The first Token World Conference, held in Madrid from 6th to 9th of March of 2021, was organised by the director of this book, head of the CITT —Technology and Transfer Research Commision— of Consorcio Red Alastria, the first Spanish —and European— private-law association to create a blockchain / DLT consortium to set public-permissioned DLT networks), at the Comillas Pontifical University (Madrid).

Roughly thirty world leading blockchain and DLT experts from ten countries contributed to this academic and professional enriching forum, wherein exhaustive keynotes and round tables were offered by means of both streaming and live presential channels for an enthusiastic audience.

As a result of the collected proceedings of the conference, this monograph on token law and tokenomics shows the advances in American and European token law, emphasizing the essential issues posed by the new Digital Finance Strategy for DeFi and for tokens markets, encompassing the three Proposals of Regulations (MiCA tokens, market infrastructures and DORA regime), and other challenging matters for the future of EU digital cryptoasset regulations, foreseeably duplicated for MiFID 2 and MiCA markets.

Economic substantial problems were also treated by some of the speakers, in crucial matters as tokenomics, bitcoin, cryptocurrencies, ICO/STOs, CBDCs or industry DLT network practice.

The expertise of INATBA speakers and public and private financial-market representatives (including the President of Spain’s securities markets authority, CNMV) boosts the value of this Conference, particularly those from INATBA (International Association for Trusted Blockchain Applications), leading NGO present at the regulatory DeFi-pack processus) who have significantly influenced in the amendments of the MiCA regulation, some of them prepared by Prof. Ibáñez and other Keynote speakers at the INATBA MiCA Task Force.

Foreword, Javier Ibáñez

Opening session of the I World Token Conference, Mariano Ventosa

The future of investment tokens: battle lines are drawn, Siän Jones

MiCA Regulation: legal matters still pending, Javier Ibáñez

I. Foreword

II. Specific legal matters still pending or difficult to cope with for the MiCA regulator, in accordance with the September of 2020 published text

III. Common legal problems still unsolved at both sides of the Atlantic Ocean in cryptoasset regulation

IV. Other relevant issues brought to MiCA Regulation beyond the scope of traditional security markets or exchanges for the trading of quoted instruments

Short-term horizon for DLT public-permissioned networks in Europe, Jesús Ruiz

I. Introduction

II. The role of public-permissioned DLT networks

III. Towards trusted DLT and tokens for the common good

What does the MiCA regulation offer in terms of privacy?, Jörn Erbguth

I. Definition of distributed ledger technology (Art. 3.1.1)

II. Privacy coins

III. Decentralized finance

IV. Publication requirement

V. Publication of decisions and penalties

VI. Assets in exchange for personal data are not considered to be free

VII. Conclusion

Token taxonomy in MiCA Proposal and data protection issues, Xavier Foz and Teresa Pereyra

I. Token taxonomy in MICA Proposal

II. Data protection issues and MICA proposal

Applicability of US money transmission regulation to tokens, Adam Fleisher

I. Introduction

II. U.S. State Money Transmission Licensing

III. U.S. State Standalone Virtual Currency Licensing

IV. US Federal Bank Secrecy Act

V. Conclusion

Presentación del libro “Tokens-valor (Security tokens). Régimen de los criptoactivos negociables y sus mercados (MiCAs)” Reus ed., Madrid (2021), Carmen Alonso Ledesma

La regulación jurídica de la inteligencia artificial, Moisés Barrio

I. Introducción

II. Concepto de inteligencia artificial

III. Modalidades

IV. Algunos problemas jurídicos de la IA

V. Iniciativas de la Unión Europea sobre la inteligencia artificial

VI. El Libro Blanco de la Comisión Europea sobre Inteligencia Artificial

VII. La Propuesta de Reglamento del Parlamento Europeo y del Consejo por el que se establecen normas armonizadas sobre inteligencia artificial (Ley de Inteligencia Artificial) y se modifican otros actos legislativos de la Unión

VIII. Propuestas del Parlamento Europeo

IX. Iniciativas de los Estados miembros

X. España

XI. A modo de conclusión

Building next-generation institutional Digital Market Infrastructures (DMI), Tim Grant

