Blockchain Securities, Insolvency Law and the Sandbox Approach

【Author】 Mangano, Renato

【Source】EUROPEAN BUSINESS ORGANIZATION LAW REVIEW

【影响因子】1.790

【Abstract】Blockchain is a new technology that is based on an algorithm which allows participants of an IT network to process, store and share data across multiple points without the need for any intermediary, at least in order to ensure the integrity of the data dealt with. This technology is simplifying financial marketsmany organizations are launching initial coin offerings to facilitate the financing of new business ventures; moreover, securities' that are issued in such a digital form can be bought and sold in the secondary market without the intervention of the traditional intermediaries. However, this use of blockchain could give rise to many problems which, in this article, will be analysed from the prospective of insolvency law. This paper will argue: first, that these problems originate from the fact that the issuance of blockchain securities is creating a divide between the world where securities are issued, offered and sold, and the world where law is enforceable; secondly, that these problems cannot be managed easily because of the lack of an apt point of attack, rather than because of the claim that the principle of technological neutrality should be observed; thirdly, thatunder certain conditionsthe sandbox approach that is being adopted by the UK financial conduct authority could contribute to directly shaping the platforms in pursuit of regulatory goals.

【Keywords】Blockchain; Initial coin offerings (ICOs); Technology neutrality; Regulatory sandbox; Insolvency law

【发表时间】2018 DEC

【收录时间】2022-01-02

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