ICOs, Cryptoassets and MiFID II: Are Tokens Transferable Securities? : Charles University in Prague Faculty of Law Research Paper No. 2020/III/1
Identifikátory výsledku
Kód výsledku v IS VaVaI
<a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F00216208%3A11220%2F20%3A10421366" target="_blank" >RIV/00216208:11220/20:10421366 - isvavai.cz</a>
Výsledek na webu
<a href="https://verso.is.cuni.cz/pub/verso.fpl?fname=obd_publikace_handle&handle=NvCBL436ou" target="_blank" >https://verso.is.cuni.cz/pub/verso.fpl?fname=obd_publikace_handle&handle=NvCBL436ou</a>
DOI - Digital Object Identifier
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Alternativní jazyky
Jazyk výsledku
angličtina
Název v původním jazyce
ICOs, Cryptoassets and MiFID II: Are Tokens Transferable Securities? : Charles University in Prague Faculty of Law Research Paper No. 2020/III/1
Popis výsledku v původním jazyce
Following the recent popularity of Initial Coin Offerings (ICOs) as a form of obtaining funds in the financial market on the one hand and investment opportunity on the other, and related investor protection concerns, regulatory issues arise. The crucial question relates to the legal nature of tokens as units issued through an ICO under the EU capital markets regulatory regime. Especially, when certain categories of tokens, namely asset tokens, have similar characteristics as conventional securities. The present paper deals with the following research question: Shall such tokens be regarded as transferable securities within the meaning of the Markets in Financial Instruments Directive II, as well as implementing national legislations? Based on the analysis of the defining characteristics of transferable securities, the paper provides the positive answer. Indeed, the asset tokens should be regarded as transferable securities within the meaning of MiFID II and treated like that at the EU level, because they generally meet the defining characteristics of this category of financial instruments. Moreover, due to the autonomous interpretation of EU law concept of a transferable security, this conclusion applies to the specific national implementing legislation as well, irrespective whether the asset tokens are considered as securities or book-entry securities under the Member State's general law.
Název v anglickém jazyce
ICOs, Cryptoassets and MiFID II: Are Tokens Transferable Securities? : Charles University in Prague Faculty of Law Research Paper No. 2020/III/1
Popis výsledku anglicky
Following the recent popularity of Initial Coin Offerings (ICOs) as a form of obtaining funds in the financial market on the one hand and investment opportunity on the other, and related investor protection concerns, regulatory issues arise. The crucial question relates to the legal nature of tokens as units issued through an ICO under the EU capital markets regulatory regime. Especially, when certain categories of tokens, namely asset tokens, have similar characteristics as conventional securities. The present paper deals with the following research question: Shall such tokens be regarded as transferable securities within the meaning of the Markets in Financial Instruments Directive II, as well as implementing national legislations? Based on the analysis of the defining characteristics of transferable securities, the paper provides the positive answer. Indeed, the asset tokens should be regarded as transferable securities within the meaning of MiFID II and treated like that at the EU level, because they generally meet the defining characteristics of this category of financial instruments. Moreover, due to the autonomous interpretation of EU law concept of a transferable security, this conclusion applies to the specific national implementing legislation as well, irrespective whether the asset tokens are considered as securities or book-entry securities under the Member State's general law.
Klasifikace
Druh
J<sub>ost</sub> - Ostatní články v recenzovaných periodicích
CEP obor
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OECD FORD obor
50501 - Law
Návaznosti výsledku
Projekt
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Návaznosti
I - Institucionalni podpora na dlouhodoby koncepcni rozvoj vyzkumne organizace
Ostatní
Rok uplatnění
2020
Kód důvěrnosti údajů
S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů
Údaje specifické pro druh výsledku
Název periodika
Prague Law Working Paper Series [online]
ISSN
2336-5811
e-ISSN
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Svazek periodika
2020
Číslo periodika v rámci svazku
3
Stát vydavatele periodika
CZ - Česká republika
Počet stran výsledku
15
Strana od-do
1-15
Kód UT WoS článku
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EID výsledku v databázi Scopus
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