I. Foreword

II. A note on SIX Digital Exchange

III. The old and the new market infrastructures

IV. Attracting global integrated institutional liquidity in SDX

V. Tokenization and the NFT movement

VI. The forthcoming SIX - SDX business model

VII. Conclusion: the future of SDX

Sustainable asset-referenced tokens: regulatory and technical aspects, Suzana Maranhâo and Javier Ibáñez

I. Introduction

II. Fungible Tokens

III. Non-Fungible Tokens (NFT)

IV. Purpose-driven Tokens

V. Some additional concerns

VI. Regulatory issues

A) United States

B) European Union (MiCA Regulation)

VII. Conclusions

Security tokens and issuer funding: legal concerns in MiCA Regulation, Ana Felícitas Muñoz

I. MICA/MIFID. EU framework for cryptoassets

I.1. The taxonomy of cryptoassets

I.1.1. Cryptoasset in relation with the Asset: Tokens that exist off the chain and native token

I.1.2. Moving on the EU framework and classification in the MICA and MIFID

I.2. Concerns: Hybrid nature of certain cryptoassets and risk of duplicity regulation

II. Issuer in the EU framework of cryptoassets

II.1. Definition of “Issuer” as “legal person” in MICA for all types of cryptoasset

II.2. The status of the offeror

2.2.1. Issuance and issuer in relation of the type of crypto-asset offered

2.2.2. Some features of the corporate governance and civil liability accordingly the issuer. Comparative table

Tokens referenciados a activos, monedas digitales de banco central y las stablecoins: naturaleza y riesgos regulatorios a la luz de la propuesta de Reglamento europeo (ARTs, CBDCs and stablecoins: nature and regulatory risks), Pablo Sanz Bayón

Asset tokenization: challenges, benefits and guidelines, Luis Martínez

I. Introduction

II. Asset tokenization

III. Benefits and challenges of asset tokenization

III.1. Benefits

III.2. Challenges

IV. How to succeed in tokenizing assets

V. Conclusions

VI. References

The Olive Oil Token Market, Antonio Partal

I. Introduction

II. Benefits derived from the implementation of an olive-oil token market in DLT permissioned networks

Token business models and the financing with venture capital, Matthias Fischer

I. Introduction

II. Worldwide developments for venture capital financing and the Blockchain start-up landscape

III. The median time between two successive financing rounds for Blockchain and Cryptocurrency fintechs

IV. Patterns in funding size of successive financing rounds

V. Comparison between financing rounds A and B

VI. Conclusion

Crypto-regulation, does MiCA mean investor protection or restriction?, Ricardo Palomo

La circulación jurídica y sus señales.  De la traditio a la blockchain, Carlos de Cores Helguera

I. Introducción

II. Mirar el problema desde la teoría

III. La traditio como señal de circulación jurídica y su evolución

IV. La tecnología blockchain como una nueva etapa histórica para la circulación jurídica

V. Conclusiones

Chairman’s closing speech, Rodrigo Buenaventura

I. Preliminary words

II. Innovation hub and Sandbox

III. Cryptoassets and their advertising

IV. DLT technology as a positive disruption and market efficiency benefits

Announcement of Alastria Conference: “Circulación de criptoactivos: protección del inversor y responsabilidad”, Alberto J. Tapia Hermida

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  Suzana Maranhão Moreno

  Associate Rapporteur of ITU-T DLT Standardization Group Vicepresident, ITU-T FG liaison / BNDES (Brazil)
  

  I love using IT, math and business concepts to solve business problems and innovate. I am now especially motivated to work with Blockchain and Web 3.0.

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  Moisés Barrio Andrés

  Letrado del Consejo de Estado. Doctor en Derecho. Abogado
  

  Moisés Barrio Andrés es Letrado del Consejo de Estado, Doctor en Derecho por la Universidad Carlos III de Madrid, ha realizado estudios de postgrado en la Universidad de Harvard y es Licenciado en Derecho por ...

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  Adam Fleisher

  Special Counsel at Cooley (United States)
  
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  Xavier Foz Giralt

  Socio en Roca Junyent Attorneys
  

  Es socio del despacho de abogados Roca Junyent. Licenciado en Derecho por la Universidad Pompeu Fabra y máster en Corporate Finance & Law por ESADE. Es profesor del Máster Universitario en Abogacía de la Universidad ...

