Este libro fue traducido del alemán al español por medio de la inteligencia artificial (traducción automática). This book was translated from German into Spanish by means of artificial intelligence (machine translation). This academic paper deals with both civil (securities) law and regulatory (securities) law aspects. Thus, a summary of the property law is provided, which deals with the classification of tokens under Liechtenstein law. Furthermore, dematerialized securities, which have been known to the Liechtenstein legal system for almost 100 years, will be dis-cussed. The civil and corporate law focus is on Liechtenstein, while the Swiss corporate law and the general civil law of Austrian law are also taken into account. The supervisory part of the work is clearly in the focus of Union law, but also takes into account national specialties of Liechtenstein, Austria and Germany in addition to European legal acts. Thus, tokens and token-based business models are also examined in the light of European legal acts such as MiFIR, MiFID II, CRR, CRD IV, CSDR, EMIR, AIFMD, UCITSD, E-Money Directive II, PSD II, MAD/MAR, Prospectus Regulation, 5th AML Directive and other regulations, directives, as well as implementing regulations and delegated regulations. A special focus is placed on crypto exchanges and decentralized trading places (DEX). In addition, a focus will be placed on consumer law in terms of tokens and distance selling contracts, taking into account the Consumer Rights Directives. In this context, tokens as data or software and thus as digital content and consequently merchandise are also dealt with in more detail and the parallels to tokens as tokens with intrinsic value or virtual currencies in contrast to fiat money are shown. Furthermore, the author aims at explaining deposit business, e-money transactions and financial instruments as communicating vessels in contrast to virtual currencies. Although this is primarily a legal work, technical aspects of Distributed Ledger Technologies, such as the blockchain, smart contracts, agoric computing, self-sovereign identity, etc. - as far as this is necessary for the legal assessment - are also explained in more detail. The present discussion is to be understood as scientific work with practical relevance for advice in connection with blockchain based business models.
Dr. Josef Bergt is an expert on "New Economy Law" and as such is specialized in the fields of European and Liechtenstein Corporate, Banking and Financial Markets Law and has a comprehensive expertise in connection with the regulatory framework of capital markets, in particular regarding Distributed Ledger Technology (DLT), as well as its variations such as Blockchain, Directed Acyclic Graphs (DAG), Hashgraph, Holochain, etc., including Token Sales and Offerings such as Initial Coin Offerings, Token Generating Events and Security Token Offerings (ICO/TGE/STO). Josef Bergt also has extensive knowledge on the formation and licensing of regulated financial institutions and financial intermediaries as well as with the preparation of securities prospectuses and the approval procedure by the relevant regulatory authorities. In addition, he has experience in litigation in civil and commercial law. He also has in-depth knowledge of data protection and intellectual property rights. With regards to academia Josef Bergt wrote his doctoral thesis dealing with Liechtenstein corporate law at the Private University of the Principality of Liechtenstein (UFL). Furthermore, Josef Bergt visited the LLM programme for Corporate, Foundation and Trust Law and the LLM programme for Banking and Finance at the University of Liechtenstein. Josef Bergt was part of the team providing policy recommendations for an EU Token Regulation Paper through thinkBLOCKtank asbl and in that regard also participated in the public consultation for an EU framework for markets in crypto-assets. Josef Bergt is also a supporter of the Liechtenstein blockchain scene and the Liechtenstein Blockchain Act (Token and Trusted Technologies Service Providers Act, TTTA; Gesetz über Token und vertrauenswürdige Technologie-Dienstleister, TVTG).
