Tokenized Securities
DLT Act (Swiss Federal Act on the Adaptation of Federal Law to Developments in Distributed Ledger Technology)
Switzerland's 2021 DLT Act creating ledger-based securities as a new legal category, establishing DLT trading facility licences, providing insolvency segregation for crypto assets, and implemented by FINMA.
EU DLT Pilot Regime
The European Union's regulatory sandbox for tokenized securities market infrastructure, permitting DLT-based trading and settlement systems to operate under temporary exemptions from CSDR and MiFID II rules.
EU DLT Pilot Regime: The Experiment That Showed What Tokenized Securities Need
The EU's DLT Pilot Regime created a regulatory sandbox for tokenized securities trading and settlement. Three years in, the results are instructive — for what works, what doesn't, and what the EU should do next.
MiFID II and Tokenized Securities: When Financial Instruments Move On-Chain
Tokenized securities that qualify as financial instruments under MiFID II face a second layer of regulation alongside MiCA. Understanding the boundary is essential for any European tokenization platform.
Regulation A+ (US Mini-IPO Exemption)
The JOBS Act 2012 securities offering exemption permitting retail investor participation up to $75 million annually, with SEC review of the offering document — providing a pathway for tokenized securities to reach non-accredited investors.