Securities Classification
GlobalEffective: Varies by jurisdiction
Classification of tokens and crypto assets as securities
securities
Summary
Determining whether a token qualifies as a security is a critical compliance question for any crypto project. In the US, the Howey Test evaluates whether an asset constitutes an investment contract; the SEC has brought 50+ enforcement actions since 2023. The EU applies MiFID II definitions. Switzerland classifies tokens as payment, utility, or asset (security) tokens. Japan regulates 'electronically recorded transferable rights' as securities under FIEA. Hong Kong's SFC requires Type 1/7 licensing for security token platforms.
Key Requirements
- Howey Test analysis (US)
- Registration or exemption filing
- Prospectus/white paper requirements
- Secondary trading rules
- Accredited investor restrictions
- MiFID II classification (EU)
- FINMA token classification (CH)
- Determining whether a token qualifies as a security is a critical compliance question for any crypto project. In the US, the Howey Test evaluates whet
Sources
Jurisdictions Implementing This Framework
AD Andorra AE United Arab Emirates AF Afghanistan AG Antigua and Barbuda AL Albania AM Armenia AO Angola AR Argentina AT Austria AU Australia AZ Azerbaijan BA Bosnia and Herzegovina BB Barbados BD Bangladesh BE Belgium BF Burkina Faso BG Bulgaria BH Bahrain BI Burundi BM Bermuda BN Brunei BO Bolivia BR Brazil BS Bahamas BW Botswana BY Belarus BZ Belize CA Canada CD Democratic Republic of the Congo CH Switzerland CI Cote d'Ivoire CL Chile CM Cameroon CN China CO Colombia CR Costa Rica CU Cuba CV Cabo Verde CY Cyprus CZ Czech Republic DE Germany DK Denmark DO Dominican Republic DZ Algeria EC Ecuador EE Estonia ER Eritrea ES Spain ET Ethiopia EU European Union FI Finland FJ Fiji FM Micronesia FR France GA Gabon GB United Kingdom GE Georgia GG Guernsey GH Ghana GI Gibraltar GM Gambia GN Guinea GQ Equatorial Guinea GR Greece GT Guatemala GW Guinea-Bissau HK Hong Kong HR Croatia HT Haiti HU Hungary ID Indonesia IE Ireland IL Israel IN India IQ Iraq IR Iran IS Iceland JE Jersey JM Jamaica JO Jordan JP Japan KE Kenya KH Cambodia KI Kiribati KN Saint Kitts and Nevis KP North Korea KR South Korea KW Kuwait KY Cayman Islands KZ Kazakhstan LC Saint Lucia LI Liechtenstein LK Sri Lanka LR Liberia LS Lesotho LT Lithuania LU Luxembourg LV Latvia LY Libya MA Morocco MC Monaco MD Moldova ME Montenegro MG Madagascar MH Marshall Islands MK North Macedonia MM Myanmar MN Mongolia MR Mauritania MU Mauritius MV Maldives MX Mexico MY Malaysia MZ Mozambique NA Namibia NG Nigeria NI Nicaragua NL Netherlands NO Norway NR Nauru NZ New Zealand OM Oman PA Panama PE Peru PG Papua New Guinea PH Philippines PK Pakistan PL Poland PR Puerto Rico PS Palestine PT Portugal PW Palau PY Paraguay QA Qatar RO Romania RS Serbia RU Russia RW Rwanda SA Saudi Arabia SB Solomon Islands SC Seychelles SD Sudan SE Sweden SG Singapore SI Slovenia SK Slovakia SM San Marino SN Senegal SO Somalia SR Suriname SS South Sudan ST Sao Tome and Principe SV El Salvador SY Syria SZ Eswatini TC Turks and Caicos TD Chad TG Togo TH Thailand TJ Tajikistan TL Timor-Leste TM Turkmenistan TN Tunisia TR Turkey TT Trinidad and Tobago TV Tuvalu TW Taiwan TZ Tanzania UA Ukraine UG Uganda US United States UY Uruguay UZ Uzbekistan VA Holy See VC Saint Vincent and the Grenadines VE Venezuela VG British Virgin Islands VN Vietnam VU Vanuatu WS Samoa YE Yemen ZA South Africa ZM Zambia ZW Zimbabwe
184 jurisdictions reference this framework
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- United Arab Emirates -- Securities Classification Regulatory Overview Grade A AE
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- Bosnia and Herzegovina -- Securities Classification Regulatory Overview Grade A BA
