This study aims to examine supervisory models and regulatory frameworks applicable to utility tokens, with a particular focus on Iran’s public law system. Employing a descriptive-analytical method, the research analyzes existing regulatory patterns to assess the potential for localizing effective governance models. The findings reveal that Iran’s current regulatory architecture is fragmented, lacking institutional coherence and synergy. In contrast, global approaches vary significantly: the European Union has adopted a proactive and harmonized framework, the United States relies on case-specific interventions by multiple agencies, and China emphasizes centralized control and the promotion of a national digital currency. The research underscores the urgent need for Iran to adopt a comprehensive framework rooted in public law principles and digital governance, capable of fostering innovation while mitigating associated risks. In this regard, adapting the EU’s 2023 Markets in Crypto-Assets (MiCA) regulation to Iran’s domestic context could offer a robust foundation for regulating fungible tokens. Although utility tokens were initially designed to facilitate digital currencies, their scope has expanded into diverse fields such as law, commerce, art, and gaming. Consequently, the rapidly evolving utility token market presents new opportunities for artists, collectors, and investors. However, its dependency on centralized platforms for metadata storage raises significant concerns about asset integrity, security, and decentralization. This study concludes that the regulation of utility tokens constitutes a critical aspect of blockchain-related legal frameworks. While the EU has established a clear and comprehensive regime through MiCA, other jurisdictions have enacted rules targeting initial token offerings, anti-money laundering compliance, know-your-customer (KYC) protocols, and the demarcation between utility tokens and securities. In Iran, however, a unified legislative approach has yet to be formulated, despite growing recognition of the need for macro-level regulation.