Blockchain-Token als funktionelle Wertpapiere

'Blockchain Token as Functional Securities': Blockchain-based tokens are used as digital representations of legally significant positions. Unlike most jurisdictions, in German civil securities law rights are generally securitized in a physical document. However, in the relevant legal sphere, tokens are accepted amongst the parties to be decisive for the assertion and transfer of what is represented by the tokens. Practically, they are used like a security. This paper examines how the practical use of tokens fits into Germany civil securities law.