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'''Cryptographic tokens''' have not yet been settled in many countries. Along with the great interest in tokenization, we have major flaws in the existing legal framework. Governments and regulators strive for innovation, but try to maintain control and the value of the national currency. | '''Cryptographic tokens''' have not yet been settled in many countries. Along with the great interest in tokenization, we have major flaws in the existing legal framework. Governments and regulators strive for innovation, but try to maintain control and the value of the national currency. | ||
'''On January 1, 2021, the law "On Digital Financial Assets" will come into force.''' CFA turnover in Russia will be legalized. | |||
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Also, security tokens can be described as a "programmable property right", which can apply to any asset - public or private capital, monetary obligation, real estate, and so on. These rights are written in the code, and the tokens themselves are traded on exchanges. | Also, security tokens can be described as a "programmable property right", which can apply to any asset - public or private capital, monetary obligation, real estate, and so on. These rights are written in the code, and the tokens themselves are traded on exchanges. | ||
There is a | There is a '''Howey-test''' https://decimalchain.com/HoweyTest.pdf , developed by the US Supreme Court to determine whether transactions in certain tokens can be qualified as an "investment contract". If the test gives a positive result, these transactions and tokens fall under the requirements of the law "On Securities" and the law "On Securities Exchange". In this case, these tokens are considered securities and must function in compliance with certain disclosure and registration requirements. | ||
The Howie test is often referred to by American regulators when, in the absence of a clear regulatory framework, they want to prove that a particular cryptographic token is a security. According to this test, a transaction is classified as a security if the investor answers yes to all four questions:<br /> | The Howie test is often referred to by American regulators when, in the absence of a clear regulatory framework, they want to prove that a particular cryptographic token is a security. According to this test, a transaction is classified as a security if the investor answers yes to all four questions:<br /> | ||