Generally don't like governments regulating crypto. But having read through the document, seems very sensible, balancing the need of all parties - investors, law enforcement and the crypto community.

From my understanding, in summary - what they are saying is if the Token represents equity(shareholding) or debt(debenture) or an investment scheme, then it is regulated under their normal securities laws. But if it is none of the above, then the Token is not regulated.

Here is the link