This book was translated from German into Chinese (simplified) by means of artificial intelligence (machine translation). This academic paper deals with both civil (securities) law and regulatory (securities) law aspects. Thus, a summary of the property law is provided, which deals with the classification of tokens under Liechtenstein law. Furthermore, dematerialized securities, which have been known to the Liechtenstein legal system for almost 100 years, will be discussed. The civil and corporate law focus is on Liechtenstein, while the Swiss corporate law and the general civil law of Austrian law are also taken into account. The supervisory part of the work is clearly in the focus of Union law, but also takes into account national specialties of Liechtenstein, Austria and Germany in addition to European legal acts. Thus, tokens and token-based business models are also examined in the light of European legal acts such as MiFIR, MiFID II, CRR, CRD IV, CSDR, EMIR, AIFMD, UCITSD, E-Money Directive II, PSD II, MAD/MAR, Prospectus Regulation, 5th AML Directive and other regulations, directives, as well as implementing regulations and delegated regulations. A special focus is placed on crypto exchanges and decentralized trading places (DEX). In addition, a focus will be placed on consumer law in terms of tokens and distance selling contracts, taking into account the Consumer Rights Directives. In this context, tokens as data or software and thus as digital content and consequently merchandise are also dealt with in more detail and the parallels to tokens as tokens with intrinsic value or virtual currencies in contrast to fiat money are shown. Furthermore, the author aims at explaining deposit business, e-money transactions and financial instruments as communicating vessels in contrast to virtual currencies. Although this is primarily a legal work, technical aspects of Distributed Ledger Technologies, such as the blockchain, smart contracts, agoric computing, self-sovereign identity, etc. - as far as this is necessary for the legal assessment - are also explained in more detail. The present discussion is to be understood as scientific work with practical relevance for advice in connection with blockchain based business models.

This book was translated from German into English by means of artificial intelligence (machine translation). This academic paper deals with both civil (securities) law and regulatory (securities) law aspects. Thus, a summary of the property law is provided, which deals with the classification of tokens under Liechtenstein law. Furthermore, dematerialized securities, which have been known to the Liechtenstein legal system for almost 100 years, will be dis-cussed. The civil and corporate law focus is on Liechtenstein, while the Swiss corporate law and the general civil law of Austrian law are also taken into account. The supervisory part of the work is clearly in the focus of Union law, but also takes into account national specialties of Liechtenstein, Austria and Germany in addition to European legal acts. Thus, tokens and token-based business models are also examined in the light of European legal acts such as MiFIR, MiFID II, CRR, CRD IV, CSDR, EMIR, AIFMD, UCITSD, E-Money Directive II, PSD II, MAD/MAR, Prospectus Regulation, 5th AML Directive and other regulations, directives, as well as implementing regulations and delegated regulations. A special focus is placed on crypto exchanges and decentralized trading places (DEX). In addition, a focus will be placed on consumer law in terms of tokens and distance selling contracts, taking into account the Consumer Rights Directives. In this context, tokens as data or software and thus as digital content and consequently merchandise are also dealt with in more detail and the parallels to tokens as tokens with intrinsic value or virtual currencies in contrast to fiat money are shown. Furthermore, the author aims at explaining deposit business, e-money transactions and financial instruments as communicating vessels in contrast to virtual currencies. Although this is primarily a legal work, technical aspects of Distributed Ledger Technologies, such as the blockchain, smart contracts, agoric computing, self-sovereign identity, etc. - as far as this is necessary for the legal assessment - are also explained in more detail. The present discussion is to be understood as scientific work with practical relevance for advice in connection with blockchain based business models.

