Token-Regulierung in Europa: Vergleich von TVTG (Liechtenstein) und MiCAR (EU) aus Unternehmenssicht

Carl B. Welker

IU Discussion Papers - Business & Management from IU International University of Applied Sciences

Abstract: Since the first bitcoins were mined in 2009, a large number of blockchains and a vast number of different tokens have been created on the basis of distributed ledger technologies (DLT). The Web3 ecotope, with its essential characteristics such as decentralized transactions and anonymity, is functioning and is preparing to attract billions of dollars in further demand and absorb investor funds. For companies that want to become active on the web3, there is also the question of a generally applicable and enforceable legal framework that covers the most diverse fields of application of the token economy, blockchains with their smart contracts, tokens as universally usable economic objects, token emissions and token trading. A DLT Act was enacted for the first time in the Principality of Liechtenstein in 2019: The "Token- und VTDienstleister-Gesetz" (TVTG, Token and DLT Service Provider Act). In 2023, the EU followed suit with Regulation (EU) 2023/1114 "Markets in Crypto-Assets Regulation, MiCAR" as a template for legislative amendments in all EEA countries. This discussion paper examines the aforementioned laws in terms of how they reflect new Web3 realities, whether they are suitable in terms of their objectives and approach to promote new digital markets and how tokens are understood as legal objects.

Keywords: Web3; Distributed Ledger Technologies; Blockchain; Tokenization; Regulation (search for similar items in EconPapers)
JEL-codes: G18 G20 K22 K23 K24 L26 M13 O32 O33 O35 (search for similar items in EconPapers)
Date: 2024
New Economics Papers: this item is included in nep-ger, nep-law, nep-pay and nep-reg
References: View complete reference list from CitEc
Citations:

Downloads: (external link)
https://www.econstor.eu/bitstream/10419/301160/1/1898846995.pdf (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:zbw:iubhbm:301160

Access Statistics for this paper

More papers in IU Discussion Papers - Business & Management from IU International University of Applied Sciences
Bibliographic data for series maintained by ZBW - Leibniz Information Centre for Economics ().