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- Bangladesh -- Securities Classification Regulatory Overview Grade A BD
- Belgium -- Securities Classification Regulatory Overview Grade A BE
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- Bahrain -- Securities Classification Regulatory Overview Grade A BH
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- Brunei -- Securities Classification Regulatory Overview Grade A BN
- Bolivia -- Securities Classification Regulatory Overview Grade A BO
- Brazil -- AML/CFT Compliance Regulatory Overview Grade A BR
- Brazil -- Securities Classification Regulatory Overview Grade A BR
- Bahamas -- Securities Classification Regulatory Overview Grade A BS
- Bahamas -- Stablecoin Regulations Regulatory Overview Grade A BS
- Botswana -- Securities Classification Regulatory Overview Grade A BW
- Belarus -- Cryptocurrency Tax Framework Regulatory Overview Grade B BY
- Belize -- Securities Classification Regulatory Overview Grade A BZ
- Canada -- Securities Classification Regulatory Overview Grade A CA
- Democratic Republic of the Congo -- Securities Classification Regulatory Overview Grade A CD
- Democratic Republic of the Congo -- Stablecoin Regulations Regulatory Overview Grade A CD
- Switzerland -- Securities Classification Regulatory Overview Grade A CH
- Switzerland -- Stablecoin Regulations Regulatory Overview Grade B CH
- Cote d'Ivoire -- Securities Classification Regulatory Overview Grade A CI
- Chile -- Stablecoin Regulations Regulatory Overview Grade B CL
- Cameroon -- Securities Classification Regulatory Overview Grade A CM
- China -- Licensing Requirements Regulatory Overview Grade A CN
- China -- Securities Classification Regulatory Overview Grade A CN
- Colombia -- Custody Regulations Regulatory Overview Grade A CO
- Colombia -- Securities Classification Regulatory Overview Grade A CO
- Costa Rica -- Securities Classification Regulatory Overview Grade A CR
- Costa Rica -- Stablecoin Regulations Regulatory Overview Grade A CR
- Cuba -- Securities Classification Regulatory Overview Grade A CU
- Cabo Verde -- Securities Classification Regulatory Overview Grade A CV
- Cyprus -- Custody Regulations Regulatory Overview Grade A CY
- Cyprus -- Securities Classification Regulatory Overview Grade A CY
- Cyprus -- Stablecoin Regulations Regulatory Overview Grade A CY
- Cyprus -- Cryptocurrency Tax Framework Regulatory Overview Grade A CY
- Czech Republic -- AML/CFT Compliance Regulatory Overview Grade A CZ
- Czech Republic -- Securities Classification Regulatory Overview Grade A CZ
- Germany -- Securities Classification Regulatory Overview Grade A DE
- Denmark -- Custody Regulations Regulatory Overview Grade B DK
- Denmark -- Securities Classification Regulatory Overview Grade A DK
- Denmark -- Stablecoin Regulations Regulatory Overview Grade B DK
- Dominican Republic -- Securities Classification Regulatory Overview Grade A DO
- Dominican Republic -- Stablecoin Regulations Regulatory Overview Grade A DO
- Algeria -- Securities Classification Regulatory Overview Grade A DZ
- Ecuador -- Securities Classification Regulatory Overview Grade B EC
- Estonia -- Securities Classification Regulatory Overview Grade A EE
- Eritrea -- Securities Classification Regulatory Overview Grade A ER
- Spain -- Stablecoin Regulations Regulatory Overview Grade B ES
- Ethiopia -- Securities Classification Regulatory Overview Grade A ET
- Ethiopia -- Stablecoin Regulations Regulatory Overview Grade B ET
- European Union — Regulatory Status Grade A EU
- European Union -- Securities Classification Regulatory Overview Grade A EU
- Finland -- Securities Classification Regulatory Overview Grade A FI
- Fiji -- Securities Classification Regulatory Overview Grade A FJ
