Tokenisation

Legal dogmatics and policy between "code" and "law

 

Aim of the project

The legally secure linking of assets with blockchaintokens (tokenisation) is a central field of innovation and application of blockchain technology. In this way, a security can be created in a functional sense that does not require the classic paper document. Tokenisation is particularly important in the area of financial markets, as a significantly expanded group of assets can become marketable and tradable as a result; at the same time, visible efficiency advantages could be gained through the elimination of intermediaries and further process automation.

With the introduction of electronic securities through the eWpG, the German legislator took a first step towards in rem tokenisation in 2021, which also regulates crypto securities. The relationship between crypto securities under the eWpG and the crypto securities and crypto custody business defined shortly beforehand in the German Banking Act has hardly been clarified yet. It is also currently unresolved which law governs tokenisation transactions (so-called private international law), whether tokenised rights can be enforced, whether blockchain tokens can be the subject of an insolvency estate, how they can be realised by insolvency administrators if necessary, and what rank creditors can have in tokenised rights.

Project group

The project group is composed of Prof. Dr. Sebastian Omlor, LL.M. (NYU), LL.M. Eur., Prof. Dr. Florian Möslein, LL.M. (London), both Philipps-Universität Marburg, Prof. Dr. Julia Lübke, LL.M. (Harvard), EBS Universität, Prof. Dr. Nils Urbach, Frankfurt University and RiOLG Prof. Dr. Dominik Skauradszun, LL.M., Hochschule Fulda. The project group is associated with Prof. Dr Barbara Brandl and Dr Carola Westermeier, both Goethe University Frankfurt. Prof. Skauradszun works on the topic of "Private International Law, Enforcement and Insolvency Law".

Third-party sponsor and framework data

The project is funded by the Centre for Responsible Digitalisation (ZEVEDI) and includes several positions for research assistants. In Q1 2023, a workshop was offered that focused on tokenisation in civil and enforcement law. In Quarter 2 in 2023, the workshop focused on tokenisation in corporate law. The third workshop in Quarter 3 in 2023 will look at tokenisation in banking and financial markets law. A final publication will be prepared in Quarter 4. Details here.

  • Dominik Skauradszun, "Durchbruch bei der Pfändung und Verwertung von Kryptowten nach § 857 Abs. 1 und 5 ZPO, § 1 Abs. 11 S. 4 KWG n. F." in: Zeitschrift für Wirtschafts- und Bankrecht - Wertpapier-Mitteilungen(WM) 2020, p. 1229-1236
  • Dominik Skauradszun, "Kryptowerte im Bürgerlichen Recht" in: Archiv für die civilistische Praxis(AcP) 221 (2021), pp. 353-398
  • Dominik Skauradszun, "Kryptowerte im Insolvenzverfahren des Anlegers oder Emittenten" in: Zeitschrift für Wirtschaftsrecht(ZIP) 2021, pp. 2610-2617
  • Dominik Skauradszun, "The Private International Law of Crypto Securities, Electronic Securities and Crypto Securities" in: Zeitschrift für die gesamte Privatrechtswissenschaft(ZfPW) 2022, pp. 56-80
  • Dominik Skauradszun, "Kryptowerte im Bürgerlichen Recht, Internationalen Privatrecht und Bilanzrecht" in: Beck/Samm/Kokemoor, Großkommentar zum Kreditwesengesetz mit CRR, C. F. Müller, from 225th AL June 2022, 23 pp.
  • Dominik Skauradszun/Selina Maria Charlotte Schweizer/Jeremias Kümpel, "Das Kryptoverwahrgeschäft und der insolvenzrechtliche Rang der Kunden - Aussonderung oder Insolvenzquote?" in: Zeitschrift für Wirtschaftsrecht(ZIP) 2022, pp. 2101-2113
  • Dominik Skauradszun, "Elektronische Wertpapiere in der Zwangsvollstreckung" in: Zeitschrift für Zivilprozess(ZZP) 135 (2022), pp. 479-512
  • Dominik Skauradszun/Jeremias Kümpel, "Crypto Custodians in Financial Distress", in peer review, SSRN here.
  • Dominik Skauradszun, "Crypto-Assets in Enforcement and Insolvency", Fintech Regulation and the Licensing Principle (eds. Vicente/Duarte/Granadeiro), European Banking Institute, Lisbon 2023, pp. 90-106(open access).
  • Dominik Skauradszun, "Contractual Liens and Pledges on Electronic Securities", Archiv für die civilistische Praxis(AcP) 222 (2022), pp. 736-770
  • Dominik Skauradszun/Jeremias Kümpel, "Taxability of gains from the sale of various cryptocurrencies - discussion of BFH, ruling of 14.02.2023 - IX R 3/22" in: Recht Digital(RDi) 2023, p. 243-246
  • Dominik Skauradszun, "Zur Aussonderung von (gemeinschaftlich) verwahrten Kryptowten nach dem Zukunftsfinanzierungsgesetz", Recht Digital(RDi) 2023, pp. 269-273
  • Dominik Skauradszun/Leander Bücken, "Kryptowertpapiere in der Zwangsvollstreckung" in: Zeitschrift für die gesamte Privatrechtswissenschaft(ZfPW) 2023 (accepted for publication).
  • Dominik Skauradszun, "The Proper Procedure for the Enforcement of Money Claims in Digital Assets" in: Digital Assets in Enforcement and Insolvency (eds. Matthias Lehmann, Christian Koller), European Banking Institute, 17 manuscript pages, forthcoming.
  • Dominik Skauradszun, Commentary on Art. 46, 47, 55, 74 MiCA Regulation (Reorganisation Plan; Re-exchange Plan; Winding Up of Crypto Assets Service Providers), in: Maume, Markets in Crypto Assets Regulation, C. H. Beck, in preparation for autumn 2023

