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Metadata of the Chapter That Will Be Visualized in Springerlink Metadata of the chapter that will be visualized in SpringerLink Book Title Scientific and Technical Revolution: Yesterday, Today and Tomorrow Series Title Chapter Title Tokens: Actual Problems of Determining the Legal Status and Classification Copyright Year 2020 Copyright HolderName Springer Nature Switzerland AG Corresponding Author Family Name Odintsov Particle Given Name Stanislav V. Prefix Suffix Role Division Organization RUDN University Address Moscow, Russia Email [email protected] ORCID http://orcid.org/0000-0002-3403-3519 Author Family Name Koncheva Particle Given Name Valentina A. Prefix Suffix Role Division Organization RUDN University Address Moscow, Russia Email [email protected] ORCID http://orcid.org/0000-0002-9919-388X Author Family Name Trubina Particle Given Name Marina V. Prefix Suffix Role Division Organization “Ingosstrakh” Address Moscow, Russia Email [email protected] Abstract The subject of the study in this article is the tokens used today as part of the “blockchain” systems, as well as the relevant analysis of their legal regulation. Blockchain technology is one of the most promising areas in the field of digital economy, which continues to constantly and actively develop. The use of tokens as a means of payment in blockchain systems is becoming increasingly relevant. However, it should be noted that in this area, practice has significantly outstripped legal regulation. In the current civil (commercial) law relatively recently began to develop provisions defining the features of the turnover of the so-called digital assets, and this regulation is not deployed. This regulation is introduced today rather cautiously: among the objects of civil rights there are normative formulations of the tangent of digital rights, and this legislative regulation is not detailed. So far, the existing regulation regarding digital rights is not sufficient. Despite the active development of practice, legal theory (doctrine) does not even contain the uniform concept of a token. In this case, it is useful to refer to foreign experience and legislative practice. The article considers the examples of foreign legal regulation, the authors pay attention that the unity of legal understanding, approach to this legal instrument is necessary for sustainable practice. The article discusses the types of tokens, as well as some features of their use as a means of payment. The authors as a result of research and practical proposal draw attention to the need for an internationally unified concept of the use of tokens. Keywords Blockchain - The blockchain platforms (ecosystems) - Token - Digital rights - Digital assets - Crypto-currencies JEL Code K11 - K22 - K24 - G10 - G30 Tokens: Actual Problems of Determining the Legal Status and Classification Author Proof Stanislav V. Odintsov1(&) , Valentina A. Koncheva1 , and Marina V. Trubina2 1 RUDN University, Moscow, Russia {odintsov_sv,koncheva_va}@pfur.ru 2 “Ingosstrakh”, Moscow, Russia [email protected] Abstract. The subject of the study in this article is the tokens used today as part of the “blockchain” systems, as well as the relevant analysis of their legal regulation. Blockchain technology is one of the most promising areas in the field of digital economy, which continues to constantly and actively develop. The use of tokens as a means of payment in blockchain systems is becoming increas- ingly relevant. However, it should be noted that in this area, practice has sig- nificantly outstripped legal regulation. AQ1 In the current civil (commercial) law relatively recently began to develop provisions defining the features of the turnover of the so-called digital assets, and this regulation is not deployed. This regulation is introduced today rather cautiously: among the objects of civil rights there are normative formulations of the tangent of digital rights, and this legislative regulation is not detailed. So far, the existing regulation regarding digital rights is not sufficient. Despite the active development of practice, legal theory (doctrine) does not even contain the uniform concept of a token. In this case, it is useful to refer to foreign experience and legislative practice. The article considers the examples of foreign legal regulation, the authors pay attention that the unity of legal understanding, approach to this legal instrument is necessary for sustainable practice. The article discusses the types of tokens, as well as some features of their use as a means of payment. The authors as a result of research and practical proposal draw attention to the need for an internationally unified concept of the use of tokens. Keywords: Blockchain Á The blockchain platforms (ecosystems) Á Token Á Digital rights Á Digital assets Á Crypto-currencies