Many factors go into choosing the jurisdiction including how the country handles compliance and regulations. Of course, you will want to use a jurisdiction with fair and not unduly burdensome regulations but also one that has very clear and well established laws. Having clear and well established laws can make it easier to find good legal counsel that can assist in your offering and can also offer more assurances for the potential investors.
Because security tokens are a regulated financial product, most countries will have established regulatory bodies and rules to govern the transactions. Some of the main countries in Asia that will be used for security token offerings and their governing bodies are listed below.
In Singapore issuers can avoid registering their Security Token under the Securities and Futures Act by selling your Security Token to individuals who has personal assets in excess of ~$1.5M or an annual income in excess of ~$225K. Your Security Token can also be sold to Corporations with assets in excess of ~$7.5M.
The Professional Investor exemptions will be the most widely advantageous and used for issuers. Under these exemptions your Security Token can be sold to individuals who either alone, or on a joint account, have in excess of HK$8M, Trust Corporations with assets in excess of HK$40M or Corporations/Partnerships with assets in excess of HK$8M or a corporate investment vehicle owned by one the above.
While Japan has fairly strict registration laws they do offer some exemptions from the registration requirements. Issuers can sell their Security Token to Specified Investors, which includes various corporations that work in securitisation, but can also sell to Qualified Investors which includes individuals and corporations with assets in excess of ~$2.7M.