DIGITAL SECURITIES
WHAT ONINO IS
Before you pick an instrument, you have to pick a token type. The test is simple: if investors expect a return from your effort, it's almost certainly a security – and securities law applies in full.
Security token
A security token represents a regulated security – debt, equity, or a fund interest – and falls under MiFID II and eWpG. If you're raising capital and investors expect a return, this is what you're issuing. Securities law applies in full.
Utility token
A utility token represents access to a product or network, not a claim on cash flows. Regulation is lighter and sits mostly under MiCA – but the moment buyers expect a return driven by your work, it stops being utility and becomes a security.
Payment token / stablecoin
A payment token represents money or a value peg – a unit of exchange, not an investment. It sits under MiCA's e-money and asset-referenced token regimes, with reserve, redemption, and licensing requirements closer to banking than securities law.
PICK BY WHAT YOU'RE RAISING
Tokenized bond
Raise debt capital from members or outside investors. The bond is issued, held and repaid digitally under the eWpG, with the same rights as a paper bond.
Equity token / participation
Bring in capital while keeping governance clear. Economic participation, voting rights and distributions are defined up front and issued as a digital security under the eWpG.
Tokenized Fund Unit
Pool capital into a regulated fund structured under the KAGB. Members gain exposure to several investments at once, without mixing the underlying positions.
Subordinated Loan / Profit Participation Right
Raise flexible, prospectus-light financing under the VermAnlG. A common route for real estate and energy projects to fund growth without issuing equity.
HOW ISSUANCE WORKS
A digital security is created in an eWpG crypto-securities register - not on a public blockchain alone
The security is entered in a licensed crypto-securities register, with rights and transfer rules enforced in software; disclosure (prospectus, WIB or VIB) applies exactly as for a paper security.
Full step-by-step mechanics live on the tokenization hub.
HOW BAFIN SEES IT
BaFin treats a crypto security identically to its paper equivalent - same prospectus duty, same MiFID II rules
The form changes (electronic register instead of a global certificate); the law does not. eWpG governs the electronic form (§§ 2, 4 eWpG), MiFID II the securities business, MiCA the adjacent crypto-assets - all under BaFin supervision.
ISSUE WITH ONINO
Issue with ONINO
€50M+ financed across 24+ countries, with €750M+ in pipeline
BaFin-aligned eWpG issuance, certified to ISO 27001 and SOC 2 Type II
End-to-end support included - register, disclosure, onboarding and lifecycle
Tell us your instrument and target volume - we'll map the disclosure route and timeline in a 30-minute call.
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