The concept of a security and digital tokens

Abstract

Dematerialisation of trading in securities has become an inseparable element of technological development. A consequence of this phenomenon is dematerialisation of securities. Therefore, the question arises whether a digital token may be recognized as a security. The above issue requires an analysis of the concept of a security in the context of national and EU regulations. It must be emphasised that Polish Civil Code does not define a security. For this reason, many doubts concerning validity of the numerus clausus principle arose.