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  Alberto Javier Tapia Hermida

  Catedrático de Derecho Mercantil en la Universidad Complutense de Madrid
  

  El autor es Catedrático de Derecho Mercantil en la Universidad Complutense de Madrid, abogado en ejercicio y ex letrado de la Comisión Nacional del Mercado de Valores. Está especializado en regulación de los mercados financieros, ...

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  Jesús Ruiz Martínez

  Consorcio Red Alastria Board Member and Chief Technology Officer
  
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  Carlos de Cores Helguera

  Profesor Titular de Derecho Civil en la Universidad Católica de Uruguay
  

  Carlos de Cores recibe el título de Doctor en Derecho y Ciencias Sociales, por la Universidad de la República, en el año 1977. Es integrante del Estudio de Derecho Privado Profesor Jorge Gamarra. Es abogado ...

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  Siän Jones

  MiCA Task Force, EU Commission DFP, International Association for Trusted Blockchain Applications (INATBA), Senior Partner at XReg Consulting
  
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  Matthias Fischer

  Professor of Finance and Banking Faculty of Business Administration Nuremberg Institute of Technology Georg Simon Ohm, Germany
  
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  Luis Martínez López

  Head of the Center of Advanced Studies in Information and Communication Technologies (CEATIC) University of Jaén
  
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  Ana Felícitas Muñoz-Pérez

  Profesora titular en la Universidad Rey Juan Carlos
  
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  Tim Grant

  Head of Business Six Digital Exchange, Zürich (Switzerland)
  
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  Carmen Alonso Ledesma

  Catedrática emérita de Derecho mercantil
  

  Carmen Alonso Ledesma (Madrid, 25 de septiembre de 1944) es una catedrática de Derecho Mercantil española. Desde 2011 ocupa el cargo de consejera en el Banco de España.? En 2017 renovó por un segundo mandato ...

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  Teresa Pereyra

  Roca Junyent Attorneys
  
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  Jörn Erbguth

  Head of Tech Insights of Geneva Macro Labs (Suiza)
  

  Lecturer at Université de Genève, Geneva School of Diplomacy, University of Lucerne and University of St. Gallen.

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  Rodrigo Buenaventura Canino

  Presidente de la Comisión Nacional del Mercado de Valores (CNMV)
  
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  Javier Wenceslao Ibáñez Jiménez

  Cofundador en Alastria Blockchain Ecosystem y profesor de Derecho mercantil en la Universidad Pontificia Comillas
  

  Javier Ibáñez Jiménez es Profesor ordinario de Derecho mercantil en la Universidad Pontificia Comillas, donde dirige el Observatorio Jurídico FinTech (Blockchain Lab) y codirige la Cátedra Garrigues de Modernización del Derecho de Sociedades. Cofundador y ...

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  Ricardo Palomo Zurdo

  Decano de la facultad de Ciencias Económicas y Empresariales de la Universidad CEU San Pablo
  

  Catedrático Economía Financiera en @USPCEU . Decano Facultad de CC. Económicas. Vicepresidente de Fundación para Innovación Financiera y Economía Digital (FIFED)

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  Mariano Ventosa Rodríguez

  Vicerrector de Investigación e Internacionalización en Universidad Pontificia Comillas ICAI-ICADE
  

  Mariano Ventosa Rodríguez nació en Madrid, España, el año 1967. Obtuvo el título de Ingeniero Técnico Industrial en 1989 en la especialidad Eléctrica y el título de Ingeniero Superior Industrial en 1993 en la especialidad ...

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  Antonio Partal Ureña

  Profesor titular de Universidad del Departamento de Economía Financiera y Contabilidad de la Universidad de Jaén
  
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  Pablo Sanz Bayón

  Profesor colaborador asistente de Derecho mercantil en la Universidad Pontificia Comillas (ICAI – ICADE – CIHS)
  

  Pablo Sanz Bayón es profesor de Derecho mercantil en la Facultad de Derecho de la Universidad Pontificia Comillas de Madrid (ICADE). Sus líneas de investigación se centran en el derecho de sociedades, en el análisis ...