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Leading Blockchain Law Firm MME Introduces New Legal Framework to Shape the Future of Tokenized Assets

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Leading Blockchain Law Firm MME Introduces New Legal Framework to Shape the Future of Tokenized Assets

Crypto Valley Association member introduces concept of Blockchain Crypto Property (BCP) to provide classification and risk-assessment of crypto assets

 

Crypto Valley Association (CVA), the Swiss-based not-for-profit association supporting the development of blockchain and cryptographic related technologies and businesses, today distributed a paper on behalf of MME and Blockhaus, proposing a new method for token classification. Both MME, the leading Swiss consultancy firm for law, tax and compliance in Blockchain applications and Blockhaus, a developer of decentralized investment banking platform applications for tokenized ecosystems, are active members of the CVA. The framework was developed specifically for utilization for regulatory and critical risk-assessment purposes.

The paper, entitled “Conceptual Framework for Legal & Risk Assessment of Blockchain Crypto Property,” introduces the concept of Blockchain Crypto Property or BCP. BCP is defined as digital information that contains all elements of a property right that is registered on a blockchain or in an alternative digital ledger, which can be transferred via protocol, that may carry out additional functions governed by a Smart Control System, following coded or manual input.

Information on a blockchain is unlike any other previous incarnation of digital information. Blockchain Crypto Property shares many of the characteristics attributed to physical and other tangible properties as we understand them in the law, and yet BCPs are expanded with purely digital characteristics as well. These are groundbreaking concepts that require further examination and novel classification. Our paper examines the legal and risk characteristics of this completely new kind of property. A common understanding of the underlying nature of different kinds of cryptographic tokens would allow policymakers to construct thoughtful and enforceable legal and regulatory frameworks. Moreover, an agreed-upon framework could also provide investors and issuers with standard tools to evaluate, mitigate, and communicate risks in token design and launches,” said Dr. Luka Müller, Partner at MME.

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The MME and Blockhaus paper contains a functional approach in defining the three main categories of BCPs: tokens without a counterparty, tokens that have a counterparty, and a completely new asset-class, tokenized co-ownership. The “without counterparty” classification is represented by native currency tokens, infrastructure tokens, and application tokens that do not grant holders any rights and have no underlying assets; tokens like Ethereum and Bitcoin fall into this class. The second classification, or “counterparty class,” refers to tokens which include any form of a relative right, such as the right to receive an asset or financial payment, either against the token generator or a third-party. The final classification, the “co-ownership class,” denotes tokens with smart contracts that are programmed or registered on the blockchain, allowing individuals to participate and co-own a technical platform or a form of intellectual property.

The main purpose of functional categorization is to grant a structured approach for legal, regulatory and tax assessment purposes. In addition, the BCP concept provides tools that will enable interested parties to make clear and well-founded analyses of tokens from legal and risk perspectives, in turn making it easier to identify frauds and uncover potential flaws. Consequently, the ability to categorize assets and assess risks is of huge value not only to regulators but to investors and token issuers.

In addition to the three BCP classes, MME has devised risk cases in order for regulators and potential investors to assess the risks associated with tokenized assets. These fall under four categories: functionality and protocol-related risks, such as network attacks and faults; storage and access of private key-related risks, like hacked wallets and exchanges; market-related and counterparty risks, such as insider trading and liquidity risks; and regulation and money laundering-related risks.

The issue of the legal and regulatory status of cryptocurrencies is currently the most pressing concern in our community. Crypto Valley Association has called on regulators to devise clear, comprehensive, and flexible regulation on tokenized assets that protects investors but also supports innovation. We believe that MME’s BCP concept is an important contribution to this debate. It can be of immense use to both regulators seeking to understand cryptocurrencies and investors looking to evaluate their risks,” said Oliver Bussmann, President at Crypto Valley Association.

With offices in Zurich and Zug, MME is a leading consultancy firm in law, tax, and compliance. MME advises and represents companies and private clients in commercial, corporate and private business matters. Prominent in the blockchain legal space, MME has assisted many crypto organizations set up in Switzerland.

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We are now entering a new age of the tokenized ecosystem. In order to understand the opportunities associated with tokenized assets, while also recognizing the risks, we require a clear conceptual framework to open the doors of the tokenized economy for mainstream adoption. The BCP concept we are proposing should serve as a method of structured discussion between all participants of the blockchain community,” said Dr. Müller.

Headquartered in the Swiss canton of Zug, Crypto Valley Association is the independent, government-supported association established to take full advantage of Switzerland’s strengths to build the world’s leading blockchain and cryptographic ecosystem, working with government to foster the development of pioneering digital technologies in Switzerland and internationally. To date, four of the five largest token sales recorded have been completed by companies based here in Switzerland, attracting a combined investment in bitcoin and ether of over $600 million USD.

