Legal Structures of Tokenised Assets
Tokenised assets are expected to transform finance, yet their legal treatment remains a source of uncertainty. This article presents an analytical framework for categorising legal structures of tokenised assets, addressing a gap in academic literature and regulatory approaches. We introduce a taxono...
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| Format: | Article |
| Language: | English |
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Cambridge University Press
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| Series: | European Journal of Risk Regulation |
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| Online Access: | https://www.cambridge.org/core/product/identifier/S1867299X24000886/type/journal_article |
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| _version_ | 1849232961590788096 |
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| author | Xavier Lavayssière |
| author_facet | Xavier Lavayssière |
| author_sort | Xavier Lavayssière |
| collection | DOAJ |
| description | Tokenised assets are expected to transform finance, yet their legal treatment remains a source of uncertainty. This article presents an analytical framework for categorising legal structures of tokenised assets, addressing a gap in academic literature and regulatory approaches. We introduce a taxonomy based on the legal relationship between tokens and their underlying assets. In complete tokenisation tokens embody legally enforceable rights. It comprises direct tokenisation, where tokens are the primary form of the asset, and indirect tokenisation, where asset-backed tokens are created through intermediary structures. In contrast, incomplete tokenisation results in tokens that function as “digital twins” with limited or no legal value. |
| format | Article |
| id | doaj-art-3f59e63c4729407eb9bfe9e4c93c664c |
| institution | Kabale University |
| issn | 1867-299X 2190-8249 |
| language | English |
| publisher | Cambridge University Press |
| record_format | Article |
| series | European Journal of Risk Regulation |
| spelling | doaj-art-3f59e63c4729407eb9bfe9e4c93c664c2025-08-20T13:13:26ZengCambridge University PressEuropean Journal of Risk Regulation1867-299X2190-824911310.1017/err.2024.88Legal Structures of Tokenised AssetsXavier Lavayssière0https://orcid.org/0000-0001-6842-9303Université Paris 1 Panthéon-Sorbonne, Paris, FranceTokenised assets are expected to transform finance, yet their legal treatment remains a source of uncertainty. This article presents an analytical framework for categorising legal structures of tokenised assets, addressing a gap in academic literature and regulatory approaches. We introduce a taxonomy based on the legal relationship between tokens and their underlying assets. In complete tokenisation tokens embody legally enforceable rights. It comprises direct tokenisation, where tokens are the primary form of the asset, and indirect tokenisation, where asset-backed tokens are created through intermediary structures. In contrast, incomplete tokenisation results in tokens that function as “digital twins” with limited or no legal value.https://www.cambridge.org/core/product/identifier/S1867299X24000886/type/journal_articledigital assetsregulatory innovationsecuritisationtokenisationtrust-minimisationK23G15G18 |
| spellingShingle | Xavier Lavayssière Legal Structures of Tokenised Assets European Journal of Risk Regulation digital assets regulatory innovation securitisation tokenisation trust-minimisation K23 G15 G18 |
| title | Legal Structures of Tokenised Assets |
| title_full | Legal Structures of Tokenised Assets |
| title_fullStr | Legal Structures of Tokenised Assets |
| title_full_unstemmed | Legal Structures of Tokenised Assets |
| title_short | Legal Structures of Tokenised Assets |
| title_sort | legal structures of tokenised assets |
| topic | digital assets regulatory innovation securitisation tokenisation trust-minimisation K23 G15 G18 |
| url | https://www.cambridge.org/core/product/identifier/S1867299X24000886/type/journal_article |
| work_keys_str_mv | AT xavierlavayssiere legalstructuresoftokenisedassets |