Securities, intermediation and the blockchain: an inevitable choice between liquidity and legal certainty?

Abstract

The practice of securities holding, transfer and collateral has significantly changed over the past 200 years-moving from paper certificates and issuer registers to an intermediated environment, and from there to computerisation and globalisation. These changes made transacting more efficient and thus rendered markets more liquid. However, the law has lagged behind and is now itself an obstacle to efficiency because international securities transactions are subject to considerable legal uncertainty. The latest global market development, a cryptographic transfer process commonly called 'the blockchain', is the most recent efficiency-enhancing change. It offers a unique possibility to create a consistent legal framework for securities from scratch, on the basis of a legal concept that to some extent resembles bearer securities. This paper shows what the new international legal framework could look like, in the light of experience gained from earlier developments.

Legal Certainty in Land Rights Acquisition in Indonesia’s National Land Law

“…When rules are unclear and subject to multiple interpretations, conflicts may arise in the form of disputes, weakening or distorting the intended norms. Legal certainty is achieved when regulations can be enforced in compliance with legal principles and criteria of formal guidelines (Moroni et al 2021;Paech, 2016;Holtse, 2020). given to landowners using constitutionally mandated procedures.…”

Blockchain Technology for Secure Accounting Management: Research Trends Analysis

“…This section seeks to respond to RQ 2 : What were the main lines of research studied in the 2016-2020 period? In the 1130 scientific articles analyzed (2016-2020), 23,017 keywords were identified, highlighting: Blockchain (in 942 documents), information management (174), Internet of Things (171), supply chain management (108), digital storage (107), network security (99), smart contract (98), data privacy (72), security (71); or access control (66). These keywords are linked to search terms or research variables, which were identified in the initial literature review (see Table 1).…”

“…In the first year analyzed, the publications aimed at defining and conceptualizing the subject, such as exploring the types of fraud and malicious activities that can be prevented with BC technology [17], or analyzing how this cryptographic transfer process has made it possible to improve the efficiency of international transactions. of securities subject to legal uncertainty [71].…”