  • Dominik Skauradszun, "Kryptowerte im Bürgerlichen Recht", University of Bielefeld, 08.07.2020 in Bielefeld
  • Dominik Skauradszun, "Kryptowerte in der Insolvenz", German Insolvency Administrator Congress, 04.11.2021 in Berlin
  • Dominik Skauradszun, "Kryptowerte und elektronische Wertpapiere in der Insolvenz aus Verwalter-, Gläubiger- und Richtersicht", Working Group InsO, 08.03.2022 in Cologne
  • Dominik Skauradszun, "Crypto-assets in enforcement and insolvency", Research Centre for Private Law, Faculty of Law, University of Lisbon, 30.06.2022 in Lisbon/Portugal
  • Dominik Skauradszun, "The crypto custody business and the insolvency law rank of customers - separation or insolvency quota?", New Insolvency Law Association of Germany, 09.09.2022 in Berlin
  • Dominik Skauradszun, "Crypto custody business and creditor rank in insolvency - total loss or fully protected", Token World Conference, Faculty of Law, University Pontificia, 27.09.2022 online in Madrid/Spain
  • Dominik Skauradszun, "Kryptowerte im Zivilrecht, insbesondere als Einlage in Kapitalgesellschaften", 17th German Commercial and Corporate Law Day, 01.10.2022 in Berlin
  • Dominik Skauradszun, "Elektronische Wertpapiere als Kreditsicherung sowie die Zwangsvollstreckung der Sparkassen in elektronische Wertpapiere", Academy of the Savings Banks Association, 06.10.2022 in Stuttgart
  • Dominik Skauradszun, "Civil and insolvency law rights of investors in crypto securities", 19th Day of Banking and Capital Markets Law in Leipzig, 17.11.2022 online
  • Dominik Skauradszun, "Bankrupt Crypto Custodians", Faculty of Law and Social Sciences, Universidad Rey Juan Carlos, 17.11.2022 in Madrid/Spain
  • Dominik Skauradszun, "Crypto Securities in Foreclosure", ZEVEDI - Centre for Responsible Digitalisation, 19.01.2023 in Wiesbaden/Germany
  • Dominik Skauradszun, "Aussonderungsrechte der Zukunft", Munich Institute for Insolvency Law and Restructuring, SkInsO, 04.02.2023 in Brand/Austria
  • Dominik Skauradszun, "Kryptoverwahrer in der Krise - Eine rechtsökonomische Verortung im (Finanz-)Markt", University of Kassel, 07.02.2023 in Kassel
  • Dominik Skauradszun/Johannes Schröder, "Crypto-assets, crypto custodians and customers' rights in insolvency proceedings", Nottingham Trent University, Law School, 27.02.2023 online
  • Dominik Skauradszun, "The Proper Procedure for the Enforcement of Money Claims in Digital Assets", University of Vienna/European Banking Institute/European Law Institute, 04.05.2023 in Vienna/Austria
  • Dominik Skauradszun, "Corporate Financing through Crypto Securities and Financial Restructuring in the Case of Company Distress", Nottingham Trent University, Law School, Annual Conference on the Intersection between Corporate Law and Technology, 26.06.2023 online
  • Dominik Skauradszun, "Gestaltungen betreffend Kryptowertpapiere mittels Restrukturierungs- und Insolvenzplan", ZRI Annual Conference, 27.09.2023 in Cologne
  • Dominik Skauradszun/Paula Moffatt, "The Jam in the Sandwich - the EIR's Strengths and Shortcomings in a Crypto-asset Market", INSOL Europe Academic Forum, 11.10.2023 in Amsterdam/Netherlands

The subject area "Private International Law, Enforcement and Insolvency Law" is dealt with by Prof. Skauradszun. The team includes

  • Research Associate. Jeremias Kümpel, LL.B., M.Sc., doctoral candidate,
  • Research associate. Assistant Professor of Law Johannes Schröder, doctoral student
  • Research Associate. Selina Schweizer, LL.B.,
  • Research Associate Assistant Law Clara Wrede, doctoral student, and
  • Trainee lawyer Leander Bücken, doctoral student

with crypto assets as well as crypto securities and the legal issues triggered by tokenisation in civil law, enforcement law and insolvency law.

In addition to the aforementioned publications and expert lectures, Prof. Skauradszun and his team have issued statements for ministries at federal and state level and provided legal opinions for supervisory proceedings.

Ansprechperson

Prof. Hon.-Prof. Dr. Dominik Skauradszun

Civil law, civil procedure and corporate law

dominik.skauradszun(at)w.hs-fulda.de +49 661 9640-2960