Where a tokenized share is just a share.
Switzerland did not build a sandbox for tokenization. It changed the Code of Obligations so that a ledger-based security is an ordinary security — no expiry date, no special permission. The result is visible in a public register of small companies: a shipping line, a sock maker, an ice hockey club.
Why this one can be read
Aktionariat publishes its whole token registry without authentication, and the securities themselves are ledger-based under Swiss law, so the register IS the instrument rather than a wrapper around one.
Source: api.aktionariat.com/tokens
The rules there
Ledger-based securities (Registerwertrechte) have existed in the Code of Obligations since 1 February 2021. A right registered in a securities ledger may be exercised and transferred only through that ledger. Running a trading venue is separately licensed; issuing is not.
68 securities from 37 companies
A shipping line on Lake Murten, a sock maker, an ice hockey club, a Bernese grocer. Not fintechs — ordinary Swiss SMEs keeping their share register on-chain, which is the clearest evidence anywhere that this works at small scale.
See the providers →Market sizes are read from named reports; the availability finding is tested separately by loading the platform’s own site, reading the API paths out of its JavaScript bundles and calling them. A guessed endpoint returning 404 proves nothing.
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