generally do not grant the holders an ownership interest in the issuing company or project, but may provide governance rights, access rights or other utility. This has been conducted through public sales known as initial coin offerings (“ICOs”), proliferation through token generation events (“TGEs”) or private sales, among other mechanisms. 

While showing characteristics of traditional methods of fundraising, there are a range of unanswered questions related to the legal classifications of such products. As ICOs and TGEs will usually be distributed online and internationally, there is usually no single legal framework applying to such transaction, and the legal framework of each market in which the tokens may be offered or sold needs to be considered.
CountryDonationBasedCrowdfundingRewardBasedCrowdfundingCrowdinvestingCrowdlending
Albanianononono
Argentinanonoregulation; license requiredno
Australianonoregulation; license requiredregulation; license required
Austrianonoregulationregulation
Bosnia and Herzegovinanononono
Canadanonoregulation; license requiredregulation; license required
Chilenononono
Chinaregulation; license requirednoregulationregulation; license required
Colombianonoregulation; license requiredregulation; license required
Costa Ricalicense requiredlicense requiredlicense requiredlicense required
Croatiaregulation; license requirednoregulation; license requiredregulation; license required
Czech Republicnonoregulation; license requiredregulation; license required
Dominican Republicnoregulation; license requiredregulation; license requiredno
Egyptnononono
Franceregulation; license requiredregulation; license requiredregulation; license requiredregulation; license required
Germanynononono
Hong Kongnononono
Hungarynonoregulation; license requiredregulation; license required
Irelandnononoregulation; license required
Italynonoregulation; license requiredregulation; license required
Korea, Republic ofnonoregulation; license requiredregulation; license required
Malaysianonoregulation; license requiredregulation; license required
Mexicoregulation; license requiredregulation; license requiredregulation; license requiredregulation; license required
Montenegronononono
New Zealandnonoregulation; license requiredregulation; license required
North Macedonianononono
Perunoregulation; license requiredregulation; license requiredregulation; license required
Philippinesnonoregulation; license requiredregulation; license required
Polandnonoregulation; license requiredregulation; license required
Portugalregulationregulationregulation; license requiredregulation; license required
Romanianonoregulation; license requiredregulation; license required
Serbianononono
Slovenianonoregulation; license requiredregulation; license required
Spainnoregulation; license requiredregulation; license requiredregulation; license required
Switzerlandnonoregulation; license requiredregulation; license required
Thailandnonoregulation; license requiredregulation; license required
Turkeynonoregulation; license requiredregulation; license required
United Kingdomnonoregulation; license requiredregulation; license required
United Rep of Tanzanianononono
United Statesnonoregulation; license requiredregulation
Uruguaynonolicense requiredno
Question Text
Regulation of ICOs and token/coins and requirement of a license to issue token/coins or trade in token/coins
CountryAnswer Text
Albaniaregulation; license required2170Albania
Argentinano2515Argentina
Australiaregulation; license required2185Australia
Austriaregulation2680Austria
Bosnia and Herzegovinano2200Bosnia and Herzegovina
Canadaregulation; license required2155Canada
Chileno2245Chile
Chinaregulation2260China
Colombiano2275Colombia
Costa Ricano2290Costa Rica
Croatiano2305Croatia
Czech Republicno2815Czech Republic
Dominican Republicno2826Dominican Republic
Egyptn/a2320Egypt
Franceregulation2725France
Germanyregulation2216Germany
Hong Kongregulation2740Hong Kong
Hungaryno2350Hungary
Irelandno2695Ireland
Italyregulation; license required2335Italy
Korea, Republic ofno2365Korea, Republic of
Malaysiaregulation; license required2665Malaysia
Mexicono2635Mexico
Montenegrono2380Montenegro
New Zealandregulation; license required2395New Zealand
North Macedoniano2440North Macedonia
Peruno2425Peru
Philippinesno2410Philippines
Polandno2485Poland
Portugalregulation2500Portugal
Romaniano2800Romania
Serbiaregulation; license required2470Serbia
Sloveniano2530Slovenia
Spainno2545Spain
Switzerlandno2710Switzerland
Thailandregulation; license required2560Thailand
Turkeyno2755Turkey
United Kingdomno2785United Kingdom
United Rep of Tanzaniano2770United Rep of Tanzania
United Statesregulation2590United States
Uruguayno2575Uruguay
Question Text
Difficulty of upholding compliance with the regulation regarding ICOs and token/coin sales
CountryAnswer Text
Albaniaaverage2170Albania
Argentinan/a2515Argentina
Australiaaverage2185Australia
Austriahard2680Austria
Bosnia and Herzegovinan/a2200Bosnia and Herzegovina
Canadahard2155Canada
Chileeasy2245Chile
Chinan/a2260China
Colombian/a2275Colombia
Costa Ricahard2290Costa Rica
Croatian/a2305Croatia
Czech Republichard2815Czech Republic
Dominican Republichard2826Dominican Republic
Egyptn/a2320Egypt
Franceaverage2725France
Germanyhard2216Germany
Hong Konghard2740Hong Kong
Hungaryeasy2350Hungary
Irelandaverage2695Ireland
Italyaverage2335Italy
Korea, Republic ofhard2365Korea, Republic of
Malaysiahard2665Malaysia
Mexicoaverage2635Mexico
Montenegron/a2380Montenegro
New Zealandaverage2395New Zealand
North Macedoniaeasy2440North Macedonia
Perun/a2425Peru
Philippinesaverage2410Philippines
Polandn/a2485Poland
Portugalaverage2500Portugal
Romaniaaverage2800Romania
Serbiaaverage2470Serbia
Sloveniaeasy2530Slovenia
Spainhard2545Spain
Switzerlandeasy2710Switzerland
Thailandhard2560Thailand
Turkeyn/a2755Turkey
United Kingdomaverage2785United Kingdom
United Rep of Tanzanian/a2770United Rep of Tanzania
United Stateshard2590United States
Uruguayn/a2575Uruguay
Question Text
Level of competition regarding ICOs and token/coin sales
CountryAnswer Text
Albanialow2170Albania
Argentinalow2515Argentina
Australiaaverage2185Australia
Austrialow2680Austria
Bosnia and Herzegovinan/a2200Bosnia and Herzegovina
Canadahigh2155Canada
Chileaverage2245Chile
Chinan/a2260China
Colombialow2275Colombia
Costa Ricalow2290Costa Rica
Croatian/a2305Croatia
Czech Republiclow2815Czech Republic
Dominican Republicn/a2826Dominican Republic
Egyptn/a2320Egypt
Francelow2725France
Germanyaverage2216Germany
Hong Kongaverage2740Hong Kong
Hungarylow2350Hungary
Irelandaverage2695Ireland
Italyaverage2335Italy
Korea, Republic oflow2365Korea, Republic of
Malaysialow2665Malaysia
Mexicolow2635Mexico
Montenegron/a2380Montenegro
New Zealandlow2395New Zealand
North Macedonialow2440North Macedonia
Perun/a2425Peru
Philippinesaverage2410Philippines
Polandlow2485Poland
Portugalaverage2500Portugal
Romanialow2800Romania
Serbialow2470Serbia
Sloveniaaverage2530Slovenia
Spainlow2545Spain
Switzerlandhigh2710Switzerland
Thailandlow2560Thailand
Turkeyhigh2755Turkey
United Kingdomlow2785United Kingdom
United Rep of Tanzanialow2770United Rep of Tanzania
United Statesn/a2590United States
Uruguayn/a2575Uruguay

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