- Micronesia -- Securities Classification Regulatory Overview Grade A FM
- Micronesia -- Stablecoin Regulations Regulatory Overview Grade A FM
- Gabon -- Securities Classification Regulatory Overview Grade A GA
- United Kingdom -- Custody Regulations Regulatory Overview Grade A GB
- United Kingdom -- Securities Classification Regulatory Overview Grade A GB
- Georgia -- Securities Classification Regulatory Overview Grade A GE
- Ghana -- Travel Rule Implementation Regulatory Overview Grade A GH
- Gibraltar -- Securities Classification Regulatory Overview Grade A GI
- Gambia -- Securities Classification Regulatory Overview Grade A GM
- Guinea -- Securities Classification Regulatory Overview Grade A GN
- Equatorial Guinea -- Stablecoin Regulations Regulatory Overview Grade B GQ
- Greece -- Securities Classification Regulatory Overview Grade A GR
- Guatemala -- Securities Classification Regulatory Overview Grade A GT
- Guinea-Bissau -- Securities Classification Regulatory Overview Grade A GW
- Hong Kong -- Securities Classification Regulatory Overview Grade A HK
- Croatia -- Securities Classification Regulatory Overview Grade A HR
- Haiti -- Securities Classification Regulatory Overview Grade A HT
- Hungary -- Securities Classification Regulatory Overview Grade A HU
- Hungary -- Stablecoin Regulations Regulatory Overview Grade B HU
- Ireland -- Regulatory Status Regulatory Overview Grade A IE
- Israel -- Stablecoin Regulations Regulatory Overview Grade A IL
- India -- Securities Classification Regulatory Overview Grade A IN
- Iraq -- Securities Classification Regulatory Overview Grade A IQ
- Iran -- Securities Classification Regulatory Overview Grade A IR
- Iceland -- Securities Classification Regulatory Overview Grade A IS
- Jersey -- Securities Classification Regulatory Overview Grade A JE
- Jordan -- Securities Classification Regulatory Overview Grade A JO
- Japan -- Regulatory Status Regulatory Overview Grade A JP
- Kenya -- Securities Classification Regulatory Overview Grade A KE
- Cambodia -- AML/CFT Compliance Regulatory Overview Grade A KH
- Cambodia -- Securities Classification Regulatory Overview Grade A KH
- Kiribati -- Securities Classification Regulatory Overview Grade A KI
- Kiribati -- Stablecoin Regulations Regulatory Overview Grade A KI
- Saint Kitts and Nevis -- Securities Classification Regulatory Overview Grade A KN
- North Korea -- Securities Classification Regulatory Overview Grade A KP
- South Korea -- Securities Classification Regulatory Overview Grade A KR
- Kuwait -- Securities Classification Regulatory Overview Grade A KW
- Cayman Islands -- Stablecoin Regulations Regulatory Overview Grade A KY
- Kazakhstan -- Licensing Requirements Regulatory Overview Grade A KZ
- Saint Lucia -- Securities Classification Regulatory Overview Grade A LC
- Saint Lucia -- Stablecoin Regulations Regulatory Overview Grade A LC
- Liechtenstein -- Securities Classification Regulatory Overview Grade A LI
- Liechtenstein -- Stablecoin Regulations Regulatory Overview Grade A LI
- Sri Lanka -- Stablecoin Regulations Regulatory Overview Grade A LK
- Liberia -- Securities Classification Regulatory Overview Grade A LR
- Lesotho -- Securities Classification Regulatory Overview Grade A LS
- Lesotho -- Stablecoin Regulations Regulatory Overview Grade A LS
- Lithuania -- Stablecoin Regulations Regulatory Overview Grade A LT
- Luxembourg -- Securities Classification Regulatory Overview Grade A LU
- Latvia -- Securities Classification Regulatory Overview Grade A LV
- Libya -- Securities Classification Regulatory Overview Grade A LY
- Monaco -- Securities Classification Regulatory Overview Grade B MC
- Monaco -- Stablecoin Regulations Regulatory Overview Grade A MC
- Monaco -- Regulatory Status Regulatory Overview Grade A MC
