Tokenized stocks are tokens that track the price of a real share, trade around the clock and fit into a wallet. The marketing addresses everyone. The offering documents do not. If you live in Germany, you run into two entirely different answers depending on the provider: with one, a retail client needs a financial portfolio of 500,000 euros; with another, a questionnaire is enough.

That difference is not buried in one firm’s small print. It follows from the law under which a token is issued. We looked at the eligibility and risk documents of two providers that both show up in German search results, and put their terms side by side.

A stock token is a security, not a crypto-asset under MiCA

The starting point determines everything…