13 - Private Law of Cryptoassets

Summary

The focus of EU lawmakers with regard to cryptoassets has been largely regulatory. Reflecting the fact that private law is predominantly under the control of the Member States, and without seeking to be comprehensive, Section 13 takes a comparative view on the private law topics most relevant to cryptoassets. It covers efforts to harmonise national private laws, refers to principles issued by UNIDROIT and the European Law Institute, and considers relevant MiCA provision with private law effects in mind. Section 13.2 covers property law, including the important rules of title and transfer when multiple parties have competing claims to the same cryptoasset. Section 13.3 addresses contract law, including “smart contracts”. Section 13.4 on company law discusses decentralised autonomous organisations (DAOs) and the prospect of collaboration on the blockchain constituting a partnership as the default legal form of business organisation. Section 13.5 covers tort law, before Section 13.6 provides an overview of the difficulties often faced with enforcement of claims related to cryptoassets. Section 13.7 concludes with a perspective on the prospects of a uniform private law for cryptoassets.