Understanding security tokens and what differentiates these instruments from standard financial securities and utility tokens is a subtle discussion. Two legal experts, two financial leaders, and a blockchain professional came together to distinguish the unique attributes of security tokens at the Paris BlockchainSummit 2019. This insightful panel discussion detailed what security tokens are, what makes them unique from other instruments, and the promises of tokenizing securities on blockchain technology. These professionals put security tokens into perspective regarding how they are fitting into the wider macroeconomic markets. The following professionals joined the panel discussion: Ulli Spankowski, Head of Digitization at Börse Stuttgart Group Matthieu Lucchesi, Legal Professional at Gide255 Pascal Lauffer, Onbrane CEO Omri Ross, Chief Blockchain Scientist for eToro group Céline Moille, Lawyer at Yellaw Avocats

1. www.pbwsummit.com
Featuring:
Ulli Spankowski, Börse Stuttgart Group
Matthieu Lucchesi, Gide255
Pascal Lauffer, Onbrane
Omri Ross, eToro Group
Céline Moille, Yellaw Avocats
Insights from the PBWS 2019 Panel Discussion
Asset Tokenization & STOs

2. www.pbwsummit.com
Summary
Owning your securities
Legally defining security tokens
The versatility of security tokens
Obstacles to the adoption of security tokens
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3. OWNING YOUR SECURITIES
Tokenizing securities on blockchain technology
offers some advantages to owning financial
securities through traditional institutions.
Owning securities through traditional
institutions imposes certain limitations on the
nature of ownership. The assets can be lent out
by institutions and the interest rate
compensation which owners receive for
depositing assets with institutions has been
spiralling lower.
Assets tokenized on blockchain technology offer
an interesting alternative.
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4. LEGALLY DEFINING SECURITY TOKENS
Security tokens can be seen as having similar
characteristics as any financial instrument.
Legally, this would mean the same
requirements apply to security tokens as
financial instruments.
Most regulators are currently viewing security
tokens in this manner.
Further discussion is warranted regarding
whether this extent of regulation should apply
to security tokens or whether security tokens
are worthy of different regulatory measures.
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5. THE VERSATILITY OF SECURITY TOKENS
Security tokens give rise to many interesting
opportunities.
The ability to finance virtually any project by
tokenizing it disrupts the equity model as we
know it today.
Investors can expose themselves to private
projects without the enormous capital
requirements which are typically prerequisite to
investing in the private market.
The divisibility of tokens also means that
investors can purchase ownership in small
fractions of a project and easily transfer their
ownership.
www.pbwsummit.com

6. OBSTACLES TO THE ADOPTION OF SECURITY
TOKENS
Currently, banks and large corporations are not
yet ready to adopt the infrastructure necessary
for widespread use of security tokens.
There is limited infrastructure to facilitate sales
negotiations for this type of token and only a
small number of investors are participating in
the infrastructure which does exist.
There is still some uncertainty and restrictions
regarding regulatory frameworks for this new
type of asset.
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7. This is just a preview, want more?
Come to the Paris Blockchain Week Summit in Paris on
December 9-10 2020 to meet our outstanding speaker
lineup.
www.pbwsummit.com