- Moldova -- Custody Regulations Regulatory Overview Grade A MD
- Moldova -- Securities Classification Regulatory Overview Grade A MD
- Montenegro -- Securities Classification Regulatory Overview Grade A ME
- Madagascar -- Securities Classification Regulatory Overview Grade A MG
- Marshall Islands -- Stablecoin Regulations Regulatory Overview Grade A MH
- North Macedonia -- Securities Classification Regulatory Overview Grade A MK
- North Macedonia -- Stablecoin Regulations Regulatory Overview Grade B MK
- Myanmar -- Securities Classification Regulatory Overview Grade A MM
- Mongolia -- Securities Classification Regulatory Overview Grade A MN
- Mauritania -- Securities Classification Regulatory Overview Grade A MR
- Mauritius -- Securities Classification Regulatory Overview Grade A MU
- Mauritius -- Stablecoin Regulations Regulatory Overview Grade A MU
- Maldives -- Securities Classification Regulatory Overview Grade A MV
- Mexico -- Securities Classification Regulatory Overview Grade A MX
- Malaysia -- Stablecoin Regulations Regulatory Overview Grade A MY
- Mozambique -- Travel Rule Implementation Regulatory Overview Grade A MZ
- Nigeria -- Securities Classification Regulatory Overview Grade A NG
- Nicaragua -- Securities Classification Regulatory Overview Grade A NI
- Norway -- Custody Regulations Regulatory Overview Grade B NO
- Norway -- Securities Classification Regulatory Overview Grade A NO
- Norway -- Stablecoin Regulations Regulatory Overview Grade B NO
- Nauru -- Securities Classification Regulatory Overview Grade A NR
- New Zealand -- Securities Classification Regulatory Overview Grade A NZ
- Oman -- Securities Classification Regulatory Overview Grade A OM
- Oman -- Stablecoin Regulations Regulatory Overview Grade B OM
- Panama -- Securities Classification Regulatory Overview Grade A PA
- Peru -- Securities Classification Regulatory Overview Grade A PE
- Peru -- Stablecoin Regulations Regulatory Overview Grade A PE
- Papua New Guinea -- Securities Classification Regulatory Overview Grade A PG
- Papua New Guinea -- Stablecoin Regulations Regulatory Overview Grade A PG
- Philippines -- Stablecoin Regulations Regulatory Overview Grade A PH
- Pakistan -- Licensing Requirements Regulatory Overview Grade A PK
- Pakistan -- Securities Classification Regulatory Overview Grade A PK
- Pakistan -- Stablecoin Regulations Regulatory Overview Grade A PK
- Poland -- Securities Classification Regulatory Overview Grade A PL
- Poland -- Stablecoin Regulations Regulatory Overview Grade A PL
- Puerto Rico -- Securities Classification Regulatory Overview Grade A PR
- Puerto Rico -- Stablecoin Regulations Regulatory Overview Grade A PR
- Puerto Rico -- Regulatory Status Regulatory Overview Grade A PR
- Palestine -- Securities Classification Regulatory Overview Grade A PS
- Portugal -- Regulatory Status Regulatory Overview Grade A PT
- Paraguay -- Securities Classification Regulatory Overview Grade A PY
- Paraguay -- Stablecoin Regulations Regulatory Overview Grade A PY
- Qatar -- Securities Classification Regulatory Overview Grade A QA
- Romania -- Securities Classification Regulatory Overview Grade A RO
- Romania -- Stablecoin Regulations Regulatory Overview Grade B RO
- Serbia -- Custody Regulations Regulatory Overview Grade B RS
- Serbia -- Licensing Requirements Regulatory Overview Grade A RS
- Serbia -- Securities Classification Regulatory Overview Grade A RS
- Russia -- Securities Classification Regulatory Overview Grade A RU
- Rwanda -- Stablecoin Regulations Regulatory Overview Grade A RW
- Saudi Arabia -- Securities Classification Regulatory Overview Grade A SA
- Solomon Islands -- Securities Classification Regulatory Overview Grade A SB
- Seychelles -- Securities Classification Regulatory Overview Grade A SC
