The document summarizes global developments related to tokens and token financing. It provides an overview of key jurisdictions like Singapore and Switzerland that have embraced tokens. It notes that Singapore has taken a open approach to digital token offerings. Switzerland has the first fully licensed bank handling digital assets end-to-end. Liechtenstein amended laws to allow tokens priority over physical assets. The document encourages learning from innovators and being a fast follower in token financing to make the Netherlands competitive. The three key takeaways are that we live in an exponential world, tokenization will impact the global economy, and to learn from innovators.

1. Global, fast & furious, developments in Token Land
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Created by:

2. AGENDA
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§ INTRODUCTION
§ Setting the scene
§ GLOBAL DEVELOPMENTS & KEY TAKEAWAYS
§ Overview
§ Research: Singapore
§ Case Study: Switzerland
§ Regulatory Update: Liechtenstein
§ Other jurisdictions: Summary
§ NEXT STEPS FOR US
§ Today’s working session

3. INTRODUCTION: Setting the scene, that exponential curve
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4. INTRODUCTION: Setting the scene, that exponential curve
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INTRODUCTION: Setting the scene, an example
Source:
Petapixel.com
Camera production
in the world…

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INTRODUCTION: Setting the scene
Source:
Petapixel.com
…And the real number

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TAKEAWAY 1
Appreciate that we live in an exponential world

8. GLOBAL TOKEN DATA: Overview
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9. GLOBAL TOKEN DATA: Overview
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Netherlands?

10. GLOBAL TOKEN DATA: Overview, was it a bubble?
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11. GLOBAL TOKEN DATA: ICOs are all scams anyways…
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• Far less than the alleged ca. 80% of
ICOs are scams in the legal sense of
the word: 2.2% only
• Total of ca. 96 million dollars raised
through the ICO mechanism & only ca.
9 million or 9.3% were invested in
projects flagged as ”status unknown”
https://jbba.scholasticahq.com/article/7749-cryptocurrencies-initial-coin-offerings-are-they-scams-an-empirical-study
Full paper by Liebau and Schueffel, 2019:

12. GLOBAL TOKEN DATA: Tokenization on the horizon
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13. GLOBAL TOKEN DATA: Security tokens are now a thing
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• In August 2018 American company tzero completed their security token offering
raising 134 million US dollars at a valuation of 1.5 billion US dollar
• A recent 100m EUR covered bond offering conducted by Société General used
Ethereum as a platform (Fould-Bacquart, 2018)
• Fundament Group, the Germany-based end-to-end security issuance solution for
asset tokenization, has received approval from the German Financial Market
Supervisory Authority (BaFin) to distribute the country’s first blockchain-based
real estate bond. The bond is backed by a portfolio of properties in major cities
throughout Germany and has an issued volume of €250 million

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TAKEAWAY 2
Tokenization will impact the global economy –
with or without us

15. GLOBAL TOKEN DATA: Singapore
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16. GLOBAL TOKEN DATA: Early days in Singapore (2016)
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17. GLOBAL TOKEN DATA: Early days in Singapore
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18. GLOBAL TOKEN DATA: Early days in Singapore
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19. GLOBAL TOKEN DATA: Early days in Singapore
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20. GLOBAL TOKEN DATA: Research on Singapore
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• Singapore’s, (…) regulatory approach towards open
digital token offerings, and rules on foreign
investment and visitors – some of the most open in
the world, and less-restrictive than those in
Switzerland, the U.K., and the U.S.– drew Asia-
based projects to Singapore …
• In October 2018, the MAS’s Managing Director Ravi
Menon stated that the MAS had “seen quite a lot of
[digital token offering] activity that is not security
related”
• The open digital token offering can enable projects
to simultaneously: 1) raise funds for the
development of a project’s network, platform, or
service; 2) build up a user-base; and 3) incentivise
globally-dispersed communities of developers to
contribute to a project.
https://jbba.scholasticahq.com/article/9582-singapore-s-open-digital-token-offering-embrace-context-consequences
Full paper by Greene and Lee, 2019:

21. GLOBAL TOKEN DATA: Switzerland
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22. GLOBAL TOKEN DATA: Case Study Switzerland
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• First fully licensed bank that can
handle digital assets end-to-end
• Source of Fund Check method for
cryptocurrencies approved by
regulator
• Advisory board consisting of
traditional (ex UBS CEO) and
digital (Kyber Founder) financiers
• Innovative products for Fund
Management (index taking into
account github activity, etc.)

23. GLOBAL TOKEN DATA: Lichtenstein
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24. GLOBAL TOKEN DATA: Regulatory Update from Liechtenstein
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• Token Container Model (TCM): A token serves as a container with the ability to hold rights of all kinds. The
container can be “loaded” with a right that represents a real asset such as real estate, stocks, bonds, gold,
access rights, money.
• But the Token Container Model makes very clear that a security token is nothing else than a security (with all the
rules, licenses, duties etc. applying to it) technically “packaged” into the token which loads the security like a
container.
• One of these new roles is the so-called physical validator. His role is to integrate the physical world into the digital
world.
• Liechtenstein amended its civil law to allow the token world to have priority over the physical world for the cases
where tokens exist for rights and assets.
Source: https://medium.com/@philippsandner/liechtenstein-blockchain-act-how-can-nearly-any-right-and-therefore-
any-asset-be-tokenized-based-389fc9f039b1
https://www.naegele.law/downloads/2019-07-12_BuA_TVTG_en_full_report.pdf
TOKENS AND TT SERVICE PROVIDER ACT; TVTG

25. GOLBAL TOKEN DATA: Other jurisdictions…
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26. GOLBAL TOKEN DATA: Other jurisdictions…
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27. GOLBAL TOKEN DATA: Other jurisdictions…
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“Crypto Mum” “Crypto Congressman”

28. GOLBAL TOKEN DATA: Other jurisdictions…
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Hester Peirce
SEC Commissioner
Jason Hsu
Legislator

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TAKEAWAY 3
Let’s learn from the innovators and
be a fast follower
when it comes to token financing

30. 2TOKENS: Next Steps… & my ask for the times ahead
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• We want to enable the Netherlands to be a competitive jurisdiction for token
financing in line with the country’s rich history in financial innovation!
• You have been invited to to join us today because you are an important part of the
developing ecosystem – we thank you for today’s contribution!
• Please continue to support our activities by contributing to the discussion to the best
of your abilities, take it seriously and be constructive at all times!

31. IN CLOSING: Remember the 3 takeaways
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• Appreciate that we live in an exponential world
• Tokenization will impact the global economy – with or
without us
• Let’s learn from the innovators and be a fast follower
when it comes to token financing

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THANKYOU
&PLEASESTAYINTOUCH
info@lightbulbcap.com
www.lightbulbcap.com
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