The Digital Assets Issuance Law (LEAD) recognizes two routes for offering a digital asset. The difference is not size or price. It is who the asset can be offered to, and how.
The public offering
A public offering is addressed to the general public. It requires a certified Relevant Information Document (DIR) and full registration with the CNAD, and it is subject to ongoing disclosure. Any acquirer may participate.
The private offering
- Only among qualified investors.
- It may not be advertised or communicated to the general public.
- The issuer keeps a registry of acquirers and reports it to the CNAD every quarter.
- It retains the same tax treatment under Article 36.
What changes in practice
Every issuance SATS Capital structures is private and addressed to qualified investors. For that reason, this article explains the framework and offers no specific issuance.
Sources
- 1.Digital Assets Issuance Law, Articles 5 and 31
- 2.Regulation on the Registry of Issuers and Public and Private Issuances, Articles 24 to 28
This article is for information purposes. It does not constitute legal, tax or investment advice, or an offer of any asset.
