ARTICLE · 02 JULY 2018

Securities Regulators Provide Guidance On Token Offerings

Lawson Lundell LLP

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As blockchain technology continues to develop, and its role in fundraising initiatives by technology companies increases, the CSA have issued guidance on the application of securities laws to offerings of blockchain-based tokens, ...

CanadaCorporate/Commercial Law

Lawson Lundell LLP

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As blockchain technology continues to develop, and its role in fundraising initiatives by technology companies increases, the Canadian Securities Administrators (the "CSA") have issued guidance on the application of securities laws to offerings of blockchain-based tokens ("Tokens"), including a subset of Tokens referred to as "utility tokens". In Staff Notice 46-308: Securities Law Implications for Offerings of Tokens (the "Staff Notice"), the CSA advise that an offering of Tokens (which may commonly be identified as "cryptocurrency" or "crypto tokens") will trigger the application of securities laws if it involves the distribution of a "security" under securities laws, based on a substantive, and not a formulaic analysis.

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