Fintech and Tokenization: A legislative study in Argentina and Spain about the application of Blockchain in the field of properties
Abstract The advent of the Blockchain together with the appearance of the Ethereum platform gave rise to the realization of Szabo's original idea, allowing the implementation of intelligent contracts. Blockchain by itself is a database with certain special characteristics but the potential that this technology acquires with the implementation of intelligent contracts leads us to the conceptualization of intelligent property, internet of things, artificial intelligence, intelligent cities, tokenization of physical assets and properties. This last concept also triggers the possibility of issuing tokens linked to undertakings with sustainable development objectives or "green tokens". The tokenization of digital goods has developed naturally, but the pitfalls -more mental than legal and technological- are present in the tokenization of physical assets, and we will address them in this paper. Del Castillo Ionov says: "tokenization involves taking an asset and, using blockchain technology, issuing tokens representative of that asset, facilitating its negotiation, the enjoyment of the rights of that asset and its governance". We believe that the tokenization of physical assets will allow a new field of action, marketing, transmission, circulation of rights and wealth, as well as a new range of opportunities not only for all legal operators but also for the great mass of capital investors interested in sustainable development, as well as for the home retail investor.
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Schmidt, W.C. “Transformación Digital. Smart Contracts y la Tokenización Inmobiliaria” Trabajo Fin de Máster ob. cit, Se puede ver también en igual sentido y mas recientemente https://www.aguirrebaeza.com/blog-aguirrebaeza/conferencia-sobre-blockchain-tokenizacion-de-activos-inmobiliarios-y-su-proteccion-registral/ Last access 16/05/2020.
Ambito, 2019. Los bancos se suben a la ola verde: lanzaron el primer Protocolo de Finanzas Sostenibles. https://www.ambito.com/negocios/bancos/los-bancos-se-suben-la-ola-verde-lanzaron-el-primer-protocolo-finanzas-sostenibles-n5040714 . Online; accessed 15 january 2020.
Principles for Responsible Investment 2019. https://www.unpri.org/download?ac=9764 Online; accessed 15 january 2020.
European Commission, 2019. Communication from the commission to the european parliament, the european council, the council, the european central bank, the european economic and social committee and the committee of the regions (Spanish). https://ec.europa.eu/transparency/regdoc/rep/1/2018/ES/COM-2018-97-F1-ES-MAIN-PART-1.PDF .Online; accessed 15 january 2020.
European Commission, 2019. Report on EU Green Bond Standard. https://ec.europa.eu/info/sites/info/files/business_economy_euro/banking_and_finance/documents/190618-sustainable-finance-teg-report-green-bond-standard_en.pdf . Online; accessed 15 january 2020.
Heredia Querro, Sebastián “Prueba de impacto, Tokens economics y Sustainable Finance”. La Ley 09/12/2019. Cita Online AR/DOC/3836/2019.
United National Development Programme, 2019. Adopting a cedar tree brings diaspora money home. https://www.undp.org/content/undp/en/home/blog/2019/adopting-a-cedar-tree-and-bringing-diaspora-money-home.html (Fecha de consulta 15/01/2020).
Cosola, S. J. y Schmidt, W.C. 2018 “Desafíos jurídicos del mundo digital. La reelaboración del dere-cho civil y la actuación notarial”, LXXVI Seminario Teórico Práctico Laureano Moreira – Academia Nacional del Notariado. Buenos Aires, Júpiter, págs. 75-134.
Del Castillo Ionov. 2018. Las Initial Coin Offerings (ICOs) y la tokenización de la economía. cit., p. 56.
EUR-Lex, 2019. Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14 June 2017 on the prospectus to be published when securities are offered to the public or admitted to trading on a regulated market and repealing Directive 2003/71/ECText with EEA relevance. https://eur-lex.europa.eu/eli/reg/2017/1129/oj?locale=es Online; accessed 6 january 2020.
De La Fuente J.A. “La tokenización de los inmuebles y el notariado” Revista Internacional del Notariado (R.I.N.) número 123, 2018, p. 73.
Pastor Sempere, MC. 2018. Criptomonedas y otras clases de Tokens: aspectos mercantiles en Blockchain: Aspectos tecnológicos, Empresariales y Legales; Ramón Vilarroig Moya y Carmen Pastor Sempere (Directores), Aranzadi, Navarra, p. 151.
Schmidt, W.C. “Transformación Digital. Smart Contracts y la Tokenización Inmobiliaria” Trabajo Fin de Máster ob. cit, Se puede ver también en igual sentido y mas recientemente https://www.aguirrebaeza.com/blog-aguirrebaeza/conferencia-sobre-blockchain-tokenizacion-de-activos-inmobiliarios-y-su-proteccion-registral/ Last access 16/05/2020.
Walter César Schmidt, & González, A. (2020). Fintech and Tokenization: A legislative study in Argentina and Spain about the application of Blockchain in the field of properties. ADCAIJ: Advances in Distributed Computing and Artificial Intelligence Journal, 9(1), 51–59. Retrieved from https://revistas.usal.es/cinco/index.php/2255-2863/article/view/ADCAIJ2020915159
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