IMF Working Papers

Digital Tokens: A Legal Perspective

ByJosé M. Garrido

July 28, 2023

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Format: Chicago

José M. Garrido "Digital Tokens: A Legal Perspective", IMF Working Papers 2023, 151 (2023), accessed 12/6/2025, https://doi.org/10.5089/9798400250149.001

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Disclaimer: IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.

Summary

Tokens are units digitally represented in a distributed ledger or blockchain. The various uses of this technology have the potential to transform a wide array of economic activities, from traditional commercial transactions to sophisticated financial undertakings. This paper explores the similarities and differences of tokens with traditional legal instruments in commercial law and how tokens could offer superior solutions, provided that proper legal foundations are established for their operation, including aspects of the law of securities and consumer protection law.

Subject: Blockchain and DLT, Financial institutions, Financial regulation and supervision, Securities, Securities regulation, Smart contracts, Technology, Virtual currencies

Keywords: aspects of the law of securities, Blockchain and DLT, Commercial Law, Consumer Protection, del Mercado de Valores, digital signature, Fintech, Global, non-fungible token, Securities, Securities Law, Securities regulation, Smart contracts, token offering, token taxonomy, Tokens, Virtual currencies

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