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From the magazine SZW-RSDA 3/2022 | p. 254-263 The following page is 254

Tokenisierung von Aktien unter dem neuen DLT-Gesetz (insb. Art. 973d ff. OR) und CMTA Standard

With the entry into force of the Swiss Federal Act on the Adaptation of the Federal Legislation to Developments in Electronic Distributed Ledger Technology (DLT Act) in 2021, various uncertainties relating to the tokenization of financial instruments have been clarified. In particular, the legal framework of such tokenization, understood as the association between digital tokens and certain rights (e.g. shares of Swiss corporations), has been specified with the creation of new ledger-based securities. Against this background, the Capital Markets and Technology Association (CMTA) published in November 2021 a standard which aims at covering the various steps required to tokenize shares of a Swiss corporation. This article presents and summarizes the changes which were implemented by the DLT Act, the tokenization of shares under the standard of the CMTA as well as the legal consequences of such tokenization.

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