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The differentiation between the two types might blur and fade over time.{/INSERTKEYS}{/PARAGRAPH} For the purposes of this paper, we are focusing in particular on shares and bonds which are issued, traded and owned with proof of ownership recorded on a distributed ledger. We can also contemplate a future scenario where security tokens blockchain-native securities are the norm. {PARAGRAPH}{INSERTKEYS}Tokenised securities and security tokens are two different concepts. 特定の経済機能を分離すると、プロセス効率の向上とグローバルな流動性向上により、セキュリティトークンの潜在的な候補として議論がされている新しい「オルタナティブ資産」（たとえば、不動産からのトークン化されたキャッシュフロー、芸術作品からのロイヤルティキャッシュフロー）につながる可能性があります。 Despite these differences, the two terms are often used interchangeably, and both are used in this paper. トークン化された証券は一般に従来の規制された証券と考えられていますが、デジタルラッパーを備えています。本書の目的上、特に、分散台帳に記録された所有権の証書で発行、取引、所有されている株式と債券に焦点を当てています。 On the other hand, security tokens can have a broader scope and intrinsic features that are designed to represent assets typically of an underlying financial type, such as participation in companies or earnings streams, or an entitlement to dividends or interest payments, or a combination thereof packaged into one. Tokenised securities are generally thought of as traditional, regulated securities, but with a digital wrapper. Depending on their economic function and terms, these tokens may be classified as equities, bonds, collective investment schemes or derivatives. tokenised cash flows from real estate, royalty cashflows from a work of art which are increasingly being discussed as potential candidates for security tokens due to the increased process efficiency and the ability to access global liquidity pools. Nonetheless, the regulatory and operational differences between tokenised securities and security tokens should be kept in mind throughout.