8.1 Law Follows Technology, Not the Reverse
Classification must be based on real rights and economics, not on the “token name” or technical standard.
| Jurisdiction | Key framework (to 2026) | Practical note |
|---|---|---|
| Switzerland (FINMA) | Payment / Utility / Asset token + DLT Act | March 2025: first DLT trading facility licensed |
| European Union | MiCA (crypto-assets, ART, EMT) | Instruments already under financial law may fall outside MiCA |
| United States | SEC statements 2025–2026 | Tokenised securities remain securities |
| FATF | Guidance on VA & VASPs + updates | Travel Rule and risk-based approach |
8.2 Minimum AML/KYC Controls
- Initial and periodic KYC and screening
- Beneficial ownership
- Sanctions screening (OFAC and local equivalents)
- Transaction monitoring
- Travel Rule where applicable
- Record-keeping and audit trail
- Freeze / recovery procedures under law and contract
Disclaimer: This book is educational and does not constitute legal advice. Rules are jurisdiction-specific and change over time. Any live issuance requires local counsel, compliance review and independent technical assurance.
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