A CONCEPTUAL FRAMEWORK FOR DIGITAL-ASSET SECURITIES PDF Download
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Author: Yuliya Guseva
Publisher:
ISBN:
Category :
Languages : en
Pages : 56
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Book Description
The article offers a novel approach to the threshold questions on the applicability of securities law to digital assets. The clarity of this framework should be useful to courts, regulators, and market participants. Digital-asset development involves two stages, and securities law is essential only in Stage One. During Stage One, an identifiable firm-developer undertakes to build a project, launch a platform, and deliver fully functional assets. Except decentralized autonomous organizations, many tokens (or coins) do not confer equity rights with respect to issuers, nor do they trigger fiduciary duties typically associated with equity. These assets default to the alternate category of debt securities and are similar to “bonds.”Bonds are creatures of contract. Under the terms of “indentures” (whitepapers and other offering materials), issuers may incur distinct long-term obligations to their initial investors and undertake to provide ongoing efforts to contribute to the project success even when assets are fully functional and the platform is decentralized, open source and permissionless. This essentially extends the bond term to maturity.Bonds are securities. Their continuous existence after fully functional tokens are delivered and platforms launched extends the application of the Supreme Court Howey test. Thus, the federal securities law may apply post-launch and post-asset-delivery, i.e., during the Second Stage of a digital asset project. It also points toward two distinct and separate types of assets - a non-security-token (or coin) and a bond - simultaneously circulating after the project has been deployed and tokens distributed in Stage Two.Finally, there also two groups of digital asset purchasers: the initial investors who own tokens post-delivery and post-platform-launch and the subsequent token purchasers. They exist concurrently. These two cohorts of market participants have completely divergent expectations concerning the role of the issuer in the operation of the platform and the valuation of digital assets. Only the initial “bondholders” have claims against the issuer in Stage Two.
Author: Yuliya Guseva
Publisher:
ISBN:
Category :
Languages : en
Pages : 56
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Book Description
The article offers a novel approach to the threshold questions on the applicability of securities law to digital assets. The clarity of this framework should be useful to courts, regulators, and market participants. Digital-asset development involves two stages, and securities law is essential only in Stage One. During Stage One, an identifiable firm-developer undertakes to build a project, launch a platform, and deliver fully functional assets. Except decentralized autonomous organizations, many tokens (or coins) do not confer equity rights with respect to issuers, nor do they trigger fiduciary duties typically associated with equity. These assets default to the alternate category of debt securities and are similar to “bonds.”Bonds are creatures of contract. Under the terms of “indentures” (whitepapers and other offering materials), issuers may incur distinct long-term obligations to their initial investors and undertake to provide ongoing efforts to contribute to the project success even when assets are fully functional and the platform is decentralized, open source and permissionless. This essentially extends the bond term to maturity.Bonds are securities. Their continuous existence after fully functional tokens are delivered and platforms launched extends the application of the Supreme Court Howey test. Thus, the federal securities law may apply post-launch and post-asset-delivery, i.e., during the Second Stage of a digital asset project. It also points toward two distinct and separate types of assets - a non-security-token (or coin) and a bond - simultaneously circulating after the project has been deployed and tokens distributed in Stage Two.Finally, there also two groups of digital asset purchasers: the initial investors who own tokens post-delivery and post-platform-launch and the subsequent token purchasers. They exist concurrently. These two cohorts of market participants have completely divergent expectations concerning the role of the issuer in the operation of the platform and the valuation of digital assets. Only the initial “bondholders” have claims against the issuer in Stage Two.
Author: Abdulkarim Ajouaou Saidi
Publisher: GRIN Verlag
ISBN: 3668997071
Category : Business & Economics
Languages : en
Pages : 67
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Book Description
Master's Thesis from the year 2018 in the subject Business economics - Controlling, grade: 2.0, Berlin School of Economics and Law, language: English, abstract: This thesis aims at elaborating fundamental valuation techniques for crypto assets. Since research in this field is still at the very beginning this work intends to provide investors, financial analysts, token issuers, researchers or crypto enthusiasts a framework of how to determine the fundamental value of this emerging asset class. To do so, three main research questions are formulated: 1. How can the fundamental value of crypto assets be determined? 2. Which valuation techniques can be applied to the different token types? 3. What is the fundamental value of the IOTA token? In order to answer the questions, the thesis will progress in the following manner: First, the reader will be introduced to distributed ledger technology (DLT) and blockchain, which represent the underlying technology of crypto assets. In the next step the term ‘crypto asset’ will be defined. It will be elaborated to what extent crypto assets can be considered as a new asset class and how crypto assets can be classified into different types. The terminological part will end up with a discussion of the fundamental value of this new asset class. The main body of the thesis consists of two parts, a theoretical (conceptual) and a practical (applicational) part. The theoretical part aims to collect and evaluate all current valuation methods for crypto assets. Different absolute as well as relative valuation techniques will be elaborated, namely the Discounted Cash Flow (DCF) model and CAPM, the asset rotation theory, the Equation of Exchange, the NVT ratio, Metcalfe’s Law, the cost of production approach as well as the accessibility discount. The second part of the main body comprises a case application of one valuation model, namely the Equation of Exchange, to the IOTA token.
