Token offering and securities law
The issuance of digital tokens in Georgia is not regulated by a separate special statute. This does not mean the absence of regulation: if the token to be issued bears the features of a security, the Georgian Law on the Securities Market applies to it in full. Article 2 of that law defines a security and a material fact and event — a fact or event which, within the bounds of good faith, an investor or potential investor considers significant when taking decisions connected with the purchase and sale of securities. The qualification of a token is precisely an analysis built on these definitions: if the token expresses an investment interest and its holder provides funds in the hope of profit, the securities regime extends to it.
Accordingly, the first question of token offering compliance is not "how do we issue" but "what is our token". The result of the qualification determines the entire further path — from the prospectus requirements to the offering procedure.