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

Keijse, Thomas and Micheler, Eva ORCID: 0000-0002-7922-2436 (2025) Digital securities, analog problems: how tokenisation undermines the rights of investors. Butterworths Journal of International Banking and Financial Law. ISSN 0269-2694 (In Press)

Text (Article - Thomas Keijser Eva Micheler - Digital securities analog problems - how tokenisation undermines the rights of investors) - Accepted Version Pending embargo until 1 January 2100. Available under License Creative Commons Attribution. Download (151kB)

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.

Item Type:	Article
Additional Information:	© The Author(s)
Divisions:	Law School
Subjects:	H Social Sciences > HG Finance K Law
Date Deposited:	16 Oct 2025 09:57
Last Modified:	16 Oct 2025 10:12
URI:	http://eprints.lse.ac.uk/id/eprint/129815

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