Tokens with the characteristics of securities (which cover equity, securitized debt, derivatives, and savings bonds) will be treated accordingly under PACTE. 

University of Minnesota - Twin Cities

- Tokens with the characteristics of securities
- Tokens with features of repayable debt
- Pure utility tokens

Accounting rules for different types of tokens

Barsan, Iris M., Regulating the Crypto World - New Developments from France (December 22, 2019). RTDF 4/2019, pp. 9-30, Available at SSRN: https://ssrn.com/abstract=3484391 or http://dx.doi.org/10.2139/ssrn.3484391

Regulating the Crypto World - New Developments from France

Tokens with the characteristics of securities

Tokens with features of repayable debt will be treated as loans.

Tokens with features of repayable debt

 Pure utility tokens represent deferred income.

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