TFL Vsebine / Revija Pravnik

9

Tokenizacija (angl. tokenization) je postopek, v katerem se izdajo prenosljivi digitalni žetoni, na katere izdajatelj veže pravice, vezane na realna sredstva. Ti žetoni se izdajo z uporabo tehnologije veriženja podatkovnih blokov (angl. blockchain). Žeton predstavlja izvršljivo pravico imetnika do osnovnega sredstva. V modelu tokenizacije, kot je opisan v prispevku, imetniki žetonov nimajo stvarnopravnega položaja na nepremičnini. Namesto tega imajo pogodbeno zagotovljeno pravico do ekonomskih pravic. Primer take pravice je pravica do dela prihodkov, ki jih ustvari tokenizirana nepremičnina, na primer iz naslova najemnine v primeru kratko- ali dolgoročnega oddajanja. Z vidika imetnikov žetonov je največje tveganje tako imenovano dvojno razpolaganje lastnika nepremičnine. Gre za primer, ko bi lastnik nepremičnino prodal potem, ko bi tokeniziral ekonomske pravice, pri tem pa ne bi uredil prenosa obveznosti, ki izhajajo iz žetonov, na novega lastnika nepremičnine. To tveganje odpravlja hipoteka na nepremičnini, ki je eden od ključnih instrumentov opisanega modela tokenizacije. Prispevek obravnava tri raziskovalna vprašanja: (1.) ali opisani model tokenizacije vzpostavlja minimalno regulatorno breme za vse deležnike,(2.) ali žetoni kvalificirajo kot finančni instrumenti po MiFID-2 ali kot kriptosredstva po uredbi MiCA in (3.) če se klasificirajo kot kriptosredstva, v katero kategorijo kriptosredstev spadajo taki žetoni. V prispevku opisani model tokenizacije je bil v Sloveniji prvič izveden leta 2024. Tokenizacija ekonomskih pravic na nepremičnini prinaša več prednosti za vse deležnike. Drobitev ekonomskih pravic brez spremembe lastništva nepremičnine omogoča večjo dostopnost (demokratizacijo) naložb v nepremičnine. Iz nelikvidnega sredstva, kot je naložba v nepremičnino, tokenizacija ustvari nov razred sredstev, ki je ob predpostavki obstoja sekundarnega trga bistveno bolj likviden. Tehnologija veriženja podatkovnih blokov pa glede na svojo zasnovo omogoča večjo transparentnost in sledljivost pravic ter avtomatizacijo izplačil in pogodbenih pogojev (pametne pogodbe).

Tokenisation is the process of issuing transferable digital tokens to which the issuer attaches rights linked to real-world assets. These tokens are issued using blockchain technology. A token represents the holder’s enforceable right to the underlying asset. In the tokenisation model described in the paper, token holders do not have an ownership right in the real estate; instead, they have a contractually guaranteed entitlement to economic rights. An example of such a right is the right to a share of the income generated by the tokenised property— for instance, rent in the case of short- or long-term lettings. From the perspective of token holders, the greatest risk is the so-called double spending by the property owner, where the owner sells the property after having tokenised the economic rights, without arranging for the transfer of the obligations arising from the tokens to the new owner of the property. This risk is mitigated by a mortgage over the property, which is one of the key instruments of the tokenisation model described. The paper addresses three research questions: (1) whether the described tokenisation model creates a minimal regulatory burden for all stakeholders, (2) whether the tokens qualify as financial instruments under MiFID-2 or as crypto-assets under MiCA, and (3) if they are classified as crypto-assets, within which category of crypto-assets such tokens fall. The tokenisation model described in this paper was first implemented in Slovenia in 2024. Tokenisation of economic rights in real estate brings several benefits for all stakeholders. The fragmentation of economic rights without a change of ownership of the property allows for greater accessibility (democratisation) of real-estate investment. From an illiquid asset such as a real estate investment, tokenisation creates a new asset class which, assuming the existence of a secondary market, is significantly more liquid. Blockchain technology, by its very design, enables greater transparency and traceability of rights and the automation of payouts and contractual terms (smart contracts).

Tokenisation of Economic Rights Attached to Real Estate: Legal Aspects and Case Study