Margarita Sivakova, CEO of Legal Nodes, released a report on LongHash saying that different countries have very different STO regulations. Because STO is too novel, many countries simply fail to deal with them, which means that STO is still in the legal gray. The report divides the friendship between countries in STO according to financial market regulation (such as exemption from prospectus, investor qualifications, etc.), blockchain regulations, STO issuance procedures, the number of STO issuances, and the consequences of violations of applicable laws. Very friendly (Very friendly), Most friendly, Moderate regulation, and Legally challenging. The distribution map shows that only a few countries such as Malta and Lithuania are very friendly to STO, and the regulatory attitudes of most regions in Asia, Africa and South America are marked as unknown.