Bank of Lithuania became the first financial regulator to issue guidelines for working with proposals security tokens (STOs).
New rules focused on classificationsecurity tokens, assessing various cases of their use, as well as providing recommendations on their legal regulation. The rules state that all enterprises planning an STO must comply with national and European legislation governing capital raising activities.
Marius Jurgilas, Member of the Board of the Bank of Lithuania, stated:
Current STO recommendations publishedamid a decline in interest in ICOs and an increase in demand for new and unique ways to raise capital. The new guidelines are aimed more at clarifying the position of the regulator than at creating a new legislative framework.
The document states that if market participants are not sure whether the asset is subject to regulation, the bank will provide advice to the institution.
Bank will sticka technology-neutral approach to regulation, which means that if a product has the characteristics of a financial instrument, it will be subject to appropriate regulation regardless of the technology used in its development.
According to the materials bitcoinwarrior.net