That’s a good question. Since anybody can make a token out of thin air, I would concentrate on the exchanges. Each exchange that has a license to operate in the specific country must list all the tokens which it plans to trade, so that certain scammy tokens can be rejected outright before they even start trading.

Each month, accounting reports of each traded token would be sent to the regulator by each exchange (the exact contents of which I am not sure as I’m not a banker) but basically it is designed to show regulators any suspicious patterns which alert that there are not enough assets against liabilities. Then they can get an X-days notice to get enough liquidity or their license will be revoked.