Present thesis is divided into three substantive areas. The first one briefly explains basic terms such as crypto token, blockchain technology and initial coin offering. Their understanding is namely crucial for recognising benefits and regulatory issues that might arise with their implementation onto securities market. The second part presents comparative law-based approaches of various regulators that have, either on a practical or theoretical level, already encountered the question of characterization of crypto tokens as securities. Although their conclusions cannot be automatically adopted into Slovenian legislation due to non-uniformity of securities concept, they serve as an important basis for the main, third part of the thesis, which examines the possibility of the issuance of security tokens in accordance with Slovenian law. In this regard, a particular emphasis is put on transferable securities, since they are able to exploit the full potential of blockchain technology. Even though it is established that under Slovenian legal regime, the issuance of security tokens is in principle possible, the latter is not practical as a result of formal requirements. Finally, a need for regulatory changes on the securities field, that would enable adjustments to blockchain technology and would improve their issuance and subsequent activities, is proposed.
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