International Legal Framework for Tokenized Fisheries Management

This article describes the adoption of tokenized fisheries management as a novel strategy for improving fisheries governance, combating fisheries crime, and promoting sustainable fishing practices. This framework attempts to develop a transparent, efficient, and responsible system for managing fishing quotas, catch documents, and certificates by means of blockchain-based technology and tokenization. The framework addresses critical legal concerns, regulatory processes, and stakeholder participation that are required for successful implementation. The study looks at prior attempts to use technology for fisheries management as well as blockchain-based solutions used across various sectors. It examines existing legal frameworks and identifies legal gaps related to tokenization, as well as the limitations they impose on fisheries governance. Given that many national fisheries rules may not expressly accept digital tokens as genuine representations of fishing quotas or certificates, these may not be officially recognized. Consequently, it is critical to identify and analyse national and international fishery rules that may or may not expressly accept digital tokens in fisheries management. This paper also investigates the potential advantages and challenges of implementing such a system, as well as its role in protecting marine ecosystems. This study thoroughly examines the rules that govern this domain, explains the areas of legal application that remain challenging, and forecasts future developments.