This book was translated from German into Japanese by means of artificial intelligence (machine translation). This academic paper deals with both civil (securities) law and regulatory (securities) law aspects. Thus, a summary of the property law is provided, which deals with the classification of tokens under Liechtenstein law. Furthermore, dematerialized securities, which have been known to the Liechtenstein legal system for almost 100 years, will be discussed. The civil and corporate law focus is on Liechtenstein, while the Swiss corporate law and the general civil law of Austrian law are also taken into account. The supervisory part of the work is clearly in the focus of Union law, but also takes into account national specialties of Liechtenstein, Austria and Germany in addition to European legal acts. Thus, tokens and token-based business models are also examined in the light of European legal acts such as MiFIR, MiFID II, CRR, CRD IV, CSDR, EMIR, AIFMD, UCITSD, E-Money Directive II, PSD II, MAD/MAR, Prospectus Regulation, 5th AML Directive and other regulations, directives, as well as implementing regulations and delegated regulations. A special focus is placed on crypto exchanges and decentralized trading places (DEX). In addition, a focus will be placed on consumer law in terms of tokens and distance selling contracts, taking into account the Consumer Rights Directives. In this context, tokens as data or software and thus as digital content and consequently merchandise are also dealt with in more detail and the parallels to tokens as tokens with intrinsic value or virtual currencies in contrast to fiat money are shown. Furthermore, the author aims at explaining deposit business, e-money transactions and financial instruments as communicating vessels in contrast to virtual currencies. Although this is primarily a legal work, technical aspects of Distributed Ledger Technologies, such as the blockchain, smart contracts, agoric computing, self-sovereign identity, etc. - as far as this is necessary for the legal assessment - are also explained in more detail. The present discussion is to be understood as scientific work with practical relevance for advice in connection with blockchain based business models.

This report offers an analytical framework that allows for more systemic assessments of distributed ledger technology (DLT) and its applications. It examines the evolution and typology of the emergent technology, its existing and projected applications, and regulatory and policy issues that they entail. This report highlights the trends, concerns, and potential opportunities of DLTs, especially for Asian markets. It also identifies the benefits and risks to using DLT and offers a functional and proportional approach to these issues.

"Views differ on bitcoin, but few doubt the transformative potential of Blockchain technology. The Truth Machine is the best book so far on what has happened and what may come along. It demands the attention of anyone concerned with our economic future." —Lawrence H. Summers, Charles W. Eliot University Professor and President Emeritus at Harvard, Former Treasury Secretary From Michael J. Casey and Paul Vigna, the authors of The Age of Cryptocurrency, comes the definitive work on the Internet’s Next Big Thing: The Blockchain. Big banks have grown bigger and more entrenched. Privacy exists only until the next hack. Credit card fraud is a fact of life. Many of the “legacy systems” once designed to make our lives easier and our economy more efficient are no longer up to the task. Yet there is a way past all this—a new kind of operating system with the potential to revolutionize vast swaths of our economy: the blockchain. In The Truth Machine, Michael J. Casey and Paul Vigna demystify the blockchain and explain why it can restore personal control over our data, assets, and identities; grant billions of excluded people access to the global economy; and shift the balance of power to revive society’s faith in itself. They reveal the disruption it promises for industries including finance, tech, legal, and shipping. Casey and Vigna expose the challenge of replacing trusted (and not-so-trusted) institutions on which we’ve relied for centuries with a radical model that bypasses them. The Truth Machine reveals the empowerment possible when self-interested middlemen give way to the transparency of the blockchain, while highlighting the job losses, assertion of special interests, and threat to social cohesion that will accompany this shift. With the same balanced perspective they brought to The Age of Cryptocurrency, Casey and Vigna show why we all must care about the path that blockchain technology takes—moving humanity forward, not backward.

New technologies are driving transformational changes in the global financial system. Virtual currencies (VCs) and the underlying distributed ledger systems are among these. VCs offer many potential benefits, but also considerable risks. VCs could raise efficiency and in the long run strengthen financial inclusion. At the same time, VCs could be potential vehicles for money laundering, terrorist financing, tax evasion and fraud. While risks to the conduct of monetary policy seem less likely to arise at this stage given the very small scale of VCs, risks to financial stability may eventually emerge as the new technologies become more widely used. National authorities have begun to address these challenges and will need to calibrate regulation in a manner that appropriately addresses the risks without stifling innovation. As experience is gained, international standards and best practices could be considered to provide guidance on the most appropriate regulatory responses in different fields, thereby promoting harmonization and cooperation across jurisdictions.

This open access Pivot demonstrates how a variety of technologies act as innovation catalysts within the banking and financial services sector. Traditional banks and financial services are under increasing competition from global IT companies such as Google, Apple, Amazon and PayPal whilst facing pressure from investors to reduce costs, increase agility and improve customer retention. Technologies such as blockchain, cloud computing, mobile technologies, big data analytics and social media therefore have perhaps more potential in this industry and area of business than any other. This book defines a fintech ecosystem for the 21st century, providing a state-of-the art review of current literature, suggesting avenues for new research and offering perspectives from business, technology and industry.