Author: Keyun Ruan
Publisher:
ISBN:
Category : Computer security
Languages : en
Pages : 200
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Book Description
Digital Asset Valuation and Cyber Risk Measurement: Principles of Cybernomics is a book about the future of risk and the future of value. It examines the indispensable role of economic modeling in the future of digitization, thus providing industry professionals with the tools they need to optimize the management of financial risks associated with this megatrend. The book addresses three problem areas: the valuation of digital assets, measurement of risk exposures of digital valuables, and economic modeling for the management of such risks. Employing a pair of novel cyber risk measurement units, bitmort and hekla, the book covers areas of value, risk, control, and return, each of which are viewed from the perspective of entity (e.g., individual, organization, business), portfolio (e.g., industry sector, nation-state), and global ramifications. Establishing adequate, holistic, and statistically robust data points on the entity, portfolio, and global levels for the development of a cybernomics databank is essential for the resilience of our shared digital future. This book also argues existing economic value theories no longer apply to the digital era due to the unique characteristics of digital assets. It introduces six laws of digital theory of value, with the aim to adapt economic value theories to the digital and machine era. Comprehensive literature review on existing digital asset valuation models, cyber risk management methods, security control frameworks, and economics of information security Discusses the implication of classical economic theories under the context of digitization, as well as the impact of rapid digitization on the future of value Analyzes the fundamental attributes and measurable characteristics of digital assets as economic goods Discusses the scope and measurement of digital economy Highlights cutting-edge risk measurement practices regarding cybersecurity risk management Introduces novel concepts, models, and theories, including opportunity value, Digital Valuation Model, six laws of digital theory of value, Cyber Risk Quadrant, and most importantly, cyber risk measures hekla and bitmort Introduces cybernomics, that is, the integration of cyber risk management and economics to study the requirements of a databank in order to improve risk analytics solutions for (1) the valuation of digital assets, (2) the measurement of risk exposure of digital assets, and (3) the capital optimization for managing residual cyber ris ...
Author: HashKey Capital
Publisher: 商務印書館（香港）有限公司
ISBN: 9620776119
Category : Business & Economics
Languages : en
Pages : 258
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Book Description
The author outlines a framework that evaluate different crypto assets consistently. Successful crypto investing requires a solid framework for value-based decisions rather than speculation. Hopefully, it can bring some clarity to the industry and help to understand the intrinsic value of crypto assets.
Author: Baxter Hines
Publisher: John Wiley & Sons
ISBN: 1119756324
Category : Business & Economics
Languages : en
Pages : 208
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Book Description
Praise for Digital Finance "Digital Finance was helpful in articulating questions the reader potentially didn't know they needed to ask. Hines explains complex terms in a way that is digestible for anyone with a basic business background. The conceptual explanations were also concise and intentional, covering just what I wanted to know to have a solid understanding of a tokenized ecosystem and why there may be advantages found in decentralized finance vs. traditional lending." —Kathryn Carlisle, Senior Managing Director, Blockchain Center for Excellence, University of Arkansas "Baxter does a terrific job explaining the revolutionary technologies that are affecting the financial industry and shows just how transformational those will be in the coming wave of digital finance. This book is a must for those who want a better understanding of how blockchain is going to improve the financial industry." —Jake Ryan, author, Crypto Asset Investing in the Age of Autonomy; CIO, Tradecraft Capital "Digital Finance provides a comprehensive review of the security token marketplace and provides a powerful vision of what to expect in the coming years as blockchain transforms finance. The chapter on DeFi points to a massive emerging market as the transaction efficiency of security tokens meets the scale and transparency of DeFi self-processing assets—the true antidote to prevent a repeat of the 2008 Global Financial Crisis. This book is perfect for the blockchain novice or expert with straightforward examples to support a thorough analysis of the rapidly evolving digital finance market." —Dan Doney, Chief Executive Officer, Securrency "Educate yourselves on the future of finance! Digital tokenization of securities is bringing in new investors and issuers, democratizing access to capital. Baxter's book is a must-read for anyone who wants to get ahead of the curve." —Spencer Dinwiddie, NBA All-Star; Founder, DREAM Fan Shares "Don't let complicated words like blockchain and tokens prevent you from learning about the future of finance. Capital markets are being transformed right before our eyes, and Baxter details exactly how that is happening on a molecular level." —Kyle Sonlin, host, The Security Token Show
Author: Annelise Osborne
Publisher: John Wiley & Sons
ISBN: 1394231822
