Draft Principles on Digital Assets and Private Law Opened to Public Opinion

As part of the Project on Digital Assets, The International Institute for the Unification of Private Law (UNIDROIT) published Draft Principles on Digital Assets and Private Law (Draft Principles) on 10 January 2023. Draft Principles has been prepared by working group over the course of seven sessions held between 2020-2022.

In a nutshell, Draft Principles aim to provide guidance to legislators, judges, practitioners, and the industry involved in the digital asset economy for matters relating to private law. This includes the definition of digital asset, the importance of control, matters related to transfer of digital assets, custody relationships, conflicts of law, secured transactions, enforcement, and insolvency.

In a world where global economy is becoming increasingly digital, digital assets, such as cryptocurrencies, are playing an important role across many sectors. Therefore, Draft Principles are crucial for global economy and financial markets.

Currently, UNIDROIT is undertaking a public consultation in relation to the Draft Principles. As a result, feedback from parties will be obtained regarding whether the instrument sufficiently addresses the private law issues related to digital asset transactions. The deadline to submit comments and views is 20 February 2023.

You can reach the full text of the Draft Principles here.