How do different countries regulate real estate tokenization?

Real estate tokenization is not regulated the same way everywhere. In the European Union, most property tokens are treated as securities under MiFID II and the Prospectus Regulation, while MiCA mainly covers non-security crypto assets. 

In Dubai, the VARA rulebooks set detailed requirements for tokenized real estate, including licensing, disclosures, and KYC/AML. 

Countries like Japan, Portugal, Romania and Hong Kong also fit tokenized real estate into their existing securities laws, with their financial regulators supervising offerings and trading platforms.