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MiFID (the Markets in Financial Instruments Directive, now MiFID II, Directive 2014/65/EU) is the European Union framework that regulates financial services, protects investors and promotes transparency in securities trading. For tokenized assets offered in the EU market:
  • they must be distributed through registered platforms that comply with MiFID II;
  • information on the product, its costs, its risks and investor rights must be transparent;
  • there must be mechanisms for dispute resolution and for supervising distribution.

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What this means for you

Where a token counts as a “financial instrument” under MiFID II, it falls outside the MiCA crypto-asset regime and is governed by MiFID II and national law. Fizen does not provide investment services under MiFID II and is not authorised as an investment firm in any EEA member state. See section 12 of the Tokenized Securities Terms.
If you are in the EEA, check whether you can lawfully buy and hold a token where you live before you trade.