What Is the Difference between a Registered STO and an Exempt STO?

A registered STO involves a full registration statement filed with a regulatory body (like the SEC), making the offering fully public but highly costly and time-consuming. An exempt STO relies on specific regulatory exemptions (like Regulation D or S) to avoid full registration, limiting the offering to certain types of investors (e.g. accredited) or jurisdictions, which is faster and less expensive.