APPENDIX E: REGULATORY FRAMEWORK SUMMARY

Switzerland (Primary Jurisdiction)

Legal Basis: Registerwertrechte (Art. 973d Swiss Code of Obligations)

FINMA Classification:

• HRPT: Utility token (consumptive use, no securities classification)
• HPOT: Asset token (contractual participation rights)

CIS (Collective Investment Scheme) Analysis:

• Homeunity position: HPOT outside CIS scope (single asset per series, not pooled fund)
• FINMA position: To be determined (ongoing dialogue, legal opinions on file)

Licensing: None required (as of April 2026, subject to change)

Compliance:

• AML/KYC (via licensed provider)
• Swiss registry administration (Fuchs Treuhand AG)
• Annual reporting (if series >CHF 10M)

European Union (Non-Swiss)

MiCA (Markets in Crypto-Assets Regulation): Effective 2024

HPOT Classification: Likely "asset-referenced token" (requires authorization under MiCA)

Distribution Restrictions:

• Retail: May require prospectus (depending on member state)
• Professional investors: More accessible
• Reverse solicitation: Allowed (investor initiates contact)

Compliance:

• Issuer authorization (if offering to EU retail)
• Whitepaper (MiCA-compliant disclosure)
• Regulatory notifications (per member state)

United Kingdom

FCA (Financial Conduct Authority) Jurisdiction

HPOT Classification: Potentially "specified investment" or "security token"

Distribution:

• Retail: Restricted (unless FCA-authorized)
• High-Net-Worth / Sophisticated Investors: Exemptions available
• Overseas persons exemption: Non-UK investors accessing from abroad

Compliance:

• Financial promotion restrictions (no UK retail marketing without authorization)
• AML (registered crypto asset firm, if UK operations)

United States

Securities Law:

• HPOT: Potentially a "security" under Howey Test (investment contract)
• HRPT: Utility token positioning (avoid securities classification)

Offering Restrictions:

• U.S. Retail: NOT AVAILABLE (no registration statement filed)
• U.S. Accredited Investors: Institutional gateway (Regulation D, Rule 506)
• Non-U.S. Persons: Regulation S (offshore transactions)

Compliance:

• Form D filing (if Reg D offering)
• Accredited investor verification (Rule 506(c))
• Transfer restrictions (12-month lock-up for Reg D, resale limitations)

Other Jurisdictions

China (PRC): Likely prohibited (crypto restrictions, capital controls)

Singapore: MAS regulation (CMP framework) — retail access may require licensing

Hong Kong: SFC oversight (may require Type 1 or 9 license for distribution)

UAE / Dubai: VARA regulation (crypto asset framework) — requires license for marketing

Japan: FSA oversight (crypto asset exchange license needed for Japanese distribution)

Compliance Strategy

Homeunity approach:

• Primary jurisdiction: Switzerland (clear legal framework, FINMA dialogue)
• Restricted jurisdictions: Blocked (geo-blocking, KYC checks)
• Allowed jurisdictions: Case-by-case (legal opinions, local counsel)
• Institutional pathway: Separate onboarding (for U.S. Accredited, EU Professional, etc.)

Ongoing monitoring: Regulations evolve. Legal team tracks changes, adjusts compliance.