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 UNIDROIT Publishes Draft on Digital Assets and Private Law


The International Institute for the Unification of Private Law (UNIDROIT) has published the UNIDROIT Principles Draft on Digital Assets and Private Law.


The International Institute for the Unification of Private Law (UNIDROIT) has published the UNIDROIT Principles Draft on Digital Assets and Private Law.
The January 2023 UNIDROIT principles draft consists of seven sections, 19 articles, and 61 pages.
The first section, titled Scope and Definition, discusses the basic principles of private law related to digital assets. Some of the concepts mentioned in the draft are also defined. These concepts include electronic records, digital assets, legal principles, other law, transfer, transferor, emerging digital assets, and bankruptcy proceedings.
The second section, titled International Private Law, explains the conflicts of law between states regarding digital assets.
The third section, titled Control, contains four articles. These are the definition of control, the identity of a person controlling a digital asset, innocent purchase, and the rights of a transferee.
The fourth section, titled Liability, describes the relationship between a custodian providing services to a customer under a custody agreement. This section consists of four articles: Article 10 titled Liability, Article 11 titled Obligations of the Custodian to the Customer, Article 12 titled Innocent Customer, and Article 13 titled Custodian's Insolvency.
Additionally, the fifth section, titled Secure Transactions, consists of four articles, the sixth section, titled Procedural Law including Enforcement, consists of one article, and the seventh section, titled Bankruptcy, consists of one article.
For details; https://www.unidroit.org/wp-content/uploads/2023/01/Draft-Principles-and-Commentary-Public-Consultation.pdf