“Conceptual Framework for Legal & Risk Assessment of Blockchain Crypto Property” can be accessed here. The paper was written by, Dr. Luka Müller, Stephan D. Meyer and supported by Christine Gschwend and Peter Henschel.…

The post Leading Blockchain Law Firm MME Introduces New Legal Framework to Shape the Future of Tokenized Assets appeared first on Eastern European Gaming – News – Interviews – Legal Market Updates – Premium Reports – Events – Directory.


Source: EEGaming.

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Bradley Khoury

eCOGRA Approved to Operate in Arizona, Indiana and Panama

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eCOGRA, a leading international authority in Testing, Inspection and Certification services for the iGaming industry, has secured new regulatory approvals across three key jurisdictions: Arizona, Indiana and Panama. With these developments, eCOGRA strengthens its position in the U.S. and Latin American markets, offering excellence in compliance through their Quality, Speed, and Service promise.

This strategic expansion allows eCOGRA to conduct independent compliance audits and certification services in each region, addressing the growing demand for rigorous regulatory oversight in the fast-evolving global iGaming industry.

Securing approval in Arizona, where eCOGRA has now been licensed as an Event Wagering Ancillary Supplier, enables the International Testing Laboratory (ITL) to audit event wagering licensees in line with Arizona’s expanding regulatory landscape. Indiana, which introduced online sports betting in September 2019, has authorised eCOGRA to perform regulatory compliance audits, providing licensed operators with crucial assurance in meeting the state’s high standards.

In Panama, the Board of Gaming Control officially recognised eCOGRA as an Authorised Entity for Compliance Certification, specifically for slot machines and gaming software. This endorsement reinforces eCOGRA’s role as a trusted partner for operators seeking to meet stringent regulatory requirements in Latin America’s emerging iGaming sector.

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“Our recent approvals in Indiana, Arizona, and Panama underline our dedication to continually expand our offering, to support our growing portfolio of clients with their global growth plans. We are committed to ensuring that we bring the same quality, speed and service that marks us out to both our clients and regulators in these dynamic markets,” said Will Shuckburgh, Group CEO of eCOGRA.

Bradley Khoury, Chief Technology Officer at eCOGRA, said: “Securing licensure as an Event Wagering Ancillary Supplier in Arizona and an Authorised Entity in Panama underscores our dedication to supporting responsible and sustainable iGaming operations. We are committed to driving trust and accountability within the industry by providing compliance solutions that uphold the highest standards.”

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BetConstruct

BetConstruct to Showcase Latest Innovations at G2E Las Vegas 2024

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BetConstruct, a global leader in the iGaming industry, is going to showcase its cutting-edge solutions at the highly anticipated Global Gaming Expo (G2E), taking place from October 7-10.

As the premier event for the global gaming industry, G2E serves as a hub for innovation, driving growth by bringing together industry professionals from around the world to foster business opportunities.

Taking place at The Venetian Expo in Las Vegas, this all-in-one event features both an education program from October 7-10 and an expansive expo hall running from October 8-10.

BetConstruct’s stand is 5230, where the team will showcase an exciting range of products, including the newly launched the Last Battle, a novel loyalty system that is the byproduct of BetConstruct’s commitment to innovation. The company will also demonstrate its comprehensive Sportsbook and Casino Suite, along with DECA, its next-level decentralised casino platform, and Umbrella, an AI-powered risk management solution. These offerings are designed to meet the needs of a diverse range of operators, ensuring seamless and engaging experiences for players across the regulated market.

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Amusnet

Amusnet Sets the Stage for Global Gaming Excellence at G2E Las Vegas

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Amusnet has announced its participation in the 23rd edition of G2E Las Vegas (Global Gaming Expo) at The Venetian Expo from October 7-10. As one of the largest expos globally, G2E provides a platform for the company to showcase products across its Online Casino, Live Casino, and Land-based verticals, positioning Amusnet as a prominent all-casino provider in the competitive iGaming industry.

“We are excited to attend G2E Las Vegas 2024 to present our latest online casino portfolio and Type S slot cabinets: our first-ever product series for Land-based casinos, designed to offer a competitive edge by combining Amusnet’s top-notch game portfolio with an immersive player experience. Our focus is on delivering solutions that maximize performance and cater to the evolving needs for both online and land-based casinos,” said Borislav Marinov, Head of Business Development, Land-based, at Amusnet.

Alongside its technical excellence, the premium Type S series showcases the company’s award-winning titles, including 20 Golden Coins, Extra Crown, Fruits & Gold, and Cocktail Rush. It also features Amusnet’s popular four-level bonus game, Jackpot Cards, along with other exciting features like Free Spins, Buy Bonus, Pick Me Bonus, and Symbol Upgrade.

Amusnet will host an activation featuring its premium slot cabinets at the upcoming expo, offering attendees the opportunity to experience the thrill of Type S in real time and win exciting gifts.

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