How Do International Jurisdictions, like the EU, Approach the Regulation of Token Offerings?

The European Union is moving towards a unified framework with the Markets in Crypto-Assets (MiCA) regulation. MiCA establishes clear rules for the issuance and trading of crypto-assets, classifying them into categories like asset-referenced tokens and e-money tokens.

Other jurisdictions, like Switzerland (FINMA), have adopted a substance-over-form approach, classifying tokens as payment, utility, or asset tokens based on their function. This aims to provide more clarity than the US's case-by-case approach.