2018-7-11 09:09 |
In a March speech, MAS Managing Director Ravi Menon laid out a clear rationale for distinguishing “good” tokens from “the bad and the ugly.”
It came up with a useful taxonomy that divides tokens into three categories: payment tokens (bitcoin, litecoin and co.), utility tokens (ether and, in theory at least, various kinds of ERC-20 tokens) and asset tokens, with only the latter being subject to securities laws.
Wyoming’s state legislature passed legislation defining utility tokens as a new asset class and exempting them from securities regulations.
This was not as proactive as other jurisdictions’ moves to explicitly carve out the concept of a utility token.
Mohanty told me he sees six or so of the world’s more important regulators coming to a broad agreement on utility tokens and on what distinguishes them from payment and security vehicles.
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