On April 12, LongHash issued a statement saying that the regulation of STO varies from country to country. However, since this is still a relatively new concept, many countries have not yet begun to understand and deal with related regulatory issues, which means that in many countries, STO is still in the gray area of law. The article considers a variety of factors, including financial market regulation (such as exemption from the issuance of prospectus, investor qualifications, etc.), blockchain specific laws (if applicable), STO issuance procedures, STO quantities, and violations of applicable laws. After the legal consequences, the attitudes of various countries towards STO were rated. On the whole, North American and Western European countries have relatively friendly attitudes towards STO, while Eastern Europe, Australia and Asian countries surveyed are relatively conservative.