Token sales are a means of selling virtual tokens in exchange for cryptocurrency or for fiat currencies in order to raise funding. It is a form of crowdfunding which avoids the heavy regulatory and bureaucratic burdens of listing a company on a stock exchange.  

Token-sale companies must register as a Virtual Asset Service Provider (VASP) with the Gibraltar Financial Services Commission in order to lawfully sell their digital tokens.  

We advise on all of the Gibraltar aspects of conducting a token sale which will include:

• White paper review.
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• Adding certain of the legal and regulatory parts to the white paper.
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• Legal opinion. Setting out the regulatory position in respect of token sales, including on whether the token is a security under Gibraltar law.
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• Drawing up anti-financial crime and customer due diligence policies and procedures.
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• VASP registration.
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• Drawing up Gibraltar-law compliant Terms and Conditions for the token sale.
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• Drawing up Terms of Use, Privacy Policy and Cookie Policy for the token sale website.