What is “SAFT”?

1. What is “SAFT”?

"SAFT" (from the English Simple agreement for future tokens) is a contractual investment agreement that refers at a technological ("low", i.e. such as in the code) level to the exchange of statements of intent regarding the agreement of specific investors to finance blockchain projects, with developers offering them discounted crypto tokens in return as a future event.

In this context, a "SAFT" contractual arrangement may qualify as a type of electronic bearer security and should fall within the scope of the provisions of the Public Offering of Securities Act. However, the tokens transferred from the blockchain developers to the investors, according to the “SAFT” agreement, are not securities. Therefore, they do not fall within the scope of the Bulgarian regulations on securities or electronic money companies, which are subject to the regulations of the Law on Payment Services and Payment Systems (ZPUPS) and the bylaws of the BNB licensing such companies (argument from Bulgarian Regulation No. 16 of the Bulgarian National Bank(BNB) of March 29, 2018 for the issuance of licenses and approvals, for entry in the register under Article 19 of the Federal Law on Public Procurement).