Elektronische Wertpapiere und Wertrechte

As digitalization advances, particularly through blockchain technology and other distributed ledger technologies, new challenges are emerging for the largely national regimes governing securities law and for international commerce. This edited volume presents and comparatively examines the current legal frameworks for electronic securities, ledger-based rights, and other digital assets in Germany, Austria, Switzerland, and Liechtenstein.
The focus lies on the legal foundations established by national legislatures. Topics discussed include the classification of digital assets under private law, the creation of security interests, market infrastructures, and the role of electronic registers from German, Austrian, Swiss, and Liechtenstein perspectives. The individual contributions highlight both the commonalities and the differences among these legal systems. In doing so, they also demonstrate how significant divergences in legislative approaches affect cross-border legal transactions between these jurisdictions.
The current fragmentation of the legal landscape in the German-speaking region creates substantial obstacles for cross-border transactions involving electronic securities and digital rights. This finding is further analyzed in light of the ongoing evolution of digital assets. Building on this analysis, the volume develops proposals for the future legal design of securities law. By identifying potential solutions, it seeks to provide a foundation for a cross-border discussion on legal harmonization within the German-speaking world.