JEL Code: K11 Á K22 Á K24 Á G10 Á G30 1 Introduction Tokens represent the major functional essence relevant to the blockchain platforms – systematically new technologies which will definitely determine the main development vector of the post-industrial era; it certainly leads to the doctrinal rationale and the detailing of legal regulation in order to liquidation of collisions arising from their © Springer Nature Switzerland AG 2020 E. G. Popkova and B. S. Sergi (Eds.): ISC 2019, LNNS 129, pp. 1–7, 2020. https://doi.org/10.1007/978-3-030-47945-9_126 2 S. V. Odintsov et al. inconsistent application by its members in the practice of commerce. Blockchain technologies are being actively implemented now, and they will continuously penetrate all facets of everyday life and economy over the next few decades, thus, it is vital to analyze trends and development prospects right away (Koncheva et al. 2019, pp. 787– Author Proof 790). The introduction of new technologies will improve the operation of the infras- tructure, increase its safety, reliability and efficiency (Dudin et al. 2019, pp. 1704– 1713). For instance, some kind of vouchers of retail chains, bonuses (points), which are received by loyal customers of the firms for implementing certain transactions currently in use, which can be easily transferred into the traditional (not digital) money are actually fiat, i.e. a type of the token’s functions. 2 Methodology The integrated consideration of the relevant attempts of the normative and doctrinal determination of status and classification of tokens, including the analysis of the problems, which arise from the absence of the integrated approach within the tok- enization of the global economy including: the realization of investment projects for the attracting of “traditional” money by ICO and STO, the use of fiat money, the definition of tokens, represented via tokens the objects of civil (commercial) turnover—research of all these and other legal aspects in different jurisdictions are possible only the use of the comparative legal analysis. At the same time, it is significant to pay attention to the views of the experts in various fields on this matter, studies of trends, research on the problems of application and development of the blockchain technologies, which potentially provide an opportunity to create and maintain the stable secure digital architecture for storage of personal data. 3 Results It is impossible to deny the fact that tokenization is steadily integrating into more and more areas of civil (commercial) turnover, while tokens themselves possess the char- acteristics of a full-fledged object of rights or digitally represent certain objects of rights. But, unfortunately, at the present time it must be stated that there is no integrated approach in identifying tokens normatively, even, for example, within the European Union. According to this, in different jurisdictions the are various ways of normative definitions of the token’s legal status: the part of the information about blockchain system/a form of currency (Liechtenstein), currency (the commonwealth of Australia), property or financial asset (Singapore), currency/an instrument for mutual payments (German, Luxembourg, Japan), foreign currency/“private” money (the UK), a financial instrument (Poland), the security (New Zealand), property (Sweden), the goods (Mexico), the digital goods/the securities (Hong Kong), a medium of exchange (the USA). One of the most interesting (from the standpoint of the juridical technique and Tokens: Actual Problems of Determining the Legal Status and Classification 3 elaboration) normative legal acts is the one, which is one of the latest in this sphere— the law of the Principality of Liechtenstein of 2019 (Token and Trustworthy Tech- nology Service Provider Act, TVTG) (Token and Trustworthy Technology Service Provider Act, TVTG) (Token and Trustworthy Technology Service Provider Act, fi Author Proof TVTG 2019). The absence of the uni ed concept of the nature of tokens and of tokenization lead to the problem that different legal systems have their own specific normative definition and doctrinal interpretation of the concept of tokenization and the legal nature of tokens. In any case, it is necessary to proceed with the fact that tokens definitely represent a special (digital) method of recording rights on the objects of the civil (commercial) turnover, and the process of tokenization of assets will gain momentum. Thus, in order to optimize a turnover of assets, including constant process of globalization of financial markets, it is significant for its members to have a standard normative concept of tokens, unified by the relevant international legal act. 4 Discussion The key advantage of the blockchain platform’s functioning (is currently referred to
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