Pravna narava digitalnih žetonov

Klemenčič, Nina (author), Dugar, Gregor (mentor)

»Valuta... je natanko taka kot religija. V celoti temelji na veri.« To še posebej velja za kriptovalute, saj niso podprte s strani nobene vlade, korporacije ali blaga (kot je zlato). Njihova vrednost niha glede na vrednost drugih valut in digitalne žetone se lahko porabi kjer koli jih je trgovec pripravljen sprejeti. Kriptovaluta je kriptografsko zaščitena, decentralizirana digitalna valuta, ki se uporablja kot sredstvo izmenjave. Povsod, kjer pritekajo velike vsote denarja, zagotovo sledijo pravne posledice. Pomanjkanje vladnega nadzora pomeni pomanjkanje zaščitnih ukrepov za potrošnike. Neposredna ureditev kriptovalut je zaradi njihove inovativne arhitekture nepraktična. Čeprav obstajajo številni pomisleki in zadržki glede uporabe virtualnih valut, bi bila popolna prepoved njihove uporabe nerazumen in neučinkovit odziv. Vsa hitro razvijajoča se tehnologija je velik izziv za vlade in regulativne organe. Ker je narava zakonodaje še vedno počasna, se do trenutka, ko oblikovalci politike končajo razprave, pripravijo, preoblikujejo in sprejmejo zakon, ta pogosto spopada z zastarelo različico tehnologije. V času, ko je več kriptovalut in projektov, ki temeljijo na blockchainu, padlo v krizno stanje, je bolj kot kdaj koli prej potrebno razmisliti o širših družbenih in pravnih izzivih osnovne tehnologije. Magistrsko diplomsko delo obravnava posebnosti in pravno naravo digitalnih žetonov. Raziskuje regulativne okvire in izpostavlja zanimive odločitve različnih jurisdikcij, kako regulatorji te žetone razvrščajo z željo po uravnoteženju zaščite vlagateljev in spodbujanja inovatorjev in podjetnikov. Pravni znanstveniki še niso dosegli soglasja glede narave in pravnega statusa kriptovalute. Ta ima tako naravo obveznosti kot tudi lastninske pravice, saj je lahko tako plačilno sredstvo kot tudi blago. Obstaja mednarodna kriptovalutna skupnost brez enotnega koordinacijskega centra. Le progresivna jurisdikcija in ureditev bo omogočila ustvarjanje pogojev, ki bodo zagotavljali izvajanje legitimnih in varnih kriptovalutnih odnosov.

• Language: Slovenian
• Keywords: Digitalni žetoni, pravna narava, kriptovalute, digitalne valute, tehnologija porazdeljene knjige, blockchain, virtualne valute, elektronski denar, vrednostni papir, primarna izdaja žetonov.
• Work type: Master's thesis/paper
• Organization: PF - Faculty of Law
• Year: 2019
• PID: 20.500.12556/RUL-126683
• COBISS.SI-ID: 24224771
• Publication date in RUL: 04.05.2021

Secondary language

• Language: English
• Title: The legal nature of digital tokens

Abstract

»Currency ... is exactly like religion. It is entirely based on faith.« That is especially true for cryptocurrencies as they are not backed by any government, corporation or commodities (such as gold). Their value fluctuates relatively to the value of other currencies and digital tokens can be consumed wherever the merchant is willing to accept them. Cryptocurrency is a cryptographically protected, decentralized digital currency used as a medium of exchange. Wherever large sums of money flow in, legal consequences certainly follow. Lack of government control means a lack of safeguards for consumers. The direct regulation of cryptocurrencies is impractical because of their innovative architecture. Although there are many concerns and reservations about the use of virtual currencies, a total ban on their use would be an unreasonable and ineffective response. All rapidly evolving technology is a major challenge for governments and regulators. As the nature of the legislation is still slow, by the time policy makers finish debating, drafting, reforming and passing the law, it often faces an outdated version of technology. At a time when more cryptocurrencies and blockchain-based projects have fallen into crisis, the wider societal and legal challenges of basic technology need to be considered more than ever. The master's thesis deals with the specifics and legal nature of digital tokens. It explores regulatory frameworks and highlights interesting decisions from different jurisdictions on how regulators classify these tokens with a desire to balance investor protection and encourage innovators and entrepreneurs. Legal scholars have yet to agree on the nature and legal status of cryptocurrency. It has both the nature of obligations and property rights, since it can be a means of payment as well as a commodity. There is an international cryptocurrency community without a single focal point. Only progressive jurisdiction and regulation will allow the creation of conditions that will ensure the implementation of legitimate and secure cryptocurrency relations.

• Keywords: Digital tokens, legal nature, cryptocurrencies, digital currencies, Distributed Ledger Technology, blockchain, virtual currencies, electronic money, security, Initial Coin Offering.