Global FinTech Guide
Global Overview

The global overview provides a quick comparison of legal and economic considerations for every participating country. To read more in-depth country specific information for each area, please select a country from the list.

ICO/token sale
Companies and projects have increasingly relied on the sale of digital assets, or tokens, as a means of fundraising. These tokens generally do not grant the holders an ownership interest in the issuing company or project, but may provide governance rights, access rights or other utility. This has been conducted through public sales known as initial coin offerings (“ICOs”), proliferation through token generation events (“TGEs”) or private sales, among other mechanisms. While showing characteristics of traditional methods of fundraising, there are a range of unanswered questions related to the legal classifications of such products. As ICOs and TGEs will usually be distributed online and internationally, there is usually no single legal framework applying to such transaction, and the legal framework of each market in which the tokens may be offered or sold needs to be considered.
CountryDonation-based CrowdfundingReward-based CrowdfundingCrowdinvestingCrowdlending
Albanianononono
Argentinanonoregulation; license requiredno
Australianonoregulation; license requiredregulation; license required
Austrianonoregulationregulation
Boliviaregulationregulationregulation; license requiredregulation; license required
Bosnia and Herzegovinanononono
Bulgarian/an/aregulation; license requiredregulation; license required
Canadanonoregulation; license requiredregulation; license required
Chileregulation; license requiredregulation; license requiredregulation; license requiredregulation; license required
Chinaregulation; license requirednoregulationregulation; license required
Colombianonoregulation; license requiredregulation; license required
Costa Ricalicense requiredlicense requiredlicense requiredlicense required
Croatiaregulation; license requirednoregulation; license requiredregulation; license required
Czech Republicnonoregulation; license requiredregulation; license required
Dominican Republicnoregulation; license requiredregulation; license requiredno
Finlandregulation; license requiredregulation; license requiredregulation; license requiredregulation; license required
Franceregulation; license requiredregulation; license requiredregulation; license requiredregulation; license required
Germanynonoregulation; license requiredregulation; license required
Hong Kongnononono
Hungarynonoregulation; license requiredregulation; license required
Irelandnononoregulation; license required
Italynonoregulation; license requiredregulation; license required
Japannonoregulation; license requiredregulation; license required
Korea, Republic ofnonoregulation; license requiredregulation; license required
Malaysianonoregulation; license requiredregulation; license required
Mexicoregulation; license requiredregulation; license requiredregulation; license requiredregulation; license required
Montenegronononono
New Zealandnonoregulation; license requiredregulation; license required
Nigerianoregulation; license requiredregulation; license requiredregulation; license required
North Macedonianononono
Perunoregulation; license requiredregulation; license requiredregulation; license required
Philippinesnonoregulation; license requiredregulation; license required
Polandnonoregulation; license requiredregulation; license required
Portugalregulationregulationregulation; license requiredregulation; license required
Romanianonoregulation; license requiredregulation; license required
Russiaregulationregulationregulationregulation
Saudi Arabianonoregulation; license requiredregulation; license required
Serbianononono
Singaporeregulationnoregulation; license requiredregulation; license required
Slovenianonoregulation; license requiredregulation; license required
Spainnoregulation; license requiredregulation; license requiredregulation; license required
Switzerlandnonoregulation; license requiredregulation; license required
Thailandnonoregulation; license requiredregulation; license required
Turkeynonoregulation; license requiredregulation; license required
United Kingdomnonoregulation; license requiredregulation; license required
United Rep of Tanzanianononono
United Statesnonoregulation; license requiredregulation
Uruguaynonolicense requiredno
Vietnamregulation; license requirednonono
Regulation of ICOs and token/coins and requirement of a license to issue token/coins or trade in token/coins
