Howey Test Applied to Crypto
Securities
Tier 2
Analysis of the SEC's Howey Test framework as applied to cryptocurrency tokens, ICOs, and digital assets, with case law analysis and practical classification guidance.
Research for this topic is in progress. Content will appear here once analysis is complete.
Related Jurisdictions
Related Frameworks
Key Facts
- The Andorran National Institute of Finance (INAF), created in 1989, was renamed the Andorran Financial Authority (AFA) in 2018; the AFA is responsible for overseeing all financial services in Andorra, including banks and investment vehicles such as SICAVs. (AD)
- International Standing: Andorra participates in the Financial Action Task Force (FATF) recommendations but lacks dedicated crypto-specific statutes. (AD)
- Llei 10/2008, as consolidated by the Decret legislatiu del 12-02-2014, regulates collective investment schemes (OICs) in Andorra, covering securities and financial instruments. (AD)
- Llei 95/2010 establishes corporate tax rates, including a 0% rate for OICs (source). (AD)
- Llei 94/2010 governs non-resident income taxation, relevant for crypto transactions involving foreign entities. (AD)
- Establishment and operation of exchanges. (AD)
- Issuance and management of tokens classified as investment vehicles. (AD)
- Provision of custodial services for digital assets. (AD)
- Customer Due Diligence (CDD): Identification and verification of customers before engagement. (AD)
- Enhanced Due Diligence (EDD): Required for high-risk transactions or politically exposed persons (PEPs). (AD)
Last updated: 2026-04-29. View all topics