Tokenisation of venture capital: an approach Abstract

Tokenisation of venture capital: an approach

Abstract:

This paper offers a systematic analysis of the tokenisation process of digital assets and, in particular, its impact on the venture capital industry. From a commercial law perspective, it examines the main advantages and risks arising from representation via distributed ledger technology, with particular attention to liquidity, operational efficiency, traceability, smart contracts and investor protection. The study addresses the European and Spanish regulatory frameworks and situates them within their international context, examining parallel reforms and international developments in soft law regarding digital assets and distributed ledger technologies.

The paper concludes with a summary that identifies the main trends in the development of this phenomenon and sets out proposals
aimed at adapting venture capital to this new technological and regulatory paradigm.

Keywords: venture capital; tokenisation; blockchain; crypto-securities; smart contracts; DLT; ERIR; MiCA; CNMV; UNIDROIT DAPL.