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Paper Presentation: 'Entangled in Cryptoassets’ Legal Nature and Governance: Searching for Clear Boundaries or Working for their Removal?'

Dates:
  • Wed 09 Oct 2019 11.00 - 13.00
  Add to Calendar 2019-10-09 11:00 2019-10-09 13:00 Europe/Paris Paper Presentation: 'Entangled in Cryptoassets’ Legal Nature and Governance: Searching for Clear Boundaries or Working for their Removal?'

Paper presentation by Prof. Filippo Zatti (University of Florence) Abstract: The increase in the number of disputes before courts and regulatory authorities requires legal scholars to finally question the legal nature of cryptoassets. The few legislative frameworks already in force show the limits of a state-based regulation addressed both to captivate the FinTech industry through the ‘intangible asset’ of legal certainty and to avoid stifling the development of distributed ledger technology (DLT) and blockchains. However, these aims can conflict with regulatory capital market objectives, especially with market integrity and investor protection. ‘Exchange platforms’ and initial coin offerings can cause fraud and scams. Currently, these concepts affect ‘only’ private and commercial law, but what will happen when public law dimension is also affected? It is likely that the wait to find out will not be long if we consider the emergence of securities tokenization. Thus, the time has come to decide whether to clarify the legal boundaries between cryptoassets and fiat money, securities and commodities or to use this new technology to have more efficient and less costly financial markets by removing the legal border between crypto space and the ‘physical world economy’. Considering this aspect, the involvement of international organizations should be encouraged. The paper is available at: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3335793 Please RSVP to [email protected]

Sala del Torrino - Villa Salviati- Castle DD/MM/YYYY
  Sala del Torrino - Villa Salviati- Castle

Paper presentation by Prof. Filippo Zatti (University of Florence) Abstract: The increase in the number of disputes before courts and regulatory authorities requires legal scholars to finally question the legal nature of cryptoassets. The few legislative frameworks already in force show the limits of a state-based regulation addressed both to captivate the FinTech industry through the ‘intangible asset’ of legal certainty and to avoid stifling the development of distributed ledger technology (DLT) and blockchains. However, these aims can conflict with regulatory capital market objectives, especially with market integrity and investor protection. ‘Exchange platforms’ and initial coin offerings can cause fraud and scams. Currently, these concepts affect ‘only’ private and commercial law, but what will happen when public law dimension is also affected? It is likely that the wait to find out will not be long if we consider the emergence of securities tokenization. Thus, the time has come to decide whether to clarify the legal boundaries between cryptoassets and fiat money, securities and commodities or to use this new technology to have more efficient and less costly financial markets by removing the legal border between crypto space and the ‘physical world economy’. Considering this aspect, the involvement of international organizations should be encouraged. The paper is available at: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3335793 Please RSVP to [email protected]


Location:
Sala del Torrino - Villa Salviati- Castle

Affiliation:
Department of Law

Type:
Working group

Contact:
Valentina Spiga - Send a mail

Organiser:
Finance, Innovation & Regul. Working Group

Speaker:
Professor Filippo Zatti (University of Florence)

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