UNIDROIT, one of the main global legal standard setters, is currently developing a common international approach with respect to certain private law aspects of digital assets. The Draft UNIDROIT Principles on Digital Assets and Private Law will introduce a legal taxonomy of digital assets and establish rules for the transfer and use of digital assets. This includes conflict of laws rules for determining the law applicable to proprietary issues in digital assets (in particular, the transfer of ownership as well as other rights in rem in digital assets). In addition, the draft principles lay down rules governing the enforcement of digital assets and the treatment of digital assets in the respective owner's insolvency. While this initiative is highly welcomed by the digital asset industry, it remains to be seen when the draft principles will finally be approved by UNIDROIT and if and how the international community will adopt and implement them.
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