Financial instruments entail liabilities: Ether, bitcoin, and litecoin do not
نویسندگان
چکیده
The financial assets that are subject to major EU legislation (i.e. (designated types of) instruments) have traditionally been defined in a largely exemplary and circular manner. recent proliferation of ‘non-traditional’ assets, such as cryptocurrencies stablecoins, is increasingly challenging the viability these pragmatic asset definitions. Through analysis technologies functionalities underpinning non-traditional legal scholarship has aimed categorize novel within existing framework Although solid understanding e.g. distributed ledger applications cryptography appears prerequisite for future policy legislative interventions, contemporary mostly indifferent on which may be wired. Categorizations based purposes serve payment, utility, investment) more relevant law, but suffer from subjectivity because they depend usage by holder. Against this backdrop, paper proposes systematization upon conceptual substructure scope legislation. More specifically, submits that, irrespective underlying functionalities, all common denominator: entail liability an entity and, hence, intrinsic value. proposed categorization singles out well-defined group not law only extrinsic value). Different functionality- technology-based categorizations, suggested approach allows eradicate some ambiguities present taxonomies. By exploring denominator legislation, aims foster debate character definitions general relation particular.
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ژورنال
عنوان ژورنال: Computer Law & Security Review
سال: 2021
ISSN: ['2212-473X', '2212-4748', '1873-6734', '0267-3649']
DOI: https://doi.org/10.1016/j.clsr.2020.105494