# Regulatory Approach

**Regulation is orthogonal to distribution.**

At fija, we treat **regulation as independent of distribution.** This modular approach allows partners to choose the compliance 'wrapper' that best fits their specific license and target audience. Regardless of the legal model chosen, the underlying technology stack, security protocols, and risk guardrails remain identical.

<figure><img src="https://2028953397-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FeWwsvmGtpaslEqbA0zjx%2Fuploads%2FjcGYnhwbED7BtfJsO7v0%2FScreenshot%202026-03-12%20at%2012.18.26.png?alt=media&#x26;token=ba69250c-268c-4851-aeed-db6da6058bbe" alt=""><figcaption></figcaption></figure>

#### Security Token (ST) Model

**Structure:** A tokenized bearer bond where returns are delivered via price appreciation.

* **Compliance:** Operates under an FMA-approved base prospectus in Liechtenstein. fija maintains the necessary Prospectus and Key Information Documents (KIDs).
* **Use Case:** Ideal for **MiFID-regulated institutions**—such as banks, brokers, and custodians—and professional investors who require assets with a unique **ISIN**.
* **Key Advantage:** It transforms DeFi yield into a traditional financial instrument that can be held and traded within legacy banking infrastructure, shielding investors from complex DeFi AML restrictions.

Visit our [**fija Strategies GmbH**](https://fijastrategies.com/) website to access the **prospectus** and **emission documents**.

#### CASP Model

**Structure**: A yield-accruing utility token that represents a digital claim to assets in a specific strategy.

* **Compliance**: In the process of applying for a CASP registration in Czech Republic, with a MiCAR  transition in progress to enable regulated Crypto Transfer and Portfolio Management services.
* **Functionality**: Unlike security tokens, these are non-transferable "access rights". Upon deposit, investors receive a token that acts as a digital receipt for their allocated funds and accrued yield.
* **Key Advantage**: Designed for the "Crypto-Native" ecosystem, this model allows partners with MiCAR licenses but no brokerage permissions to offer compliant yield products.

#### SaaS Model

**Structure:** A pure technology play where partners license fija’s smart contract architecture.

* **Implementation:** The partner runs their own product and manages their own regulatory permissions. fija provides an **access token** primarily for position tracking and technical integration.
* **Use Case:** Best suited for global partners who already possess their own licenses and simply need **institutional-grade DeFi infrastructure** to power their offerings.
* **Key Advantage:** Offers maximum flexibility and speed to market for partners who want to maintain full control over their client relationships and regulatory standing.