Content and Disclosure Requirements for Utility Token Whitepapers under Iran’s Securities Law and Market in crypto-asset EU

Mersi, Hadi; Khalili Paji, Aref; Bahremand, Hamid; Rahmat, Mohammadreza

doi:10.48308/eclr.2025.236524.1070

Content and Disclosure Requirements for Utility Token Whitepapers under Iran’s Securities Law and Market in crypto-asset EU

Document Type : Original Article

Authors

Hadi Mersi ¹

aref khalili paji ²

hamid bahremand ³

mohammadreza rahmat ³

¹ Department of Law, Faculty of Theology and Islamic Studies, Meybod University, Yazd, Iran

² free

³ aaa

https://doi.org/10.48308/eclr.2025.236524.1070

Abstract

The emergence of utility tokens has created a revolution in the world of cryptocurrencies and has created an innovative platform for providing services, financing and investing beyond just a means of exchange. Decentralized token-based crowdfunding platforms provide a unique opportunity for innovative projects, turning investors into beneficiaries of these projects by purchasing tokens. However, the emerging nature of this field reveals the necessity of transparency and providing sufficient information to investors to maintain the health and dynamism of this platform. This research, using a descriptive-analytical method and based on library sources, examines the content and disclosure requirements of the white paper as a key tool for promoting transparency and protecting the rights of investors, and is inspired by Iran’s Securities Law and MiCA. the findings of the current research show that the white paper should include comprehensive information about the nature of the project, the development team, how the token will be distributed, its uses and benefits, the economic model and related risks. This research helps investors in making informed decisions by providing a legal framework and codified content for the white paper of utility tokens.

Keywords

utility token

investment

white paper

transparency

securities law

Market in crypto-asset EU

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