Digital assets have come to play a relevant role in the contemporary digital economy. Many of them are the focus of highly voluminous markets. Others provide the basis for business models whose novelty often rests on newly created digital assets. Presently, technology enables the creation of records, documents or assets in digital form that can be held, traded and used as rival digital non-tangible goods in a wide range of businesses. Such developments have raised several challenges for legal rules, including the need to build a framework for ownership and other proprietary rights concerning these assets. With this in mind, the notion of control has become the main element characterizing digital assets from a legal perspective. After evolving for over two decades, the notion of control, in its latest formulations, embodies all the essential defining elements of digital assets that enable them to be treated as movable property. This includes clarifying how they can be legally held and traded. The work presented focuses on unpacking the features of digital assets as indicated in the control requirements of Unidroit's Principles on Digital Assets and Private Law.

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Definition and Holdership of Digital Assets after Two and a Half Decades of Evolution of the Notion of Control

  • Manuel Alba Fernández

摘要

Digital assets have come to play a relevant role in the contemporary digital economy. Many of them are the focus of highly voluminous markets. Others provide the basis for business models whose novelty often rests on newly created digital assets. Presently, technology enables the creation of records, documents or assets in digital form that can be held, traded and used as rival digital non-tangible goods in a wide range of businesses. Such developments have raised several challenges for legal rules, including the need to build a framework for ownership and other proprietary rights concerning these assets. With this in mind, the notion of control has become the main element characterizing digital assets from a legal perspective. After evolving for over two decades, the notion of control, in its latest formulations, embodies all the essential defining elements of digital assets that enable them to be treated as movable property. This includes clarifying how they can be legally held and traded. The work presented focuses on unpacking the features of digital assets as indicated in the control requirements of Unidroit's Principles on Digital Assets and Private Law.