In dealing with the uncertainties that exist in regulating security tokens, Maurice Ribak finds that as a transaction register, the blockchain technically satisfies the securitization requirement under civil law and that security tokens can therefore be qualified as securities under civil law and outside the scope of the eWpG, Germany's Electronic Securities Act. This means they can be traded efficiently and thus meet the regulatory requirements of the MiFID II (European Union's Directive on markets in financial instruments).