The list of jurisdictions that are silent on the question of whether blockchain tokens may be securities has grown smaller.

Less than a month after the U.S. Securities and Exchange Commission (SEC) and the Monetary Authority of Singapore (MAS) each issued guidance regarding the application of their respective securities laws to token sales, Canada has weighed-in with a warning that largely is consistent with those nations’ messages: issuers beware, tokens may be securities.

Originally published in CoinDesk and Aird & Berlis on September 20, 2017.