Tokens vs. financial authorities

[Forvat]

In what country it is legal to make emission of tokens?

A lot of countries gives status for the BTC as "legal", but tokens, sometimes discovered as securities are not as clear situation.

I was thinking, for example, about Malta.

There is no direct answer. It is easy to say, where tokens are illegal (well known information). How the emisson may be implemented in other countries it is a question of legal management of an issuer.