Characteristics of an electronic stock
An electronic stock can be issued either as a bearer stock (central register stock) or as a registered stock (central register or crypto stock).
Central register stock vs. crypto stock
While a central register stock is issued by registration in a central register and can be traded on a regulated stock exchange, a crypto stock can only be issued as a registered stock by registration in a crypto securities register.
The issuer may mandate the crypto securities registrar to maintain a stock register.
The trading of crypto stocks on a regulated market or exchange is currently not envisaged. This limits the scope of application for these electronic stocks for the time being; their issuance is essentially restricted to private equity, and on-exchange trading is not provided for.