Suchergebnisse für Distributed Ledger-Technologie (DLT)

Darf die Nationalbank kryptobasierte Sichtguthaben (wCBDC) ausgeben?

This article examines whether the current monetary law provisions permit the issuance of wholesale central bank digital currency (wCBDC) by the Swiss National Bank. After interpreting the relevant competence provisions, the question can in principle be answered in the affirmative, since wCBDC is not a new, third type of central bank money (in addition to banknotes and traditional sight deposits),…

Decentralized Exchanges: Grundlagen, Risiken und ausgewählte aufsichtsrechtliche Aspekte

Decentralized exchanges (DEX) enable traders to interact directly and to exchange their digital assets – such as cryptocurrencies – on a peer-to-peer basis without needing to trust an intermediary or each other. This article first delves into the functioning of DEX with a focus on their price-finding mechanisms. Subsequently, it outlines the main risks of DEX and gives an overview of certain…

Insider Trading im digitalen Zeitalter: Neue Herausforderungen und Risiken

Insider trading has existed since the launch of the very first organized trading venues and is now prohibited in most jurisdictions. The growing digitalization of the financial industry is adding several layers of complexity to the topic and creating both new risks and opportunities for market participants. First, digitalization brings about a higher interconnectivity between the global financial…

Open Finance und Decentralized Finance – Entwicklungen in einem disruptiven Finanzmarktumfeld

The recent technological developments not only impact society in general but they also strongly influence financial markets, even in a disruptive way. Open finance and decentralized finance cause an opening of the financial ecosystem and challenge existing notions; for example, new concepts are needed for the regulation of data access/portability and of digital identity as well as for the…

DLT-basierte Finanzprodukte

DLT-based financial products are digitally created assets that can be transferred and stored on a Distributed Ledger Technology (DLT) infrastructure. Internationally, such digitally stored «tokens» are mostly referred to as «crypto assets»; however, there is still a lack of recognized, clear and internationally uniform definitions. Parallel to the spread of crypto assets being treated according…

Zivilrechtliche Aspekte von Geschäftsabwicklungen auf DLT-Handelsplattformen

Following FINMA’s definition of the framework conditions for the creation of digital assets (tokens) under financial market law, the DLT Act of September 2020 has now also clarified legal issues relating to the transfer of and trading in such assets. Thanks to the newly created normative order, business transactions on DLT trading platforms can be conducted in a largely legally secure manner…

Möglichkeiten zur rechtsgeschäftlichen Begründung von Sicherungsrechten an Kryptowährungen als unkörperliche Gegenstände sui generis unter geltendem Recht

Cryptocurrencies and related financial instruments have become very popular. In addition to the purchase of real cryptocurrencies, several exchange traded products are offered on SIX and other exchanges that track the change in value of the underlying cryptocurrencies. Such adoption in the financial market and, in particular, the obligation to provide legally enforceable collateral in favor of…

Praktische Problemfelder und Lösungsansätze in Bezug auf die «FinTech»-Bewilligungsvoraussetzungen von Art. 1b BankG

The piece at hand addresses in depth the FinTech license according to art. 1b of the Swiss Banking Act (BA) that is in force since January 1^st 2019. The FinTech license provides for a new category of a regulatory status for FinTech institutions that do not offer typical banking activities, but whose business touches certain elements of banking. It aims to foster innovation in the financial market…

Digitalisierung des Aktienrechts – Die Ausgabe von Aktien als Registerwertrechte

Increasing digitisation is changing the society and economy, and therefore also affects the law regulating stock corporations. Wherever possible, physical processes are replaced by digital ones. With the emerging of distributed ledger technology (hereinafter DLT), a tendency towards dematerialization can be observed. DLT, or the technology of distributed electronic registers, is the technology of…

Editorial

Am 28. August 2019 fand die 11. Tagung «Quo Vadis – Finanzplatz Schweiz?» unter einem neuen leitenden Team, bestehend aus Rolf Sethe und Christoph B. ­Bühler, statt. Sie haben übernommen von Peter…