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Collected Papers of the Faculty of Law of the University of Rijeka / Raccolta di scritti della Facoltà di giurisprudenza dell'Università di Rijeka / Gesammelte Schriften der Rechtswissen, Vol. 42 No. 2, 2021.

Preliminary communication

https://doi.org/10.30925/zpfsr.42.2.4

BLOCKCHAIN TECHNOLOGY - TOWARDS A NEW REGULATORY FRAMEWORK FOR TOKENIZED SECURITIES

Edita Čulinović-Herc orcid id orcid.org/0000-0002-6177-8057 ; University of Rijeka, Faculty of Law, Rijeka, Croatia
Antonija Zubović orcid id orcid.org/0000-0001-8238-3495 ; University of Rijeka, Faculty of Law, Rijeka, Croatia
Morana Derenčinović Ruk ; Croatian Financial Services Supervisory Agency, Zagreb, Croatia

Full text: croatian pdf 282 Kb

page 323-341

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Abstract

Blockchain technology, as a representative of distributed ledger technology is particularly suitable for storing and managing databases, including those relating to intangible securities, which are kept at the central depository of intangible securities. The paper fi rst presents components of legal regulation of intangible securities in Croatian law according to the Capital Market Act and its respective bye-laws.
The peculiarities of blockchain technology as well as regulatory challenges and approaches for tokenized securities are then elaborated. Following the analysis of legal characteristics of tokenised securities and their comparison with the notion of transferable securities as defi ned in EU capital market law, in conclusion authors propose a regulatory approach for tokenized securities in Croatian law.

Keywords

blockchain; distributed ledger technology; intangible securities; Capital Markets Act; tokenized securities; EU law

Hrčak ID:

262836

URI

https://hrcak.srce.hr/262836

Publication date:

25.9.2021.

Article data in other languages: croatian

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