In the EU, are tokens subject to regulation or is it the activity of raising funds using a token that is regulated? Is it different in other parts of the world?
Cheers.
Legal structures and regulations are always different in various parts of the world, that goes without saying! ICOs are being regulated under "crowdfunding" regulations in Europe if I am not mistaken! So some sort of regulation for ICO is already there in Europe.
There are countries like China or Bangladesh which had banned ICOs completely! But majority of the ICOs are still remains outside the jurisdiction of regulatory agencies, especially the ICOs popping up from Small island countries like Malta, British Virgin islands etc.