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Fox on Tokenized Assets in Private Law
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David Fox (School of Law, University of Edinburgh) has posted "Tokenised Assets in Private Law" ( https://ssrn.com/abstract=3807858)">https://ssrn.com/abstract=... on SSRN. Here is the abstract:
Tokenisation is a recent development in distributed ledger technology (“DLT”) systems. Assets that exist off the ledger system, such as securities or rights to the delivery of a service, are represented as tokens issued on DLT system.
The tokens evidence the holders’ claims against the issuer of the assets. The system serves as a platform for trading the tokens and the off-ledger assets they represent.
Tokenisation presents many analytical difficulties for private law. My concern in this paper is to outline some of the problems – and possible solutions – of mapping traditional rules of property and transfer onto transactions with tokenised assets on a DLT system.
Much depends on the legal analysis used to explain the transactions with tokens on the system, and on the possibility of recognising a legal link between the on-chain token and the off-chain asset that it represents.
The paper develops the argument that digital transactions can be analysed as the expression of the parties& #39; intentions to make an assignment or novation of the rights represented by the assets.
Recommended.
Recommended.
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