1. (1) In order to be eligible for exemption under 30-10-105, a network token issuer seeking to offer or sell a network token in a transaction that is subject to the laws of this state shall provide the commissioner with the following:

   1. (a) the name, legal status, and website of the network token issuer, including the jurisdiction in which the network token issuer is organized and the date of organization;
   2. (b) the address and telephone number of the network token issuer or a legal representative of the network token issuer;
   3. (c) an overview of the material aspects of the network to which the network token relates, including how the network token will function to provide access to services;
   4. (d) a description of the plan of distribution of any unit of a network token that is to be offered;
   5. (e) the consensus mechanism of the token, if one exists;
   6. (f) the governance structure of the network token, if one exists;
   7. (g) a network token's current or proposed functionality;
   8. (h) a description of the material risks surrounding ownership of a unit of a network token;
   9. (i) a description of the material aspects of the network token issuer's business;
   10. (j) a description of material transactions or relationships between the network token issuer and affiliated persons;
   11. (k) the date the network token began functioning; and
   12. (l) other information the commissioner considers relevant to the exemption request.
2. (2) A network token issuer shall apply for and obtain the written approval of the commissioner prior to making an offer or a sale. The issuer shall pay a filing fee that must accompany the application. The commissioner may approve or deny the application.
3. (3) The network token issuer shall provide updates on all information provided under subsection (1) to the commissioner every 6 months, or within 30 days if the information becomes inaccurate in a material respect.

History: En. Sec. 6, Ch. 379, L. 2025.