Bergt
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Weitere Infos & Material
Lista de abreviaturas
| ibid. | en el lugar declarado/especificado |
| OJ C | Diario Oficial de la Unión Europea (avisos y anuncios) |
| OJ L | Diario Oficial de la Unión Europea (legislación) |
| TFEU | Tratado sobre el funcionamiento de la Unión Europea |
| AIFMD | Directiva de Gestores de Fondos de Inversión Alternativa 2011/61/UE |
| API | Interfaz de programación de aplicaciones |
| ATS | sistema comercial alternativo |
| BankG | Ley de Banca (Liechtenstein) |
| BuA | Informe y solicitud del Gobierno al Parlamento del Principado de Liechtenstein |
| BWG | Ley de Banca (Austria) |
| CCP | Contraparte central (cámara de compensación) |
| CFD | contrato por diferencia |
| CRD | Directiva sobre requisitos de capital (CRD IV, 2013/36/UE; CRD III, 2006/48/EC) |
| CRR | Reglamento sobre requisitos de capital EU/575/2013 |
| CSDR | Reglamento sobre depósitos centrales de valores EU/909/2014 |
| DAO | Organización autónoma descentralizada |
| Reglamento Del | Reglamento delegado |
| DEX | intercambio descentralizado |
| DGSD | Directiva sobre sistemas de garantía de depósitos 2014/49/UE |
| DLT | Tecnología Ledger distribuida |
| DVO | Reglamento de aplicación |
| EAG | Ley de protección de los depósitos y de indemnización de los inversores (Liechtenstein) |
| EBA | Autoridad Bancaria Europea |
| por ejemplo | ejemplo gratuito |
| EGG | Ley sobre el dinero electrónico (Liechtenstein) |
| ELI | Identificador de la legislación europea |
| EMD / Directiva de dinero electrónico | Directiva sobre el dinero electrónico / Directiva sobre el dinero electrónico (Directiva sobre el dinero electrónico II, 2009/110/CE; Directiva sobre el dinero electrónico I, 2000/46/CE) |
| EMIR | Reglamento sobre la infraestructura del mercado europeo EU/648/2012 |
| ESMA | Autoridad Europea de Valores y Mercados |
| etc... | etcétera perge, perge |
| BCE | Banco Central Europeo |
| FAGG | Ley sobre la distancia y el comercio exterior (Liechtenstein) |
| FCA | Autoridad de Conducta Financiera (Reino Unido) |
| FernFinG | Ley de servicios financieros a distancia (Liechtenstein) |
| ff / et seqq | Continuando / et sequentes |
| FINMA | Autoridad Suiza de Supervisión de los Mercados Financieros (CH) |
| BaFin | Instituto Federal de |
| Supervisión de servicios financieros |
| FMA | Autoridad del mercado financiero (Liechtenstein o Austria) |
| FMAG | Ley de supervisión de los mercados financieros (Liechtenstein; enmendada por la BuA 2019/93 y la LGBl 2019.303) |
| GewG | Ley de comercio (Liechtenstein; enmendada por la BuA 2019/93 y LGBl 2019.305) |
| GRC | Carta de Derechos Fundamentales |
| GW-RL | Directiva sobre el blanqueo de capitales (5ª Directiva sobre el blanqueo de capitales, 2018/843; 4ª Directiva sobre el blanqueo de capitales, 2015/849) |
| Ibídem / ibídem | Ibidem / ibidem |
| IDD | Directiva de distribución de seguros EU/2016/97 |
| ITS | Aplicación de normas técnicas |
| IUG | Ley de empresas de inversión (Liechtenstein) |
| JCD (EEA) | Decisión del Comité Mixto (Decisión del Comité Mixto del EEE) |
| Cláusula Directiva | Cláusula Directiva 93/13/CEE |
| KMG | Ley del mercado de capitales (Austria) |
| KSchG | Ley de protección del consumidor (Liechtenstein) |
| KWG | Ley de Banca (Alemania) |
| LES | Colección de decisiones de Liechtenstein |
| LGBl | Boletín de Derecho Nacional (Liechtenstein) |
| LJZ | Diario de los abogados de Liechtenstein |
| MAD | Directiva sobre el abuso del mercado 2014/57/UE |
| MAR / MMVO | Reglamento sobre el abuso del mercado EU/596/2014 |
| MiFID | Directiva sobre los mercados de instrumentos financieros (MiFID II, 2014/65/UE; MiFID I, 2004/39/EG) |
| MiFIR | Reglamento de los mercados de instrumentos financieros EU/600/2014 |
| MTF | El Mecanismo de Comercio Multilateral |
| mwN | con pruebas adicionales |
| NCA / NSA | Autoridad nacional competente / Autoridad nacional de supervisión |
| NFC | Contraparte no financiera |
| O | Código de Obligaciones (CH) |
| OSI | Modelo de interconexión de sistemas abiertos |
| OTC | En el mostrador (fuera de la bolsa) |
| OTF | El Servicio de Comercio Organizado |
| PERG | El manual de orientación del perímetro |
| PGR | Ley sobre personas y empresas (Liechtenstein; (enmendada por la BuA 2019/93 y LGBl 2019.304) |
| PoS/PoW | prueba de trabajo / prueba de admisión |
| Reglamento del folleto | Reglamento sobre el prospecto EU/2017/1129 |
| PSD | Directiva sobre servicios de pago (PSD II, EU/2015/2366; PSD I, 2007/64/EC) |
| RTS | Normas técnicas de reglamentación |
| Rz | Número de margen/número de margen |
| SI | Internalizador sistemático |
| Solvencia II | Directiva Solvencia II 2009/138/CE |
| SPG | Ley de diligencia debida (Liechtenstein; (enmendada BuA 2019/93 y LGBl 2019.302) |
| SPV / SSPV | Securitización de Vehículos con Fines Especiales Vehículos con Fines Especiales |
| SR | Derecho de propiedad (Liechtenstein) |
| SSI | Identidad Autosoberana |
| REGLAMENTO SSM | Reglamento del Mecanismo Único de Supervisión EU/1024/2013 |
| Puente | Derecho fiscal (Liechtenstein) |
| StGH | Tribunal de Justicia del Estado (Liechtenstein) |
| STSR | Regulación simple, transparente y estandarizada o regulación de la securitización o regulación de la securitización o regulación de la securitización... |
