"Functional equivalence" of digital legal transactions

A fundamental principle for assessing the legal validity of legal institutions and legal transactions under Swiss law.

Blockchain technology opens up new possibilities to implement established legal institutions such as ownership or legal transactions in a technically functionally equivalent manner. The authors propose to recognize a digital system as functionally equivalent to the existence of a legal institution or to a legally valid transactions which fulfils all substantive and/or formal requirements that Swiss law attaches to it. These requirements are subject to judicial review and can be specified in law. This creates immediate legal certainty and can focus on what is necessary from a regulative perspective.

Read the full article here. (PDF, 237 Kb)

June 2018 | Author: Andreas Furrer, Luka Müller

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