The Securities Transfer on Blockchain – The Digital Finance Package does not regulate but recognizes the securities tokens circulating on the blockchain. The effects of the circulation are defined by national laws. Our legal order needs a legislative intervention on effects of digital circulation of securities tokens on the blockchain. The legislation should define various political and technical issues. The contribution focuses on them.
1. Introduzione – 2. Le condizioni per la circolazione dei valori mobiliari su blockchain – 3. Dalla dematerializzazione alla tokenizzazione dei valori mobiliari – 4. Le scelte di regolazione di rilievo gius-commercialistico – 5. Note conclusive.