CRYTOASSET, DEFI REGULATION AND DLT

Presentation, Javier Ibáñez Jiménez Banks and crypto-asset service providers between financial and data protection regulations, Jörn Erbguth I. Introduction II. On-chain transaction data III. Controller of the on-chain data IV. Possible Justifications V. Unwanted token transfers VI. Conclusion The (not only) social impact of the eIDAS 2.0 digital identity approach in Germany and Europe, Steffen Schwalm I. Introduction and current status of digital identities in Germany and Europe II. Core changes in proposal of eIDAS 2.0 II.1. Overview II.2. Main changes on electronic identification and European Digital Identity Wallet II.3. Main changes regarding (qualified) trust services and trust service providers III. Possible impacts of eIDAS 2.0 III.1. Chances and risks of eIDAS 2.0 III.2. Trustworthy decentralization with eIDAS 2 IV. Outlook V. Bibliography Metaverse Tokenized Economy: Key Reflections, Ricardo Palomo I. Introduction II. Metaverse: A new world for the new metaeconomy III. Tokenization in a dual economic system? IV. Conclusions V. References Entrepreneurs and enterprise in the metaverse: Legal challenges of the metaverse economy, Antonio Serrano Acitores I. Introduction II. The metaverse economy II.1. Historical background II.2. The new digital economy: from the data economy to the metaverse economy            III. Conceptualising the metaverse IV. Characteristics of the metaverse V. Activities to be developed in the metaverse VI. Legal challenges of the metaverse economy VI.1. The big questions VI.2. Main legal risks of the metaverse VII. Conclusions VIII. Bibliography DLT governance and accountability in the value chain: The issuance of governance tokens, María del Sagrario Navarro Lérida I. Foreword II. How does the blockchain understand the firm as a network? III. Value chain in a decentralized reality: DAOS and tokenization IV. References “Token governance in DAOs”, Ana Felícitas Muñoz Pérez I. General overview I.1. General definition of DAO I.2. A general approach of certain features and legal issues of DAOs I.3. Legal wrapper as a tool of personification and risk of token recharacterization I.4. DAOS: movement towards greater private ordering or towards the “Commons”? II. Participation in DAOs II.1. Tokens as means and “title” of participation II.2. Content of governance tokens III. The process of foundation and Governance tokens distribution IV. Government IV.1. Government on the chain and off the chain IV.2. Issues of governance IV.3. Issues to the nature of the means of participation V. Conclusion DLT governance and EU investment token supervision policy issues, Javier Ibáñez Jiménez I. Introduction to DLT network governance I.1. Definition of DLT network governance according to international standards I.2. Inner and outer blockchain network governance matters I.3. Latest developments: inner/outer linkage enhancement and diversification II. The position of internal and external governance in the architecture of DLT blockchain networks and its relevance for the blockchain ecosystem II.1. Theoretical location of governance in the layers of the blockchain architecture: a synthetical approach according to telecommunication global standards II.2. Relevance of the explained position for the structure of a blockchain ecosystem III. Investment tokens in a blockchain ecosystem III.1. Tokens and investment tokens: notion and boundaries III.2. Significance of token trading for a blockchain permissioned ecosystem III.3. The need of investment token supervision for a proper trusted blockchain network development: trusted trading applications IV. A simplified introductory approach to key MiCA Supervision issues IV.1. Supervision principles IV.2. Some token-supervision rules: ART / EMT asset reserve control; market abuse V. Specific questions posed by NFT supervision V.1. The 2021 amendments and the MiCA coverage of the bulk of the NFTs V.2. The key features of a traded token: number and market (ESMA objective approach) vs issuer and investor purpose (SEC subjective approach) VI. MiCA regulatory policy assessment: the monetary policy and market stability EU regulatory design bias VII. The IOSCO balanced global perspective for investment and market protection VIII. Conclusion The blockchain and token startup capital financing landscape, Matthias Fischer From wallets to universal access device?, Rosa Giovanna Barresi & Filippo Zatti I. Introduction II. ‘Transactions' in the digital space III. Offline transaction execution: searching for a device with the required features IV. UAD: Risk or opportunity? IV.1. A different model for innovation IV.2. The RasPi and the ‘DEVELOPER' toolchain IV.3. Improving by experiment V. Criteria governing an offline transaction V.1. Definitions V.2. Rules VI. Possible attacks against an offline transaction protocol: Bellum omnium contra omnes VII. Our approach VII.1. Offline transaction as a fair Two-Party Computation VII.2. Secure processors VII.3. Transactions privacy in an international dimension VIII. Conclusions Civil liability of token issuers, Carlos de Cores Helguera I. Introduction II. European regulation on virtual assets III. Civil liability of the issuers of virtual assets. Introduction III.1 Liability arising from noncompliance of information duties III.1.1. Regulation insights III.1.2. The nature of issuers' civil liability deriving from noncompliance of information duties III.2 Liability arising from other sources Towards the New EU Token Economy, Joachim Schwerin I. Flashback to Autumn 2008: Sunset of an Old Era, Sunrise of a New One II. Tokenisation opportunities in finance III. Industry processes and value chains IV. A new approach for Digital Self-Governance: the token economy V. Where are we? Decentralisation continues VI. We are in a critical juncture Annex TOKEN WORLD CONFERENCE 2022 AGENDA Presentation: Suzana Maranhão and Jean-Marc Seigneur

The evolution of the MiCA Regulation and other key laws of the EU Digital Finance Strategy, the nature of NFT tokenisation and trading, the tokenomics of the metaverse, and relevant token data protection issues, are encompassed in this volume, edited to publish the contents of the II Token World Conference proceedings. . 2022 was the second year in which a Token World Conference took place as a result of a joint initiative of the Alastria Blockchain Ecosystem -Alastria Networks Consortium- / Comillas University -FinTech Observatory-/ URJC - DYDEM that has successfully brought together the visions and experiences of world-leading experts in DLT legal issues, within the fields of DeFi regulation, MiCA investment services, crypto-asset exchanges, CBDCs and DAO governance, amongst others. . No doubt the reader will find herein fundamental and inspiring ideas to be set in legal and financial practice for the future of tokenization and token markets. . As we could hear within the closing speech of the Conference from Joachim Schwering, Principal Economist at the EU Commission (EC) and promoter of the Tokenise Europe 2025 initiative spearheaded by German Banking Association and the EC, the potential of asset tokenisation and metaverse to strengthen entrepreneurial competitiveness —mainly of startups— should be prioritized viewing the 2030 horizon, to bring long-term financial stability, economic resilience and security in the context of the forthcoming DeFi/MiCA scenario. A huge challenge requiring digital skills from policymakers and regulators, like data literacy, problem-solving with digital tools, public-private co-learning in sandboxes and digital hub enhanced development.