Digital securities, analog problems: how tokenisation undermines the rights of investors

Thomas Keijse and Eva Micheler

LSE Research Online Documents on Economics from London School of Economics and Political Science, LSE Library

Abstract: The intermediated holding of investment securities through tiered custody chains undermines the rights of investors. Distributed ledger technology offers potential solutions through direct investor-issuer connections, but emerging regulatory frameworks paradoxically recreate intermediation while providing weaker safeguards than for traditional securities. This article examines how current legal approaches to tokenised securities risk creating worse outcomes for investors, particularly retail participants.

JEL-codes: F3 G3 (search for similar items in EconPapers)
Pages: 3 pages
Date: 2025-12-31
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Published in Butterworths Journal of International Banking and Financial Law, 31, December, 2025, 40(11), pp. 767 - 769. ISSN: 0269-2694

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Persistent link: https://EconPapers.repec.org/RePEc:ehl:lserod:129815

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