In the U.S., to issue securities, one in principle needs to "register" it, meaning IPO. However, there are exemption clauses that allow one to issue securities without the IPO process if certain conditions are satisfied. For example, if all investors are US-based accredited investors, this falls under the Reg D exemption; if all investors are non-US investors, this falls under the Reg S exemption, etc. To begin with, Robinland will be issuing tokens under Reg D, i.e. to US-based accredited investors. Over time, Robinland will also release projects under Reg S (to non-U.S. investors) and Reg A+ (to any investor in the U.S.).