According to market news, Natasha Cazenave, executive director of the European Securities and Markets Authority (ESMA), said that tokenized shares, a new type of digital asset whose price is linked to the share price of a listed company, may give investors false ownership perceptions, which in turn undermines market confidence.
Cazenave cautioned that many tokenised stock products currently being promoted in the European Union do not give investors actual shareholders' equity, such as voting rights or dividend distribution rights. She said that because of the lack of transparency in how these assets are presented, retail investors may mistake themselves for holding company shares, when in fact they do not.
Cazenave emphasised that, while tokenisation has features such as fragmented share trading and round-the-clock market access, the absence of ownership interests poses "a specific risk of investor misunderstanding". Proponents argue that tokenisation can modernise finance by reducing costs and broadening access to assets ranging from equities and bonds to real estate.
Cazenave acknowledges the potential, but points out that most existing projects are currently limited in size and illiquid, falling far short of the efficiency gains proponents claim.
European Union Regulator: Tokenized Stocks May Mislead Retail Investors
2025-09-02 00:47:43
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