Abstract

Digital tokens continue to arouse many controversies. Probably the most urgent one concerns the current legal frameworkfor their mass off ering in the process typically known as initial coin off ering (ICO). It may seem that such processes are notcurrently covered by any supervisory regulations. It is supposed to be mainly due to the impossibility of recognizing tokensas „securities” and in general as „fi nancial instruments” within the meaning of Directive 2014/65/EU on markets in fi nancialinstruments. Th is position does not seem to be accurate. It is, therefore, worth using the context of digital tokens and theirpublic off ering to revise the conceptual category of „a security” used primarily in the fi eld of prospectus regulations, i.e. primarilyaimed at protecting small investors and not balancing the interests of debtors and creditors. With a view to an ever more frequent marriage of fi nance and technology (FinTech), the need to ensure an EU-consistent interpretation of national law, as well as technological neutrality -- same activities, same risks, same rules, same supervision approach, a relevant review of this conceptual category seems indispensable now.