Tokenised transferable security

A tokenised transferable security is a security (share, bond) represented on a blockchain and regulated as a financial instrument.

What is it? - Dummies

A tokenised transferable security is an ordinary share or bond, but held and moved on a blockchain instead of in a traditional register. The thing you hold (a stake, a debt) is exactly the same; what changes is the format in which it is recorded and transferred. That is why it still plays by the serious rules of the stock market.

What is it? - PRO

A tokenised transferable security is a transferable security, a financial instrument within the meaning of MiFID II Directive 2014/65/EU, represented through distributed ledger technology (DLT) rather than through traditional book entries.

Tokenisation affects the form of representation, not the legal nature of the asset: since it remains a financial instrument, it is governed by MiFID II, MiFIR (Regulation (EU) 600/2014) and, in Spain, by Ley 6/2023 (BOE-A-2023-7053), and is excluded from the scope of MiCA (Art. 2(4)).

Key points

A security (share, bond) represented through DLT.
Tokenisation changes the format, not the nature of the asset.
It is a financial instrument: governed by MiFID II, MiFIR and the LMVSI.
Falls outside MiCA by application of Art. 2(4).

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