---
title: Tokenized transferable security
url: "https://www.unknowngravity.com/en/glosario/valor-negociable-tokenizado"
site: Unknown Gravity
published: "2026-05-31T13:45:07+00:00"
modified: "2026-07-30T15:43:02+00:00"
language: en-US
description: "A tokenized 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)…"
section: "Home > Tokenized transferable security"
---

# Tokenized transferable security

GLOSSARY · BLOCKCHAIN & WEB3

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

WHAT IS IT? · FOR DUMMIES

A tokenized 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 tokenized 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.

Tokenization 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 Law 6/2023 (BOE-A-2023-7053), and is **excluded** from the scope of MiCA (Art. 2(4)).

## 01 / Key points

- A security (share, bond) represented through DLT.
- Tokenization 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).

This entry is informative. It is not legal, tax or investment advice. The rules cited change: check the current version on [BOE](https://www.boe.es) and [EUR-Lex](https://eur-lex.europa.eu).