Conflict of Laws in the Proprietary Issues of Dematerialized Securities

Abstract

Conflict of Laws in the Proprietary Issues of Dematerialized Securities Abstract The doctoral thesis focuses on the conflict of laws in the proprietary issues of DLT dematerialized securities. The subject is directly related to the phenomenon of blockchain technology as a subcategory of DLT (Distributed Ledger Technology). At the heart of the issue lies the so-called digital token, which is a virtual, non-replicable unit that originates and exists in a DLT environment. A digital token is qualified as a thing in a legal sense, more specifically, as an intangible movable thing, and may fulfil the characteristics of a dematerialized security (DLT dematerialized security). For example, a digital token may fulfil the characteristics of a DLT financial instrument within the meaning of Regulation (EU) 2022/858 of the European Parliament and of the Council of 30 May 2022 on a pilot regime for market infrastructures based on distributed ledger technology. DLT dematerialized securities should not be materially identified with a static entry in a register, account or any other records (the conception of the dynamic nature of digital tokens). The essential condition for the legal existence of DLT dematerialized securities is their creation on the relevant blockchain platform and the subsequent linking of the digital...