White Paper & Token Issuance
Security Token Offering (STO)
A token sale where the token meets the MiFID II financial-instrument definition — falls under prospectus regime, not MiCA.
Definition
An STO is a token sale where the token is a financial instrument under MiFID II — typically a tokenised security. Falls under the Prospectus Regulation (EU) 2017/1129, not MiCA. May qualify for the DLT Pilot Regime if traded on a DLT-MTF.