Token law and markets "Proceedings and keynote speeches of the I Token World Conference"

The first Token World Conference, held in Madrid from 6th to 9th of March of 2021, was organised by the director of this book, head of the CITT Technology and Transfer Research Commision of Consorcio Red Alastria, the first Spanish and European private-law association to create a blockchain / DLT consortium to set public-permissioned DLT networks), at the Comillas Pontifical University (Madrid).
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Roughly thirty world leading blockchain and DLT experts from ten countries contributed to this academic and professional enriching forum, wherein exhaustive keynotes and round tables were offered by means of both streaming and live presential channels for an enthusiastic audience.
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As a result of the collected proceedings of the conference, this monograph on token law and tokenomics shows the advances in American and European token law, emphasizing the essential issues posed by the new Digital Finance Strategy for DeFi and for tokens markets, encompassing the three Proposals of Regulations (MiCA tokens, market infrastructures and DORA regime), and other challenging matters for the future of EU digital cryptoasset regulations, foreseeably duplicated for MiFID 2 and MiCA markets.
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Economic substantial problems were also treated by some of the speakers, in crucial matters as tokenomics, bitcoin, cryptocurrencies, ICO/STOs, CBDCs or industry DLT network practice.
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The expertise of INATBA speakers and public and private financial-market representatives (including the President of Spains securities markets authority, CNMV) boosts the value of this Conference, particularly those from INATBA (International Association for Trusted Blockchain Applications), leading NGO present at the regulatory DeFi-pack processus) who have significantly influenced in the amendments of the MiCA regulation, some of them prepared by Prof.
Ibáñez and other Keynote speakers at the INATBA MiCA Task Force.
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ÍNDICE

Foreword, Javier Ibáñez

Opening session of the I World Token Conference, Mariano Ventosa

The future of investment tokens: battle lines are drawn, Siän Jones

MiCA Regulation: legal matters still pending, Javier IbáñezI. Foreword

II. Specific legal matters still pending or difficult to cope with for the MiCA regulator, in accordance with the September of 2020 published text

III. Common legal problems still unsolved at both sides of the Atlantic Ocean in cryptoasset regulation

IV. Other relevant issues brought to MiCA Regulation beyond the scope of traditional security markets or exchanges for the trading of quoted instruments

Short-term horizon for DLT public-permissioned networks in Europe, Jesús Ruiz

I. Introduction

II. The role of public-permissioned DLT networks

III. Towards trusted DLT and tokens for the common good

What does the MiCA regulation offer in terms of privacy?, Jörn Erbguth

I. Definition of distributed ledger technology (Art. 3.1.1)

II. Privacy coins

III. Decentralized finance

IV. Publication requirement

V. Publication of decisions and penalties

VI. Assets in exchange for personal data are not considered to be free

VII. Conclusion

Token taxonomy in MiCA Proposal and data protection issues, Xavier Foz and Teresa Pereyra

I. Token taxonomy in MICA Proposal

II. Data protection issues and MICA proposal

Applicability of US money transmission regulation to tokens, Adam Fleisher

I. Introduction

II. U.S. State Money Transmission Licensing

III. U.S. State Standalone Virtual Currency Licensing

IV. US Federal Bank Secrecy Act

V. Conclusion

Presentación del libro Tokens-valor (Security tokens). Régimen de los criptoactivos negociables y sus mercados (MiCAs) Reus ed., Madrid (2021), Carmen Alonso Ledesma

La regulación jurídica de la inteligencia artificial, Moisés Barrio

I. Introducción

II. Concepto de inteligencia artificial

III. Modalidades

IV. Algunos problemas jurídicos de la IA

V. Iniciativas de la Unión Europea sobre la inteligencia artificial

VI. El Libro Blanco de la Comisión Europea sobre Inteligencia Artificial

VII. La Propuesta de Reglamento del Parlamento Europeo y del Consejo por el que se establecen normas armonizadas sobre inteligencia artificial (Ley de Inteligencia Artificial) y se modifican otros actos legislativos de la Unión

VIII. Propuestas del Parlamento Europeo

IX. Iniciativas de los Estados miembros

X. España

XI. A modo de conclusión

Building next-generation institutional Digital Market Infrastructures (DMI), Tim Grant

I. Foreword

II. A note on SIX Digital Exchange

III. The old and the new market infrastructures

IV. Attracting global integrated institutional liquidity in SDX

V. Tokenization and the NFT movement

VI. The forthcoming SIX - SDX business model

VII. Conclusion: the future of SDX

Sustainable asset-referenced tokens: regulatory and technical aspects, Suzana Maranhâo and Javier Ibáñez

I. Introduction

II. Fungible Tokens

III. Non-Fungible Tokens (NFT)

IV. Purpose-driven Tokens

V. Some additional concerns

VI. Regulatory issues

A) United States

B) European Union (MiCA Regulation)

VII. Conclusions

Security tokens and issuer funding: legal concerns in MiCA Regulation, Ana Felícitas Muñoz

I. MICA/MIFID. EU framework for cryptoassets

I.1. The taxonomy of cryptoassets

I.1.1. Cryptoasset in relation with the Asset: Tokens that exist off the chain and native token

I.1.2. Moving on the EU framework and classification in the MICA and MIFID

I.2. Concerns: Hybrid nature of certain cryptoassets and risk of duplicity regulation

II. Issuer in the EU framework of cryptoassets

II.1. Definition of Issuer as legal person in MICA for all types of cryptoasset

II.2. The status of the offeror

2.2.1. Issuance and issuer in relation of the type of crypto-asset offered

2.2.2. Some features of the corporate governance and civil liability accordingly the issuer. Comparative table

Tokens referenciados a activos, monedas digitales de banco central y las stablecoins: naturaleza y riesgos regulatorios a la luz de la propuesta de Reglamento europeo (ARTs, CBDCs and stablecoins: nature and regulatory risks), Pablo Sanz Bayón

Asset tokenization: challenges, benefits and guidelines, Luis Martínez

I. Introduction

II. Asset tokenization

III. Benefits and challenges of asset tokenization

III.1. Benefits

III.2. Challenges

IV. How to succeed in tokenizing assets

V. Conclusions

VI. References

The Olive Oil Token Market, Antonio Partal

I. Introduction

II. Benefits derived from the implementation of an olive-oil token market in DLT permissioned networks

Token business models and the financing with venture capital, Matthias Fischer

I. Introduction

II. Worldwide developments for venture capital financing and the Blockchain start-up landscape

III. The median time between two successive financing rounds for Blockchain and Cryptocurrency fintechs

IV. Patterns in funding size of successive financing rounds

V. Comparison between financing rounds A and B

VI. Conclusion

Crypto-regulation, does MiCA mean investor protection or restriction?, Ricardo Palomo

La circulación jurídica y sus señales. De la traditio a la blockchain, Carlos de Cores Helguera

I. Introducción

II. Mirar el problema desde la teoría

III. La traditio como señal de circulación jurídica y su evolución

IV. La tecnología blockchain como una nueva etapa histórica para la circulación jurídica

V. Conclusiones

Chairman's closing speech, Rodrigo Buenaventura

I. Preliminary words

II. Innovation hub and Sandbox

III. Cryptoassets and their advertising

IV. DLT technology as a positive disruption and market efficiency benefits

Announcement of Alastria Conference: Circulación de criptoactivos: protección del inversor y responsabilidad , Alberto J. Tapia Hermida