Progetti di ricerca

This proposal aims to analyse the legal challenges raised by the fast-growing tokenisation of assets. Tokenisation is the process of issuing a blockchain-based token that constitutes a digital representation of an existing tradable asset, physical or digital. It is a… Leggi tutto practice similar to the traditional securitisation, but its reliance on blockchain technology makes it a whole new game. Its benefits include higher liquidity, faster settlement, lower transaction costs and better risk management. However, such advantages are accompanied by critical legal uncertainty, even on the definition of tokenisation. The tokenisation market’s size and its relevant economic impact make it imperative for legal and economic scholars to perform a thorough analysis of all its implications, arguably lacking in the existing literature. An in-depth study is required to build a clear conceptual framework for professional operators, investors, policy-makers, regulators and supervisors, one that is ready to address also its future developments. The four Research Units will engage in this effort relying on the expertise of economists and IT specialists, who will provide the necessary background and confer an interdisciplinary nature to the project. More specifically, the research will: a) promote a solid economic understanding of the main drivers of tokenisation, leveraging a market survey and a hand-collected dataset covering the most economically impactful use cases of tokens, i.e. ICOs, STOs and SCs; b) engage in a solid legal analysis of the questions raised by tokenisation, which will imply: 1) providing a taxonomy of tokens; 2) studying the tokenisation of physical assets, regarding both existing law and possible legal reforms enabling this practice for movable and immovable property; 3) analyse the tokenisation of digital assets (i) by private actors (regulation of Initial Coin Offerings, Security Token Offerings and Stable Coins (SCs)), ii) by public actors, namely the legal framework of Central Bank Digital Currencies (CBDCs); and iii) with regard to the competition law issues raised with regard both to SCs as such and to their relationship with CBDCs; c) submit normative arguments to help public decision makers take informed decisions when approaching the subject. On top of the taxonomy and the dataset, the project will mainly lead to: cutting-edge legal scholarship on the main legal issues of tokenisation; regulatory analyses available to legislators, regulators and supervisors willing to reign in tokenisation without stifling its innovation potential; position papers for the non-expert public, to better inform public opinion on this disruptive business practice; increased legal certainty for operators; the establishment of a stable network of Italian researchers working in this area, also including entrepreneurs and professional operators; a prototype of blockchain-based real estate registry.