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Token law and markets

Proceedings and keynote speeches of the I Token World Conference

Token law and markets ampliar imagen

  • Ibáñez Jiménez, Javier Wenceslao. Director
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    • Editorial: Reus
    • ISBN: 978-84-290-2548-4
    • Páginas: 196
    • Plaza de edición: Madrid , España
    • Encuadernación: Rústica
    • Idiomas: Inglés
    • Fecha de la edición: 2021
    • Edición: 1ª ed.

    Información detallada:

    Resumen del libro

    The first Token World Conference, held in Madrid from 6th to 9th of March of 2021, was organised by the director of this book, head of the CITT —Technology and Transfer Research Commision— of Consorcio Red Alastria, the first Spanish —and European— private-law association to create a blockchain / DLT consortium to set public-permissioned DLT networks), at the Comillas Pontifical University (Madrid).

    Roughly thirty world leading blockchain and DLT experts from ten countries contributed to this academic and professional enriching forum, wherein exhaustive keynotes and round tables were offered by means of both streaming and live presential channels for an enthusiastic audience.

    As a result of the collected proceedings of the conference, this monograph on token law and tokenomics shows the advances in American and European token law, emphasizing the essential issues posed by the new Digital Finance Strategy for DeFi and for tokens markets, encompassing the three Proposals of Regulations (MiCA tokens, market infrastructures and DORA regime), and other challenging matters for the future of EU digital cryptoasset regulations, foreseeably duplicated for MiFID 2 and MiCA markets.

    Economic substantial problems were also treated by some of the speakers, in crucial matters as tokenomics, bitcoin, cryptocurrencies, ICO/STOs, CBDCs or industry DLT network practice.

    The expertise of INATBA speakers and public and private financial-market representatives (including the President of Spain’s securities markets authority, CNMV) boosts the value of this Conference, particularly those from INATBA (International Association for Trusted Blockchain Applications), leading NGO present at the regulatory DeFi-pack processus) who have significantly influenced in the amendments of the MiCA regulation, some of them prepared by Prof. Ibáñez and other Keynote speakers at the INATBA MiCA Task Force.


    Foreword, Javier Ibáñez 

    Opening session of the I World Token Conference, Mariano Ventosa 

    The future of investment tokens: battle lines are drawn, Siän Jones 

    MiCA Regulation: legal matters still pending, Javier IbáñezI. Foreword

    II. Specific legal matters still pending or difficult to cope with for the MiCA regulator, in accordance with the September of 2020 published text

    III. Common legal problems still unsolved at both sides of the Atlantic Ocean in cryptoasset regulation

    IV. Other relevant issues brought to MiCA Regulation beyond the scope of traditional security markets or exchanges for the trading of quoted instruments 

    Short-term horizon for DLT public-permissioned networks in Europe, Jesús Ruiz

    I. Introduction

    II. The role of public-permissioned DLT networks

    III. Towards trusted DLT and tokens for the common good 

    What does the MiCA regulation offer in terms of privacy?, Jörn Erbguth

    I. Definition of distributed ledger technology (Art. 3.1.1)

    II. Privacy coins

    III. Decentralized finance

    IV. Publication requirement

    V. Publication of decisions and penalties

    VI. Assets in exchange for personal data are not considered to be free

    VII. Conclusion 

    Token taxonomy in MiCA Proposal and data protection issues, Xavier Foz and Teresa Pereyra

    I. Token taxonomy in MICA Proposal

    II. Data protection issues and MICA proposal 

    Applicability of US money transmission regulation to tokens, Adam Fleisher

    I. Introduction

    II. U.S. State Money Transmission Licensing

    III. U.S. State Standalone Virtual Currency Licensing

    IV. US Federal Bank Secrecy Act

    V. Conclusion 

    Presentación del libro “Tokens-valor (Security tokens). Régimen de los criptoactivos negociables y sus mercados (MiCAs)” Reus ed., Madrid (2021), Carmen Alonso Ledesma 

