Hendrik Studt: Das Internationale Sachenrecht der Blockchain-Token, Kartoniert / Broschiert

Klappentext

The property law connection of blockchain tokens still faces several challenges. Not only does decentralized storage appear, at first glance, to make the application of the lex rei sitae impossible, but a token-specific property statute must also accommodate the fact that it encompasses both a transaction within the purely decentralized Bitcoin network and the ICO of a blockchain-based security issued by an issuer. Ownership rights in tokens-which can have great practical importance, for instance in cases of insolvency or enforcement-cannot be determined through the application of other conflict-of-law statutes. For rights and dispositions over blockchain-based securities, existing provisions, notably § 17a of the German Custody Act ( Depotgesetz , DepotG) and § 32 of the Electronic Securities Act ( elektronisches Wertpapiergesetz , eWpG), can be applied. Particular challenges arise from the definition of the term "security," which must be interpreted autonomously and given a broad scope of application. An analogous application of § 17a DepotG and § 32 eWpG to tokens issued on a centrally maintained register or by an issuer is possible. Tokens traded on purely decentralized blockchains without intermediaries can be connected through Articles 43 and 46 of the Introductory Act to the Civil Code ( Einführungsgesetz zum Bürgerlichen Gesetzbuch , EGBGB), whereby the often impractical connection to the place where the asset is situated must be corrected by a fallback connection under Article 46 EGBGB. The governing law should be that of the jurisdiction in which the person who last acquired ownership of the token-through possession of the private key-in the context of a transaction presumably relevant under property law can be identified. A Europe-wide codification of a dedicated token property statute, incorporating the connection points mentioned above, would be desirable in order to eliminate existing legal uncertainties.