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Study on a legal framework for the holding and transferring of electronic assets created by Digital Ledger Technology (DLT)

Research Project

Project/Area Number 18K01329
Research Category

Grant-in-Aid for Scientific Research (C)

Allocation TypeMulti-year Fund
Section一般
Review Section Basic Section 05060:Civil law-related
Research InstitutionYamagata University

Principal Investigator

Koens Kumiko  山形大学, 人文社会科学部, 教授 (00375312)

Project Period (FY) 2018-04-01 – 2022-03-31
Project Status Completed (Fiscal Year 2021)
Budget Amount *help
¥2,600,000 (Direct Cost: ¥2,000,000、Indirect Cost: ¥600,000)
Fiscal Year 2020: ¥910,000 (Direct Cost: ¥700,000、Indirect Cost: ¥210,000)
Fiscal Year 2019: ¥910,000 (Direct Cost: ¥700,000、Indirect Cost: ¥210,000)
Fiscal Year 2018: ¥780,000 (Direct Cost: ¥600,000、Indirect Cost: ¥180,000)
Keywords分散型台帳 / 証券 / セキュリティートークン / デジタル / 分散型台帳技術 / 間接保有証券 / 証券振替 / 間接保有 / 直接保有
Outline of Final Research Achievements

This study considers the rules for holding and transferring electronic assets created by a new technology, DLT. The Financial Instruments and Exchange Act has been amended to include some of these kinds of assets (i.e. securities tokens and electronically recorded transferable rights) to be regulated for disclosure. However, it remains the third-party effectiveness of transfers especially regarding interpretation of the articles of Civil Law. The Civil Law method to notify the obligor by instrument with certified date is cumbersome, and it may limit the efficiency and low-cost benefit of DLT. UNIDROIT and the US, on the other hand, have been in the process of developing the principles and rules for digital assets which would encourage a discussion about how to develop Japan’s legal framework in this area.

Academic Significance and Societal Importance of the Research Achievements

分散型台帳技術は、取引データをネットワーク参加者が分散して保管維持し、データの正当性を保証する技術である。従来の中央集中的なデータ保管システムは、データの記録に時間がかかり、システムダウンやサイバー攻撃によるデータの損失などに備えて、バックアップ等の対応策を準備する必要があるところ、分散型台帳技術の導入によって効率性のアップ、コストダウンが期待される。こうした技術を利用した金融取引、商取引における、権利の帰属や移転についてのルールを明確にすることによって、投資家が安心して投資することができ、発行者の資金調達方法の拡大、円滑化に資するものとなろう。

Report

(5 results)
  • 2021 Annual Research Report   Final Research Report ( PDF )
  • 2020 Research-status Report
  • 2019 Research-status Report
  • 2018 Research-status Report
  • Research Products

    (3 results)

All 2021 2019 2018

All Journal Article (1 results) (of which Open Access: 1 results) Presentation (1 results) Book (1 results)

  • [Journal Article] 証券振替制度の柔軟な運用の視点2019

    • Author(s)
      コーエンズ久美子
    • Journal Title

      名城法学

      Volume: 69 Pages: 327347-327347

    • Related Report
      2019 Research-status Report
    • Open Access
  • [Presentation] BEYOND INTERMEDIATION: A NEW (FINTECH) MODEL FOR SECURITIES HOLDING INFRASTRUCTURES2018

    • Author(s)
      KUMIKO KOENS & CHARLES W. MOONEY, JR.
    • Organizer
      日本銀行金融研究所
    • Related Report
      2018 Research-status Report
  • [Book] Global Financial Collateral: A Guide to Security Interests in Securities, Securities Accounts, and Deposit Accounts in International Transactions2021

    • Author(s)
      Charles W. Mooney and Kumiko Koens (Penelope L. Christophorou, Celeste Boeri Pozo eds, 2021)
    • Publisher
      ABA Publishing
    • ISBN
      9781641059930
    • Related Report
      2021 Annual Research Report

URL: 

Published: 2018-04-23   Modified: 2023-01-30  

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