- Sudan -- Securities Classification Regulatory Overview Grade A SD
- Sweden -- Securities Classification Regulatory Overview Grade A SE
- Singapore -- Cryptocurrency Tax Framework Regulatory Overview Grade A SG
- Slovenia -- Custody Regulations Regulatory Overview Grade A SI
- Slovenia -- Securities Classification Regulatory Overview Grade A SI
- Slovenia -- Stablecoin Regulations Regulatory Overview Grade B SI
- Slovakia -- Securities Classification Regulatory Overview Grade A SK
- Slovakia -- Stablecoin Regulations Regulatory Overview Grade B SK
- San Marino -- Securities Classification Regulatory Overview Grade A SM
- San Marino -- Stablecoin Regulations Regulatory Overview Grade B SM
- Senegal -- Securities Classification Regulatory Overview Grade A SN
- Senegal -- Stablecoin Regulations Regulatory Overview Grade B SN
- Somalia -- Securities Classification Regulatory Overview Grade A SO
- Suriname -- Securities Classification Regulatory Overview Grade A SR
- Suriname -- Stablecoin Regulations Regulatory Overview Grade B SR
- South Sudan -- Securities Classification Regulatory Overview Grade A SS
- Sao Tome and Principe -- Securities Classification Regulatory Overview Grade A ST
- Sao Tome and Principe -- Stablecoin Regulations Regulatory Overview Grade B ST
- El Salvador -- Securities Classification Regulatory Overview Grade A SV
- Syria -- Securities Classification Regulatory Overview Grade A SY
- Eswatini -- Securities Classification Regulatory Overview Grade A SZ
- Turks and Caicos -- Securities Classification Regulatory Overview Grade A TC
- Chad -- Securities Classification Regulatory Overview Grade A TD
- Thailand -- Securities Classification Regulatory Overview Grade A TH
- Tajikistan -- Securities Classification Regulatory Overview Grade A TJ
- Timor-Leste -- Securities Classification Regulatory Overview Grade A TL
- Turkmenistan -- Securities Classification Regulatory Overview Grade A TM
- Turkmenistan -- Regulatory Status Regulatory Overview Grade A TM
- Tunisia -- Securities Classification Regulatory Overview Grade A TN
- Turkey -- Custody Regulations Regulatory Overview Grade A TR
- Turkey -- Securities Classification Regulatory Overview Grade A TR
- Turkey -- Regulatory Status Regulatory Overview Grade A TR
- Tuvalu -- Securities Classification Regulatory Overview Grade A TV
- Taiwan -- Securities Classification Regulatory Overview Grade A TW
- Taiwan -- Stablecoin Regulations Regulatory Overview Grade A TW
- Tanzania -- Licensing Requirements Regulatory Overview Grade A TZ
- Ukraine -- Securities Classification Regulatory Overview Grade A UA
- Ukraine -- Stablecoin Regulations Regulatory Overview Grade A UA
- Ukraine -- Regulatory Status Regulatory Overview Grade A UA
- United States — Regulatory Status Grade A US
- United States -- Securities Classification Regulatory Overview Grade A US
- Uruguay -- Securities Classification Regulatory Overview Grade A UY
- Uruguay -- Stablecoin Regulations Regulatory Overview Grade A UY
- Uzbekistan -- Securities Classification Regulatory Overview Grade A UZ
- Holy See -- Securities Classification Regulatory Overview Grade A VA
- Saint Vincent and the Grenadines -- Securities Classification Regulatory Overview Grade A VC
- Venezuela -- Securities Classification Regulatory Overview Grade A VE
- British Virgin Islands -- Securities Classification Regulatory Overview Grade A VG
- Vietnam -- Enforcement Actions Regulatory Overview Grade A VN
- Vanuatu -- Securities Classification Regulatory Overview Grade A VU
- Samoa -- Securities Classification Regulatory Overview Grade A WS
- Yemen -- Securities Classification Regulatory Overview Grade A YE
- Zambia -- Securities Classification Regulatory Overview Grade A ZM
Last updated: 2026-09-06. View all frameworks