First Stage of Introducing the Concept of Digital Asset into the International Legal Field

Today, progressive and rapid development of the world is closely connected with the development and implementation of new blockchain-based products. Various types of digital obligations emerge increasingly. Their functioning is based on Blockchain, in particular, functioning of tokens and crypto currencies, whose variety of forms is massively chaotic (non-systemic) in nature.

Moreover, all types of tokens have their own set of properties, so they have limited capabilities and, based on their purpose and nature, perform different functions. Thus, creators of some crypto currencies and tokens began to call them “digital assets”. However, there is still no legal or scientific substantiation as various crypto instruments have not been differentiated yet. At the same time, their differentiation should take place in the legal field and should be carried out by experts in the area of digital economy.

Within the framework of official cooperation with the National Academy of Legal Sciences of Ukraine, Simcord has initiated development of the concept of Digital Asset and its introduction into the international legal field in order to specify the criteria and properties, which should be considered to define a particular crypto instrument as a Digital Asset or a crypto currency.