From intermediated securities to digital assets: the debate on collateral transactions

This article examines the current debate on the formation of an international legal framework for collateral transactions involving digital securities. It outlines the existing legal framework for intermediated securities and proposes that convergence between this framework and the one to be applied to digital securities would be beneficial. It also argues that lessons learned during the global financial crisis of 2007 and onwards, and in the context of recent turmoil in digital assets markets, should be taken into account.