"Next Steps of SEC, Businesses, and Investments in Digital Era" by SEC, panelist for "Tokenization ทางเลือกใหม่ในยุคดิจิทัล" (8 Feb 2021)

1. 1
• What is tokenization?
• Key benefits of tokenization
Fractional ownership
Liquidity
Not necessarily financial assets
Fast, secure, transparent, borderless
Automation, disintermediation
• Impact on economy and society  policy question
• Legal considerations
Token City
By rikkyal (Image #13593201 at VectorStock.com)
By Free-Graphics (Image #5222326 at VectorStock.com) By totmacher69 (Image #15623102 at VectorStock.com)

2. 2
Tokenization Laws
Existing Paradigm
• Capital Markets
Fundraising Activities
License Scheme for Intermediaries
AML/CFT
New Paradigm
• Holistic approach for token economy
• Switzerland: “Federal Act on the Adaptation of
Federal Law to Developments in DLT”
• Liechtenstein: “Token and Trusted Technology
Service Provider Act”

3. 3
Legal Ecosystem for Tokenization
Switzerland: Federal Act on the Adaptation of
Federal Law to Developments in DLT
• Amends 9 Federal Acts e.g. obligations, securities, property,
insolvency
• Recognizes issuance and transfer of security token on DLT
• Sygnum: Investible Fine Wine Tokens
Liechtenstein: “Token and Trusted Technology
Service Provider Act”
• Token container model
• Book-entry register
• Physical validator
• Technology-Agnostic
Legal considerations
• Property law - ownership, possession, economic benefits /
formality
• Restrictions on holding, transfer, sale of certain assets – land,
alcohol
• Collateral law
• Smart contract
• Physical validator / trustee / custodian
• Technical standards on infrastructure, security, governance
• AML / CFT
• Tax