Connect with us

Hi, what are you looking for?


Hague Legal Body Launches Digital Asset Tokenization Project to Tackle Cross-Border Challenges

The Hague Conference on Private International Law (HCCH) has initiated a project on digital asset tokenization. It aims to bring legal clarity to cross-border businesses engaging with digital assets.

This project will encompass various digital token types. It will also explore preliminary legal questions surrounding digital securities and blockchain-based digital asset management.

The intergovernmental organization aims to clarify which laws apply to cross-border businesses and how legal rulings are enforced internationally.

Proposal Urges CGAP Study on Private International Law Challenges of Digital Tokens

A recent proposal recommends that the Council on General Affairs and Policy (CGAP) commission a study on the private international law implications of digital tokens, including real estate tokens, utility tokens, payment tokens, NFTs, and stablecoins.

It will exclude securities, central bank digital currencies, and carbon credits. That is because they are already under consideration in a separate project.

The study aims to deliver a report with recommendations for future action to the CGAP by a scheduled meeting in 2025.

Joint Project Identifies Tokenization as a Key Focus Area

Further, the project will be conducted alongside relevant specialists and external observers.

Members will be invited to nominate relevant experts for the study. These experts will include legal and technical specialists in digital tokens, as well as individuals with experience in national digital token initiatives.

Following the adoption of digital asset principles in 2023, the International Institute for the Unification of Private Law (UNIDROIT) collaborated with the HCCH on a joint project. Through a series of meetings, they proposed potential areas for future work.

They focused on areas including: applying existing custody rules (defined by UNIDROIT) to situations beyond traditional custody, and exploring the legal implications of “linked assets” (tokenized assets).

Established financial institutions are increasingly interested in the potential of tokenization.

Moody’s recently highlighted a dramatic rise in the value of tokenized funds, driven by US treasury tokenization. Similarly, Bank of America anticipates tokenization will transform financial and non-financial markets within the next few years.

The post Hague Legal Body Launches Digital Asset Tokenization Project to Tackle Cross-Border Challenges appeared first on Cryptonews.

You May Also Like


Newmont (NYSE: NEM) reported mixed financial results even as the price of gold approached its all-time high. In all, the company’s earnings per share...


Fisker (NYSE: FSR) stock price has been one of the best-performing electric vehicle (EV) stocks this week even as Tesla slumped. The shares jumped...


The Fox Corporation (NASDAQ: FOX) stock price has been under pressure as investors come to terms with the abrupt firing of Tucker Carlson. The...


NatWest (LON: NWG) share price rose sharply, helped by the strong results from Barclays. The stock jumped to a high of 274.8p, which was...

Disclaimer:, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the-company.

Copyright © 2024