Question 1

What is tokenized financing?

Accepted Answer

Tokenized financing is the process of raising capital by issuing digital tokens on a blockchain that represent ownership rights or claims on an underlying asset. These tokens act as programmable digital certificates for assets like equity, debt, or real estate, allowing them to be traded and managed with higher efficiency than traditional paper-based systems.

Question 2

How does tokenized financing work?

Accepted Answer

An issuer identifies a physical or financial asset and creates a digital representation through a smart contract on a blockchain. Investors purchase these tokens using fiat or stablecoins, and ownership is recorded on an immutable ledger that can automate distributions such as dividends or interest.

Question 3

What assets can be tokenized?

Accepted Answer

Virtually any asset with value can be tokenized, including financial instruments like stocks, bonds, and investment fund shares, as well as tangible assets such as real estate, fine art, and commodities.

Question 4

Is tokenized financing legal in the EU?

Accepted Answer

Yes. Tokenized financing is legal and increasingly regulated across the EU. Legality and requirements depend on whether the token is classified as a financial instrument under MiFID II or a crypto-asset under MiCA.

Question 5

How is tokenized financing regulated?

Accepted Answer

In the EU, security tokens may fall under MiFID II, while other crypto-assets fall under MiCA. The EU DLT Pilot Regime also provides a framework for trading and settlement using distributed ledger technology in certain contexts.

Question 6

Do investors need to pass KYC/AML?

Accepted Answer

Yes. Participants in a tokenized offering typically must undergo KYC and AML verification. Regulated issuers and service providers are generally required to verify investor identity to help prevent financial crime.

Question 7

What are the risks of tokenized financing?

Accepted Answer

Risks can include regulatory uncertainty, smart contract vulnerabilities, and liquidity constraints if secondary markets are limited. Investors may also face operational risks such as loss of wallet access and market risk from changes in the underlying asset’s value.

Question 8

How is liquidity created in tokenized financing?

Accepted Answer

Liquidity may be improved through fractionalization and by enabling transfers on regulated secondary trading venues. While blockchain can support continuous settlement, real liquidity depends on active buyers and sellers and the availability of compliant trading venues.

Question 9

What is the difference between a security token and a utility token?

Accepted Answer

Security tokens represent an investment claim on an underlying asset (e.g., equity or debt) and are typically regulated under financial laws. Utility tokens provide access to a product or service and generally do not grant ownership rights or profit claims.

Question 10

How long does it take to launch a tokenized offering?

Accepted Answer

A typical launch can take several months depending on asset complexity and regulatory processes. Timelines are often driven by legal structuring, compliance documentation, and technical setup of the issuance infrastructure.

Ein

Ein

Geldwäschebekämpfung (Anti-Money Laundering)

Geldwäschebekämpfung (Anti-Money Laundering)

Vermögenswert-Tokenisierung

Vermögenswert-Tokenisierung

Vermögenswert-gestützter Token (ABT)

Vermögenswert-gestützter Token (ABT)

Atomarer Abschluss

Atomarer Abschluss

B

B

Blockchain-Ledger

Blockchain-Ledger

C

C

Kapitalbeteiligungsmanagement

Kapitalbeteiligungsmanagement

Kryptowährungs-Dienstleister (CASP)

Kryptowährungs-Dienstleister (CASP)

Komponierbarkeit

Komponierbarkeit

D

D

Digitale Verwahrung

Digitale Verwahrung

Digitale Sicherheit

Digitale Sicherheit

DLT (Distributed-Ledger-Technologie)

DLT (Distributed-Ledger-Technologie)

DORA (Gesetz zur digitalen betrieblichen Resilienz)

DORA (Gesetz zur digitalen betrieblichen Resilienz)

E

E

ESG-Tokenisierung

ESG-Tokenisierung

F

F

Anteilseigentum

Anteilseigentum

Ich

Ich

Investorenzulassung

Investorenzulassung

Investoren-Onboarding

Investoren-Onboarding

Ausgabelebenszyklus

Ausgabelebenszyklus

K

K

KYC (Know Your Customer - Kenne deinen Kunden)

KYC (Know Your Customer - Kenne deinen Kunden)

M

M

MiCA (Regulierung der Märkte für Krypto-Assets)

MiCA (Regulierung der Märkte für Krypto-Assets)

Prägung

Prägung

P

P

Passporting

Passporting

Primärmarkt

Primärmarkt

Prospektverordnung

Prospektverordnung

P2P (Peer-to-Peer) Handel

P2P (Peer-to-Peer) Handel

F

F

Qualifizierte elektronische Signatur (QES)

Qualifizierte elektronische Signatur (QES)

S

S

Sekundärmarkt

Sekundärmarkt

Verbriefung

Verbriefung

Zweckgesellschaft (Special Purpose Vehicle)

Zweckgesellschaft (Special Purpose Vehicle)