欧洲监管：代币化股票存在误导投资者的风险

Core Viewpoint - The European Securities and Markets Authority (ESMA) warns that tokenized stocks based on blockchain technology may mislead investors into believing they are investing in actual company shares, while they are merely investing in virtual assets linked to stock prices [1] Group 1: Regulatory Concerns - ESMA's Executive Director Natasha Cazenave highlighted that tokenized stocks are virtual assets tied to the price of listed company shares, not actual company stocks [1] - Cazenave emphasized that several fintech companies have developed tokenized stock products that can be fragmented and traded 24/7, but these do not confer shareholder rights [1] Group 2: Investor Rights - Investors in tokenized stocks typically do not become shareholders of the underlying companies and lack traditional shareholder rights such as voting and dividend rights [1] - The promotion of tokenized "stocks" may lead to specific risks of misunderstanding among investors, necessitating clear communication and certain trading safeguards from regulators and the industry [1] Group 3: Market Activity - U.S. brokerage Robinhood has issued tokenized stocks in the EU, while cryptocurrency exchange Coinbase is also exploring this market [1]