Prof. Dr. Rolf H. Weber is professor of international business law at Zurich University acting there as co-director of the Research Program on Financial Market Regulation, as co-director of the Center for Information Technology, Society, and Law (ITSL) and as co-director of the Blockchain Center. Furthermore, he was Visiting Professor at Hong Kong University from 2000 to 2015, is member of the editorial board of several Swiss and international legal periodicals and member of international associations. In parallel, Prof. Weber is a practicing attorney-at-law in Zurich. Frequently, Prof. Weber publishes and speaks on Internet- and Blockchain-related legal issues as well as on topics of international business law. His main fields of research and practice are IT- and Internet, Blockchain, data protection, international business, competition as well as trade and finance law. He is fluent in German, English and French.
Taxonomy of Cryptoassets
Abstract:
Cryptocurrencies and cryptoassets gained substantial importance during the last years. However, the taxonomy discussions still remain in an infancy stage. Cryptocurrencies can be issued (i) by a State or privately and (ii) be of a wholesale or retail nature. The characteristic features of cryptoassets are the intangibility, the cryptographic authentication, the use of a distributed transaction ledger, the decentralization and the rule by consensus. The development of a taxonomy of cryptoassets must be driven by the acknowledgement that “factual control” has become more important than the traditional property understanding. In this light, the design of a legally stable environment for cryptoassets should enshrine the registration conditions of the ledger, the effects of the registration, the transfer requirements, the transfer restrictions, the liability rules, and the nullification of a “lost” cryptoasset. A potential roadmap should encompass the involvement of the appropriate organizations for the preparation of an adequate cryptoassets’ taxonomy and the development of substantive standards in this field. The contribution attempts at improving the legal and regulatory framework for a sound crypto universe