CountryAnswer Text
Albaniaregulation; license required2170Albania
Australiaregulation; license required2185Australia
Austriaregulation2680Austria
Boliviano21007Bolivia
Bosnia and Herzegovinano2200Bosnia and Herzegovina
Bulgariaregulation; license required2977Bulgaria
Canadaregulation; license required2155Canada
Chileno2245Chile
Chinaregulation2260China
Colombiano2275Colombia
Costa Ricano2290Costa Rica
Croatiaregulation2305Croatia
Czech Republicregulation; license required2815Czech Republic
Dominican Republicno2826Dominican Republic
Finlandregulation; license required2856Finland
Franceregulation2725France
Germanyregulation2140Germany
Hong Kongregulation2740Hong Kong
Hungaryno2350Hungary
Irelandregulation2695Ireland
Italyregulation; license required2335Italy
Japanregulation; license required2847Japan
Korea, Republic ofno2365Korea, Republic of
Malaysiaregulation; license required2665Malaysia
Mexicono2635Mexico
Montenegrono2380Montenegro
New Zealandregulation; license required2395New Zealand
Nigeriaregulation; license required2900Nigeria
North Macedoniano2440North Macedonia
Peruno2425Peru
Philippinesno2410Philippines
Polandregulation; license required2485Poland
Portugalregulation2500Portugal
Romaniano2800Romania
Russiaregulation2908Russia
Saudi Arabian/a2878Saudi Arabia
Serbiaregulation; license required2470Serbia
Singaporeregulation; license required2947Singapore
Slovenialicense required2530Slovenia
Spainno2545Spain
Switzerlandno2710Switzerland
Thailandregulation; license required2560Thailand
Turkeyregulation; license required2755Turkey
United Kingdomno2785United Kingdom
United Rep of Tanzaniano2770United Rep of Tanzania
United Statesregulation2590United States
Vietnamno2959Vietnam
Difficulty of upholding compliance with the regulation regarding ICOs and token/coin sales
CountryAnswer
Albaniaaverage2170Albania
Australiaaverage2185Australia
Austriahard2680Austria
Bolivian/a21007Bolivia
Bosnia and Herzegovinan/a2200Bosnia and Herzegovina
Bulgariaaverage2977Bulgaria
Canadahard2155Canada
Chileeasy2245Chile
Chinan/a2260China
Colombian/a2275Colombia
Costa Ricaaverage2290Costa Rica
Croatiaaverage2305Croatia
Czech Republichard2815Czech Republic
Dominican Republichard2826Dominican Republic
Finlandaverage2856Finland
Franceaverage2725France
Germanyhard2140Germany
Hong Konghard2740Hong Kong
Hungaryeasy2350Hungary
Irelandaverage2695Ireland
Italyaverage2335Italy
Japanhard2847Japan
Korea, Republic ofhard2365Korea, Republic of
Malaysiahard2665Malaysia
Mexicoaverage2635Mexico
Montenegron/a2380Montenegro
New Zealandaverage2395New Zealand
Nigeriaaverage2900Nigeria
North Macedoniaeasy2440North Macedonia
Perun/a2425Peru
Philippinesaverage2410Philippines
Polandaverage2485Poland
Portugalaverage2500Portugal
Romaniaaverage2800Romania
Russiaaverage2908Russia
Saudi Arabian/a2878Saudi Arabia
Serbiaaverage2470Serbia
Singaporehard2947Singapore
Sloveniaaverage2530Slovenia
Spainhard2545Spain
Switzerlandeasy2710Switzerland
Thailandhard2560Thailand
Turkeyhard2755Turkey
United Kingdomaverage2785United Kingdom
United Rep of Tanzanian/a2770United Rep of Tanzania
United Stateshard2590United States
Vietnamaverage2959Vietnam
Level of competition regarding ICOs and token/coin sales
Albanialow2170Albania
Australiaaverage2185Australia
Austrialow2680Austria
Bolivian/a21007Bolivia
Bosnia and Herzegovinan/a2200Bosnia and Herzegovina
Bulgariaaverage2977Bulgaria
Canadahigh2155Canada
Chileaverage2245Chile
Chinan/a2260China
Colombialow2275Colombia
Costa Ricalow2290Costa Rica
Croatian/a2305Croatia
Czech Republiclow2815Czech Republic
Dominican Republicn/a2826Dominican Republic
Finlandaverage2856Finland
Francelow2725France
Germanyaverage2140Germany
Hong Kongaverage2740Hong Kong
Hungarylow2350Hungary
Irelandaverage2695Ireland
Italyaverage2335Italy
Japanlow2847Japan
Korea, Republic oflow2365Korea, Republic of
Malaysialow2665Malaysia
Mexicolow2635Mexico
Montenegron/a2380Montenegro
New Zealandlow2395New Zealand
Nigeriaaverage2900Nigeria
North Macedonialow2440North Macedonia
Perun/a2425Peru
Philippinesaverage2410Philippines
Polandlow2485Poland
Portugalaverage2500Portugal
Romanialow2800Romania
Russiaaverage2908Russia
Saudi Arabian/a2878Saudi Arabia
Serbialow2470Serbia
Singaporeaverage2947Singapore
Sloveniaaverage2530Slovenia
Spainlow2545Spain
Switzerlandhigh2710Switzerland
Thailandlow2560Thailand
Turkeyhigh2755Turkey
United Kingdomlow2785United Kingdom
United Rep of Tanzanialow2770United Rep of Tanzania
United Statesn/a2590United States
Vietnamlow2959Vietnam

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