recently been issued. Essentially, an equity issuing company is required to comply with the following provisions:   (1) the equity to be allocated to various persons must be segregated clearly based on the

Presently, several companies are interested to raise fund through digital token offer to finance their investment in office buildings or condominiums which will later be rented for income shared to holders of digital tokens or real estate-backed initial coin offering (ICO). Meanwhile, the regulations have not yet extended to such fund raising method and a smart contract has not yet covered an enforcement of investors’ rights in some issues which are activities occurring outside blockchain...