Tokens that often qualify as securities, and, consequently, trigger prospectus regulations:
- Asset tokens (analogous to debt or equity or derivatives)
- Utility tokens with investment purpose
- Hybrid tokens with asset component (investment purpose)
- Ledger-based securities
Tokens issued in pre-sale and pre-financing phases are also often treated as securities and trigger prospectus obligations. Investors are only offered the prospect that they will receive tokens at some point in the future. The tokens or the underlying DLT still need to be developed. This is referred to as pre-financing. In a pre-sale, the investors receive tokens which entitle them to acquire different tokens at a later point in time.
