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1、INTERNATIONA1MONETARYFUNDDigita1Tokens:A1ega1PerspectiveJoseM.GarridoWP/23/151IMFWorkingPapersdescriberesearchinprogressbytheauthor(s)andarepub1ishedtoe1icitcommentsandtoencouragedebate.TheviewsexpressedinIMFWorkingPapersarethoseoftheauthor(s)anddonotnecessari1yrepresenttheviewsoftheIMF,itsExecutive
2、Board,orIMFmanagement.WoRK-NGPAPER2023JU1WP/23/1512023Internationa1MonetaryFundIMFWorkingPaper1ega1DepartmentDigita1Tokens:A1ega1PerspectivePreparedbyJoseM.GarridoAuthorizedfordistributionbyYan1iMarch2023IMFWorkingPapersdescriberesearchinprogressbytheauthor(s)andarepub1ishedtoe1icitcommentsandtoenco
3、uragedebate.TheviewsexpressedinIMFWorkingPapersarethoseoftheauthor(s)anddonotnecessari1yrepresenttheviewsoftheIMF,itsExecutiveBoard,orIMFmanagement.ABSTRACT:Tokensareunitsdigita11yrepresentedinadistributed1edgerorb1ockchain.Thevarioususesofthistechno1ogyhavethepotentia1totransformawidearrayofeconomi
4、cactivities,fromtraditiona1commercia1transactionstosophisticatedfinancia1undertakings.Thispaperexp1oresthesimi1aritiesanddifferencesoftokenswithtraditiona11ega1instrumentsincommercia11awandhowtokens1doffersuperiorso1utions,providedthatproper1ega1foundationsareestab1ishedfortheiroperation,inc1udingas
5、pectsofthe1awofsecuritiesandconsumerprotection1aw.RECOMMENDEDCITATION:Garrido,J.M.12023,Digita1Tokens:A1ega1Perspective,IMFWP/23/151JE1C1assificationNumbers:K10,K12,K22,.TokensjCommerciaI1aw;Securities1aw;Fintech;ConsumerKeywords:_jProtectionAuthorsE-Mai1Address:JGARRIDOimf.orqWORKINGPAPERSDigita1To
6、kens:A1ega1PerspectivePreparedbyJoseM.GarridoIamextreme1ygratefu1toYan1iuforherguidanceandsupportthroughoutthevariousstagesofthispaper.Iama1sogratefu1toMarianneBechara11orenaBarrenechea,MarekDubovec,EnderEmre,A1essandroGu11o,JuanSebastianViancha,andAkihiroYoshinagafortheirva1uab1ecomments,andspecia1
7、thanksgotoJessChengforthefruitfu1conversationsanddebatesonthistopicduringhertenureatthe1ega1DepartmentoftheIMF,aswe11asforherthoughtfu1mments.A11errorsandomissionsremainmyown.ContentsG1ossary3ExecutiveSummary5I. Introduction7II. TheTokenRevo1ution9III. Commercia11nstrumentsandTokens13IV. TokenTaxono
8、mies22V. AnInventoryof1ega1Issues26VI. TokensandSecurities1aw39AnnexI.Deve1opmentandPrincip1esofthe1awofCommercia1Instruments56References59G1ossaryAMF:AutoritedesMarchesFinanciers(France)AKSHI:Nationa1AgencyforInformationSociety(A1bania)B2B:Business-to-BusinessB2C:Bsiness-to-ConsumerBaFin:Bundesanst
9、a1tfurFinanzdienst1eistungsaufsicht(Germany)BTC:BitcoinC2C:Consumer-to-ConsumerCNMV:ComisionNaciona1de1MercadodeVa1ores(Spain)CSD:Centra1SecuritiesDepositoryDAGs:DirectedAcyc1icGraphsDAO:Decentra1izedAutonomousOrganizationDApp:Decentra1izedApp1icationD1T:Distributed1edgerTechnoIogyECDSA:E11ipticC1Jr
10、VeDigita1SignatureA1gorithmE1I:European1awInstituteERC-20:EthereumRequestforComment-20(standardforfungib1etokensinEthereum)ERC-721:EthereumRequestforComment-721(standardfornon-fungib1etokensinEthereum)ETH:EtherFCA:Financia1ConductAuthority(UK)FINMA:Financia1MarketSupervisoryAuthority(Switzer1and)HBA
11、R:HederaHashgraphHCCH:HagueConferenceonPrivateInternationa11awHT1C:HashedTime1ockContractICO:Initia1CoinOfferingIEO:Initia1ExchangeOfferingIOSCO:Internationa1OrganizationofSecuritiesCommissionsIoT:InternetofThingsIP:Inte11ectua1PropertyIT:InformationTechno1ogyITO:Initia1TokenOfferingMAS:MonetaryAuth
12、orityofSingaporeMiCA:MarketsinCryptoAssetsRegu1ation(EU)MDIA:Ma1taDigita1InnovationAuthorityM1ETR:UNCITRA1Mode11awonE1ectronicTransferab1eRecordsNFT:Non-Fungib1eTokenOECD:OrganizationforEconomicCooperationandDeve1opmentPOS:ProofofStakeP0W:ProofofWorkPREMA:PrimaryResidenceoftheEncryptionPrivateMaster
13、Keyho1derPROPA:P1aceoftheRe1evantOperatingAuthoritySAFT:Simp1eAgreementforFutureTokensSEC:SecuritiesandExchangeCommission(US)TT:TrustworthyTechno1ogyUCC:UniformCommercia1CodeUETA:UniformE1ectronicTransactionsActWpHG:Wertpapierhande1sgesetz(Germany)UNCITRA1:UnitedNationsCommissionforInternationa1Trad
14、e1awExecutiveSummaryDigita1tokensrepresentarevo1utionaryinnovationforeconomicactivities.Basedondeve1opmentsincryptographyandparticu1ar1yinDecentra1ized1edgerTechnoIogy(D1T)andequiva1enttechniques,tokensaredigita1itemsthatcannotbeforgedandwhosetransferistraceab1eandeconomica1.Natura11y,therearea1sori
15、sksthataffecttokens,suchasthe1ossortheftofkeys,orthehackingofsystems.Thepotentia1app1icationsoftokensaremu1tip1eincommerce,finance,andmanyothereconomicareas.Thispaperconnectstokenswiththetraditiona1doctrineofcommercia1instruments.Byidentifyingthefundamenta1princip1esthatoriginatedincommercia1practicewiththeincorporationofrightstonegotiab1einstruments,thepaperana1yzestowhatextenttokenscanperformfunctiona11yequiva1entro1estothoseoftheexistinginstrumentsincommerceandfinance.Tokenshavethepotentia1ofrep1acingexistingcommercia1instrumentsandofperformingadditiona1economicfunctions.Tokensh
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