Security Tokens -tilanne 2023 – Navigointi eteenpäin

Kuten me täällä Securities.io:lla, Security Token Advisors (STA) -tiimi uskoo koko sydämestään digitaalisten arvopapereiden tulevaisuuteen tai ‘security tokens’.  Tämän vuoksi STA on kolmannen peräkkäisenä vuonna julkaissut kattavan ‘State of Security Tokens‘ -raportin. Tässä tarkastelemme joitakin keskeisiä huomioita, jotka löytyvät tästä kolmiosaisesta sarjasta kolmannessa osassa.

Kuten STA-raportissa nähdään, sekä julkiset että yksityiset sijoitusinstrumenttien liikkeeseenlaskijat siirtyvät massiivisesti tokenisaatioon. Tämä paradigman muutos on johtanut tokenisaation, security token offerings (STO) -alustojen ja digitaalisten arvopapereiden jälkimarkkinoiden syntymiseen.

STA-raportissa ennustettu digitaalisten arvopapereiden tuleva kasvuvauhti, omaksumisaste ja markkina-arvo ovat erittäin rohkaisevia. Kuitenkin melko nuorena alana, jota ohjaa lohkoketjuteknologia – pidettynä nousevana teknologiana, on odotettavissa muutamia esteitä ja sokkeloita, jotka on voitettava ennen kuin digitaaliset arvopaperit voivat täysin hyödyntää yksityisten arvopaperimarkkinoiden nopeaa kasvua ja saavuttaa ennustetun omaksumisasteen.

Jotta digitaaliset arvopaperit tulisivat valtavirtaan, sääntelyn ja oikeudellisen selkeyden, sijoittajien koulutuksen sekä infrastruktuurin kehittämisen on parannettava ja uudistuttava.

Sääntely ja oikeudellinen selkeys digitaalisissa arvopapereissa

There is still a lot of confusion regarding the stance of financial regulators like the US Securities and Exchange Commission (SEC) when it comes to digital securities and their custody.

Digital securities are a fairly new concept; therefore, regulators around the world have not yet created set-in-stone rules regarding their regulation. The current approach to the regulation of digital securities is largely experimental, and changes to existing laws can occur at any time, leaving issuers scrambling to adjust their operations to fit the ever-changing rules. Both regulators and digital security issuers are currently working in a ‘sandbox’ environment.

One of the technological advantages of issuing digital securities is the ubiquity it offers investors; however, this ubiquitous access can be impeded by varying legislation in different jurisdictions. Investors in a particular jurisdiction might be subject to, say, a 180-day lock-up period, while investors in another jurisdiction can freely trade the same security token from the first day of its issuance.

When regulation surrounding the issuance of security tokens becomes clear and well laid out by regulators, there will be fewer legal battles between regulators and firms that crowdfund via security token offerings (STO).

Sijoittajien koulutus digitaalisissa arvopapereissa

In the very early days of distributed ledger technology and cryptocurrencies, many people found the concepts of decentralization, distributed ledgers, mining, and smart contracts very daunting to grasp. As time passed, and more educational crypto-related content was published, these once-upon-a-time rocket science concepts have started to become a part of our daily routine.

Digital securities, which can be thought of as a hybrid of traditional markets and blockchain technology, can throw a lot of new terms and technology jargon at investors. As more educational content is put out, like the content related to digital securities regularly published on Securities.io, investor education is bound to improve.

Security Token -infrastruktuuri

Security tokens are programmed and issued on the blockchain; therefore, most of the regulatory compliance, KYC, distribution of dividends, and buybacks can be coded directly into them via smart contracts; this creates the ease of issuing and managing securities. However, coding these features into security tokens is no easy feat; especially, in an ever-evolving regulatory environment where policy changes would mean mandatory incorporation into the token.

Also, a vast number of digital securities platforms are building their projects and products on dissimilar platforms and protocols. Cross-chain, cross-protocol, and cross-platform interoperability might become a major bone of contention in the future as these siloed platforms roll out their final products. However, with major blockchain platforms, such as Polkadot, already making great strides toward blockchain interoperability, the digital securities sector might not necessarily need to reinvent the wheel of blockchain interoperability.

Please visit the State of Security Tokens 2023 – Current and Projected Adoption and State of Security Tokens 2023 – Real World Usage: Public Bonds & Institutional Adoption to learn more about the ‘State of Security Tokens’ in osassa yksi and osassa kaksi of this three-part series.