Referenz
Walch, A. (2021). SME Funding through Tokenization under the Liechtenstein Token and TT Service Provider Act: Legal Requirements, Market Sentiment and Business Concept. Spektrum des Wirtschaftsrechts, 2021, 161-213.
Publikationsart
Beitrag in wissenschaftlicher Fachzeitschrift
Abstract
The Principality of Liechtenstein aimed to provide legal certainty in the fields of tokenization and trusted technologies. This thesis gains its relevance from two perspectives; firstly, the restricted capital (market) access of SMEs which results from cost inefficiency of small volume emissions and other obstacles. Secondly, tokenization allows to split up any asset in any number of fractions and to make rights as well as intangible assets tradeable. This thesis, therefore, unites the potential of token economy with capital market access restrictions of SMEs by examining potential SME funding based on tokenization in Liechtenstein. The literature base in this field is still quite empty and no comprehensive legal analysis of the topic has yet been conducted. This legal analysis of the entire business model, including the tokenization process, asset and token transfer, and connected obligations of involved entities provides a handbook for practitioners and interested SME managers. The study also pays attention to business facets by a widespread survey among local SME owners as well as several expert interviews with potential investors. By the introduction of the TVTG the Liechtenstein government followed a law is law approach. It already leads to lots of legal certainty and promotes the Liechtenstein jurisdiction as potential hub for a tokenization funding industry. This thesis solves many legal questions that might occur during the tokenization process and regarding SME funding based on tokenization. However, it is of crucial importance that on European level legal certainty is created, too. Especially concerning the secondary market further steps are required to foster tokenization and to improve SME funding.
Mitarbeiter
Einrichtungen
- Lehrstuhl für Finance