Category : Business & Economics
Languages : en
Pages : 278
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Book Description
Learn how digital asset technologies can be applied to the regulated, traditional finance industry for improved performance and returns In From Hoodies to Suits: Innovating Digital Assets for Traditional Finance, leading finance innovator Annelise Osborne bridges the gap between the “hoodies” who invented the technology behind digital assets and the “suits” who run traditional financial markets, in an entertaining and insightful guide for implementing digital assets in an institutional environment. You’ll discover the possibilities unlocked by new technological advancements, including alternative investments, new marketplaces, interoperability between counterparties, and even improved forms of diversification. You’ll also find: Discussions of why the adoption of digital assets is so critical for the future of finance and the ways the industry’s largest players are implementing its technologies and concepts now Explorations of what we can learn from some of the crypto industry’s most infamous and well-known wins and losses, including the collapse of FTX Strategies for implementing institutional digital assets to realize opportunities in private markets, funds, debt, repo, alternative assets and back office transactions in this evolving and dynamic financial environment A fascinating new take on the future of finance, From Hoodies to Suits is a must-read guide for aspiring and practicing finance professionals, technology developers, fintech participants, and anyone else with an interest in the intersection of finance and technology.
Author: Tobias Glas
Publisher: Springer Nature
ISBN: 3030956954
Category : Business & Economics
Languages : en
Pages : 347
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Book Description
This book analyzes the emerging asset class of digital assets. When a new asset class originates, researchers try to understand some basic questions: Can digital assets, with the flagship asset bitcoin, really be considered a serious asset class? Since it is possible to trade digital assets, does it make sense to trade or to invest in these assets? How do digital assets compare to traditional asset classes like equities or bonds? After describing basic financial theory and breaking down the digital asset universe, this book provides fundamental knowledge with respect to this young and rising asset class. It focuses on special issues like the application of technical indicators, investment styles, asset pricing and portfolio construction. Furthermore, it offers remarks and links to other traditional asset classes and describes and warns of data issues in digital asset data.
Author: Maria Papadaki
Publisher: Springer Nature
ISBN: 3031564782
Category :
Languages : en
Pages : 317
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Book Description
Author: Filippo Zatti
Publisher: Taylor & Francis
ISBN: 1003853323
Category : Business & Economics
Languages : en
Pages : 265
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Book Description
This book delves into the intricacies of digital assets. With the increasing reliance on crypto and the potential adoption of digital currencies by central banks, our monetary system is at a critical point. The importance of taking the next step has become even more stringent, as evidenced by this systematic scientific reconstruction. Divided into five concentric parts, the book starts with a historical, technical and financial introduction to digital assets. It then explores the changing role of central banking and monetary economics in the upcoming era. Finally, it focuses on the broad legal issues arising from the new digital landscape, not shying away from exploring forward-thinking solutions and policies for the future. With the contributions of prominent international experts in the field, this collection supplies a transdisciplinary analysis based on the belief that complex phenomena can only be handled by complex solutions. This groundbreaking work aims to be more than just an academic treatise; it is a must-read for students, scholars, financial professionals, and all those who want to understand the emerging digital currency reality that many have yet to fully recognise.
Author: Victor Budau
Publisher: International Monetary Fund
ISBN:
Category : Business & Economics
Languages : en
Pages : 33
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Book Description
This working paper inaugurates the "Technology Fundamentals for Digital Finance" series, concentrating on the technical aspects of financial Digital Assets. The series aims to facilitate the use of a clear terminology in a nascent platform-oriented paradigm of financial infrastructures, by laying the groundwork for technical discussions on digital asset standards. The paper introduces a conceptual model named ASAP (Access, Service, Asset, Platform) for Digital Asset Platforms (DAP), leveraging insights from IT industry practices and experiments by central banks. The ASAP model is illustrated through examples and use cases of tokenized assets, to demonstrate the possible usage and merits of modeling Digital Asset Platforms with four layers. Just as the utilization of a seven-layer model (often refered to as TCP/IP) has been fundamental to the interoperability of the internet, it is anticipated that the four-layer ASAP model for Digital Asset Platforms will similarly promote cross-platform interoperability, including across various jurisdictions, paving the way for a more cohesive digital asset ecosystem.
