Calificarea token-urilor prin raportare la posibilitatea definirii acestora ca fiind security sau utility tokens
Token qualification by assessing whether they can be defined as security tokens or utility tokens

Summary/Abstract: In this paper, the authors set out to analyse all the conditions and current criteria for qualifying tokens as utility tokens or security tokens, with reference to the legislation and case law of the most relevant markets for crypto-asset issuers. Thus, the analysis focuses both on how these types of crypto-assets have been defined in comparative law and on how tokens that simultaneously meet specific characteristics of various categories of crypto-assets will eventually be included in one of them. The relevance of the operation of qualifying crypto-assets is significant both from the point of view of criminal law (in particular cybercrime) and from the point of view of private law, where the qualification of legal transactions depends on how their object is defined.

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