Canadian securities regulators issue guidance on securities law implications of digital tokens offerings

The Canadian Securities Administrators has provided additional guidance on the applicability of securities laws to offerings of coins or tokens, including “utility tokens”.

CSA Staff Notice 46-308 Securities Law Implications for Offerings of Tokens outlines specific situations that may have an implication on the presence of one or more of the elements of an investment contract in the context of an offering of coins or tokens.

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