Tokenized actions are multiplying on crypto platforms. But what are they really worth for investors? ESMA fears a poor understanding of these hybrid instruments. All details below!
In short
- Crypto tokenized actions do not grant real rights, which potentially deceives investors.
- ESMA supports innovation, but requires clear supervision to protect markets and savers.
Why does ESMA point the finger at token actions?
THE Tokenized actions more and more attracts the attention of investors. Recently, Donald Trump even talked about it in one of his crypto projects.
Faced with the boom in these digital assets, the executive director of ESMA Natasha Cazenave alert. According to her, these Crypto products may induce confusion between real detention and synthetic exposure.
During a Intervention in Dubrovnikshe recalled that these instruments give neither the right to vote nor dividend. The fact is that these crypto assets are often backed by traditional actions via ad hoc entities.
Seduced by 24/7 accessibility and the possibility of splitting securities, investors are therefore likely to believe in effective property when they only hold a derivative asset. This shadow zone raises a central question: what protections in the event of dispute, insolvency or disalemination with the underlying assets?
Promising crypto technology, but still limited
On the European authorities side, the approach remains nuanced. ESMA recognizes indeed The potential of tokenization ::
- reduction in emission costs;
- extended access to financial markets;
- Acceleration of exchanges …
Since 2019, moreover, the European Commission has supported several pilot initiatives carried out in particular by the BEI and the German finance ministry.
But these crypto projects come up against Structural limitations. We are referring to the majority of tokenized titles which circulate via private investments. The latter are often illiquid and non -interoperable between crypto platforms.
To move forward, the EU has set up a Blockchain pilot diet allowing companies to test products in a relaxed regulatory framework. The experience acquired through this system, combined with the lessons of the Mica regulation, should make it possible to build Regulation adapted to the crypto environment.
Thus, token actions pose as many promises as questions. ESMA calls for vigilance, without slowing down technological momentum.
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