Finck examines the emergence of blockchains (and other forms of distributed ledger technologies) and the implications for regulation and governance.

Global finance is in the middle of a radical transformation fueled by innovative financial technologies. The coronavirus pandemic has accelerated the digitization of retail financial services in Europe. Institutional interest and digital asset markets are also growing blurring the boundaries between the token economy and traditional finance. Blockchain, AI, quantum computing and decentralised finance (DeFI) are setting the stage for a global battle of business models and philosophies. The post-Brexit EU cannot afford to ignore the promise of digital finance. But the Union is struggling to keep pace with global innovation hubs, particularly when it comes to experimenting with new digital forms of capital raising. Calibrating the EU digital finance strategy is a balancing act that requires a deep understanding of the factors driving the transformation, be they legal, cultural, political or economic, as well as their many implications. The same FinTech inventions that use AI, machine learning and big data to facilitate access to credit may also establish invisible barriers that further social, racial and religious exclusion. The way digital finance actors source, use, and record information presents countless consumer protection concerns. The EU’s strategic response has been years in the making and, finally, in September 2020 the Commission released a Digital Finance Package. This special issue collects contributions from leading scholars who scrutinize the challenges digital finance presents for the EU internal market and financial market regulation from multiple public policy perspectives. Author contributions adopt a critical yet constructive and solutions-oriented approach. They aim to provide policy-relevant research and ideas shedding light on the complexities of the digital finance promise. They also offer solid proposals for reform of EU financial services law.

How the blockchain—a system built on foundations of mutual mistrust—can become trustworthy The blockchain entered the world on January 3, 2009, introducing an innovative new trust architecture: an environment in which users trust a system—for example, a shared ledger of information—without necessarily trusting any of its components. The cryptocurrency Bitcoin is the most famous implementation of the blockchain, but hundreds of other companies have been founded and billions of dollars have been invested in similar applications since Bitcoin’s launch. Some see the blockchain as offering more opportunities for criminal behavior than benefits to society. In this book, Kevin Werbach shows how a technology resting on foundations of mutual mistrust can become trustworthy. The blockchain, built on open software and decentralized foundations that allow anyone to participate, seems like a threat to any form of regulation. In fact, Werbach argues, law and the blockchain need each other. Blockchain systems that ignore law and governance are likely to fail, or to become outlaw technologies irrelevant to the mainstream economy. That, Werbach cautions, would be a tragic waste of potential. If, however, we recognize the blockchain as a kind of legal technology that shapes behavior in new ways, it can be harnessed to create tremendous business and social value.

This volume explores from a legal perspective, how blockchain works. Perhaps more than ever before, this new technology requires us to take a multidisciplinary approach. The contributing authors, which include distinguished academics, public officials from important national authorities, and market operators, discuss and demonstrate how this technology can be a driver of innovation and yield positive effects in our societies, legal systems and economic/financial system. In particular, they present critical analyses of the potential benefits and legal risks of distributed ledger technology, while also assessing the opportunities offered by blockchain, and possible modes of regulating it. Accordingly, the discussions chiefly focus on the law and governance of blockchain, and thus on the paradigm shift that this technology can bring about.

This book examines the legal and regulatory aspects of cryptocurrency and blockchain and the emerging practical issues that these issues involve. The analysis covers a range of advanced economies across the world, in America, Europe and Asia. The book describes, explains and analyses the nature of cryptocurrencies and the blockchain systems they are constructed on in these major world economies and considers relevant law and regulation and their shortcomings. It will be of use and interest to academics, lawyers, regulators and anyone involved with cryptocurrencies and blockchain.

This book is the result of the PhD project I started four years ago at Europa-Kolleg Hamburg. I had the great opportunity to work on it for one year at the European University Institute in Florence and to finalise the oeuvre during my stay with the European Commission's Institute for Prospective Technological Studies in Seville. The subject matter of the book is intellectual property rights, patents in particular, and their process of harmonisation in Europe. At the beginning of the work, the intention was not to focus immediately on one narrow field in the huge realm of intellectual property rights but rather to open my mind in order to capture a broad variety of new ideas and concepts in the book. The work at three different institutes in three different European countries over the period of four years naturally exposed the work to diverging ideas and the exchange of views with many people. This is one reason for the wide spread of topics ordered around the given leitmotif, such as epistemological foundations, political background information,. the protection of biotechnological inventions and the building up process of intellectual property right systems in the countries of Central and Eastern Europe. In chapter two I take up Polanyi's differentiation of codifiable and tacit knowledge. Applying these concepts to my own work I realise that this book is only the visible and codified part of knowledge I was able to capture.

An exploration of the current state of global trade law in the era of Big Data and AI. This title is also available as Open Access on Cambridge Core.