Blockchain technology enables the issuance and trading of securities more efficient, agile and transparent, with scalability and better liquidity, as well as provides the potential business opportunities as digital economy evolving quickly . First, the paper defines both tokenized securities and security tokens. The authors then observe the risks and advantages of each phase, and conclude with a roadmap of implementation for all stakeholders who are interested in this approach. Whilst reaping the benefits of blockchain technology, the issuance and trading of tokenized securities should operate within the regulatory framework and higher cybersecurity standard. The paper aims to explore an optimal balance between the two - a challenging but meaningful technical road.
Key words: Blockchain, Fintech, Regulatory Technology, Tokenized Securities
Blockchain-based Securities Issuance and Trading Whitepaper co-authored by Dr. Han Gao and Dr. Tao Zuo awarded Outstanding Essay for Development and Transformation by the Digital Transformation of Securities Institutions and Securities Technological Innovation Association which is co-sponsored by the Securities Association of China and Tsinghua University Financial Technology Research Institute.
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