    La regulación jurídica de la inteligencia artificial, Moisés Barrio

    I. Introducción

    II. Concepto de inteligencia artificial

    III. Modalidades

    IV. Algunos problemas jurídicos de la IA

    V. Iniciativas de la Unión Europea sobre la inteligencia artificial

    VI. El Libro Blanco de la Comisión Europea sobre Inteligencia Artificial

    VII. La Propuesta de Reglamento del Parlamento Europeo y del Consejo por el que se establecen normas armonizadas sobre inteligencia artificial (Ley de Inteligencia Artificial) y se modifican otros actos legislativos de la Unión

    VIII. Propuestas del Parlamento Europeo

    IX. Iniciativas de los Estados miembros

    X. España

    XI. A modo de conclusión 

    Building next-generation institutional Digital Market Infrastructures (DMI), Tim Grant

    I. Foreword

    II. A note on SIX Digital Exchange

    III. The old and the new market infrastructures

    IV. Attracting global integrated institutional liquidity in SDX

    V. Tokenization and the NFT movement

    VI. The forthcoming SIX - SDX business model

    VII. Conclusion: the future of SDX 

    Sustainable asset-referenced tokens: regulatory and technical aspects, Suzana Maranhâo and Javier Ibáñez

    I. Introduction

    II. Fungible Tokens

    III. Non-Fungible Tokens (NFT)

    IV. Purpose-driven Tokens

    V. Some additional concerns

    VI. Regulatory issues

    A) United States

    B) European Union (MiCA Regulation)

    VII. Conclusions 

    Security tokens and issuer funding: legal concerns in MiCA Regulation, Ana Felícitas Muñoz

    I. MICA/MIFID. EU framework for cryptoassets

    I.1. The taxonomy of cryptoassets

    I.1.1. Cryptoasset in relation with the Asset: Tokens that exist off the chain and native token

    I.1.2. Moving on the EU framework and classification in the MICA and MIFID

    I.2. Concerns: Hybrid nature of certain cryptoassets and risk of duplicity regulation

    II. Issuer in the EU framework of cryptoassets

    II.1. Definition of “Issuer” as “legal person” in MICA for all types of cryptoasset

    II.2. The status of the offeror

    2.2.1. Issuance and issuer in relation of the type of crypto-asset offered

    2.2.2. Some features of the corporate governance and civil liability accordingly the issuer. Comparative table 

    Tokens referenciados a activos, monedas digitales de banco central y las stablecoins: naturaleza y riesgos regulatorios a la luz de la propuesta de Reglamento europeo (ARTs, CBDCs and stablecoins: nature and regulatory risks), Pablo Sanz Bayón

    Asset tokenization: challenges, benefits and guidelines, Luis Martínez

    I. Introduction

    II. Asset tokenization

    III. Benefits and challenges of asset tokenization

    III.1. Benefits

    III.2. Challenges

    IV. How to succeed in tokenizing assets

    V. Conclusions

    VI. References 

    The Olive Oil Token Market, Antonio Partal

    I. Introduction

    II. Benefits derived from the implementation of an olive-oil token market in DLT permissioned networks 

    Token business models and the financing with venture capital, Matthias Fischer

    I. Introduction

    II. Worldwide developments for venture capital financing and the Blockchain start-up landscape

    III. The median time between two successive financing rounds for Blockchain and Cryptocurrency fintechs

    IV. Patterns in funding size of successive financing rounds

    V. Comparison between financing rounds A and B

    VI. Conclusion 

    Crypto-regulation, does MiCA mean investor protection or restriction?, Ricardo Palomo 

    La circulación jurídica y sus señales.  De la traditio a la blockchain, Carlos de Cores Helguera

    I. Introducción

    II. Mirar el problema desde la teoría

    III. La traditio como señal de circulación jurídica y su evolución

    IV. La tecnología blockchain como una nueva etapa histórica para la circulación jurídica

    V. Conclusiones 

    Chairman’s closing speech, Rodrigo Buenaventura

    I. Preliminary words

    II. Innovation hub and Sandbox

    III. Cryptoassets and their advertising

    IV. DLT technology as a positive disruption and market efficiency benefits 

    Announcement of Alastria Conference: “Circulación de criptoactivos: protección del inversor y responsabilidad”, Alberto J. Tapia Hermida

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