Law firm Clifford Chance has produced this guide.  It explains that security token offerings involves the issuance of digital tokens using blockchain or distributed ledger technology, and are increasingly being seen as an alternative to mainstream debt and equity fundraisings.  Security token offerings or STO are an evolution of the (supposedly) unregulated initial coin offerings or ICO.   The report considers how STO are structured and some of the benefits and challenges and explore the evolving regulatory landscape for STO across Europe.

I had omitted the following link (as it did not seem to generate much interest!), but it seemed time to add it again and say that, if you would like to make a (polite) gesture and help me with my removal and computer costs, I have a page at

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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