{
  "title": "Digital Tokens: A Legal Perspective",
  "publication": "IMF Working Papers, July 28, 2023",
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  "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.",
  "sections": [
    {
      "heading": "Summary",
      "content": "- Tokens are units digitally represented in a distributed ledger or blockchain.\n- The paper examines how tokens compare to traditional legal instruments in commercial law.\n- It assesses how tokens could offer superior solutions if proper legal foundations are established, including aspects of the law of securities and consumer protection law."
    },
    {
      "heading": "Major findings and analysis",
      "content": "- Tokens have the potential to transform a wide array of economic activities, from traditional commercial transactions to sophisticated financial undertakings.\n- The paper explores similarities and differences between tokens and traditional legal instruments in commercial law.\n- Emphasis on the need to align token functionality with existing legal categories (for example, securities law) and consumer protection frameworks to enable reliable operation and legal certainty."
    },
    {
      "heading": "Policy implications and recommendations",
      "content": "- Establish proper legal foundations for token operation covering:\n  - aspects of the law of securities\n  - consumer protection law\n- Legal and regulatory clarity is implied as a precondition for tokens to deliver superior commercial and financial solutions."
    },
    {
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      "content": "- Author: José M. Garrido\n- Date: July 28, 2023\n- Series: Working Paper No. 2023/151\n- Issue: 151\n- Volume: 2023\n- Pages: 67\n- DOI: https://doi.org/10.5089/9798400250149.001\n- Stock No: WPIEA2023151\n- ISBN: 9798400250149\n- ISSN: 1018-5941\n- Subject: Blockchain and DLT, Financial institutions, Financial regulation and supervision, Securities, Securities regulation, Smart contracts, Technology, Virtual currencies\n- 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\n\nSource: IMF Working Paper \"Digital Tokens: A Legal Perspective\" by José M. Garrido, July 28, 2023.\n\n---\n\n Content in this bundle\n\n- Working Paper\n  - Working Paper (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Working Paper (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/wp/issues/2023/07/28/digital-tokens-a-legal-perspective-537041"
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    "Authors: José M. Garrido",
    "Published: July 28, 2023",
    "Series: IMF Working Papers",
    "DOI: https://doi.org/10.5089/9798400250149.001",
    "Tokens are units digitally represented in a distributed ledger or blockchain.",
    "The paper examines how tokens compare to traditional legal instruments in commercial law.",
    "It assesses how tokens could offer superior solutions if proper legal foundations are established, including aspects of the law of securities and consumer protection law.",
    "Tokens have the potential to transform a wide array of economic activities, from traditional commercial transactions to sophisticated financial undertakings.",
    "The paper explores similarities and differences between tokens and traditional legal instruments in commercial law.",
    "Emphasis on the need to align token functionality with existing legal categories (for example, securities law) and consumer protection frameworks to enable reliable operation and legal certainty.",
    "Establish proper legal foundations for token operation covering:",
    "Legal and regulatory clarity is implied as a precondition for tokens to deliver superior commercial and financial solutions.",
    "Author: José M. Garrido",
    "Date: July 28, 2023",
    "Series: Working Paper No. 2023/151",
    "Issue: 151",
    "Volume: 2023",
    "Pages: 67",
    "DOI: https://doi.org/10.5089/9798400250149.001",
    "Stock No: WPIEA2023151",
    "ISBN: 9798400250149",
    "ISSN: 1018-5941",
    "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",
    "**Working Paper**"
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