This Project aims to analyse the legal and economic challenges raised by the fast-growing tokenisation of assets. Tokenisation is the process of issuing a blockchain-based token that constitutes a digital representation of an existing tradable asset, physical or digital. It is a practice similar to the traditional securitisation, but its reliance on blockchain technology renders it a wholly new operation. Its benefits include higher liquidity, faster settlement, lower transaction costs and improved risk management. However, critical legal uncertainties accompany such advantages. The tokenisation market’s size and its relevant economic impact make it imperative for legal and economic scholars to perform a thorough analysis of all its implications, arguably lacking in the existing literature. An in-depth study is required to build a clear conceptual framework for professional operators, investors, economists, policy-makers, regulators and supervisors, also to reach a mature governance of this phenomenon Read more

The Project's team is composed by scholars pertaining to three Research Units, corresponding to the three Universities involved: University of Torino, University of Milano-Bicocca, and University of Firenze Read more