Cryptocurrencies, such as bitcoin and ethereum, have not only risen to public attention as novel means of payments, but also as facilitators of initial coin offerings (ICOs, also called token sales). In these entirely online-mediated offerings, entrepreneurs sell tokens registered on a blockchain in exchange for cryptocoins. Buyers receive tokens that can be understood as cryptographically-secured coupons which embody a bundle of rights and obligations. In July 2017, the SEC released an investigative report that highlighted that such tokens can be subject to the full scope of US securities regulation. It is unclear, however, to what extent EU securities regulation is applicable to ICOs and, particularly, whether issuers have to publish and register a prospectus in order to avoid criminal and civil prospectus liability in the EU. In conceptual terms, this depends on whether tokens are considered “securities” under the EU prospectus regulation regime. Against this background, this paper develops a nuanced approach that distinguishes between three archetypes of tokens: currency, investment, and utility tokens. It analyzes the differential implications of each of these types, and their hybrid forms, for EU securities regulation, and develops policy proposals for their regulation.

中文翻译：

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加密证券法规：根据欧盟金融法的ICO，代币销售和加密货币

加密货币，例如比特币和以太坊，不仅作为一种新颖的支付手段而受到了公众的关注，而且还作为初始代币发行（ICO，也称为代币销售）的促进者。在这些完全在线介导的产品中，企业家出售在区块链上注册的代币，以换取加密币。买家收到的代币可以理解为加密保护的优惠券，其中包含一系列权利和义务。2017年7月，美国证券交易委员会（SEC）发布了一份调查报告，强调指出此类代币可能受美国证券监管的全部管辖。但是，尚不清楚欧盟证券法规在多大程度上适用于ICO，尤其是发行人是否必须发布和注册招股说明书以避免在欧盟承担刑事和民事招股说明书责任。从概念上讲，这取决于在欧盟招股说明书监管制度下令牌是否被视为“证券”。在这种背景下，本文提出了一种细微的方法，该方法可以区分三种代币原型：货币，投资和实用代币。它分析了每种类型及其混合形式对欧盟证券监管的不同含义，并提出了针对其监管的政策建议。