About the publication
The work addresses both civil securities law and securities regulation. It classifies tokens under Liechtenstein property law and discusses dematerialized securities and uncertificated rights, concepts known to the Liechtenstein legal system for many decades.
The civil and corporate-law focus is Liechtenstein, while Swiss corporate-law reception and Austrian general civil-law reception are also considered. The regulatory part is centred on Union law and takes account of national features in Liechtenstein, Austria and Germany.
The analysis covers, among other instruments, MiFIR, MiFID II, CRR, CRD IV, CSDR, EMIR, AIFMD, UCITS, the E-Money Directive II, PSD II, MAD/MAR, prospectus law and AML rules. Particular attention is given to crypto exchanges and decentralized trading venues (DEX), consumer law and the distinction between financial instruments, e-money and virtual currencies.
Technical aspects of distributed-ledger technologies are explained insofar as necessary for the legal assessment, including blockchain, tokens and coins, smart contracts, agoric computing and self-sovereign identity. The publication is designed as academic work with practical relevance for blockchain-based business models.
Key areas covered
Suggested citation (APA 7)
Bergt, J. (2020). Token als Wertrechte und Token Offerings und dezentrale Handelsplätze: Eine wertpapierzivilrechtliche und wertpapieraufsichtsrechtliche Analyse aus der Perspektive Liechtensteins unter besonderer Berücksichtigung einschlägiger Unionsrechtsakte (2. Aufl.). Books on Demand.
Publication details
- Author
- Josef Bergt
- Publisher
- Books on Demand
- Published
- 2019 / 2020
- Edition
- 12/2019 · 05/2020
