Which European Regulation for Security Tokens?

13 Pages Posted: 8 Mar 2020

See all articles by Bruno Mathis

Bruno Mathis

Centre européen de droit et d'économie

Date Written: February 13, 2020

Abstract

Distributed register technology allows financial instruments to be represented by security tokens, opening up many economic opportunities. However, today's financial law reflects a conception of the dematerialization of securities and a technological state of the art that are both 40-year-old. The purpose of this article is first of all to identify areas of European financial law that would need to be revised so that trading of tokenized securities could be subject to the same level of regulatory requirements as book-entry securities. It then considers three possible scenarios for legislative action by the European Commission.

Keywords: DLT, blockchain, security tokens, European Union

JEL Classification: J22, K33

Suggested Citation

Mathis, Bruno, Which European Regulation for Security Tokens? (February 13, 2020). Available at SSRN: https://ssrn.com/abstract=3537446 or http://dx.doi.org/10.2139/ssrn.3537446

Bruno Mathis (Contact Author)

Centre européen de droit et d'économie ( email )

3 Avenue Bernard Hirsch
CS 50105 CERGY
CERGY, CERGY PONTOISE CEDEX 95021
France

HOME PAGE: http://https://www.linkedin.com/in/bruno-mathis-5274086/

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