Blockchain, Krypto-Assets, DeFi, KI, Smart Contracts Die Digitalisierung des Kapitalmarkts schreitet in hohem Tempo voran. Die neuen Instrumente aus der digitalen Welt werfen eine Fülle an Rechtsfragen auf. Das Praxishandbuch behandelt alle aktuellen Entwicklungen auf den digitalisierten Kapitalmärkten, unter anderem: Elektronische Wertpapiere (Zentralregisterwertpapiere, Kryptowertpapiere) Decentralised Finance (DeFi) Digitale Währungen (Central Bank Digital Currencies, Stablecoins, Kryptowährungen, Wallet) Digitale Handelsplattformen Tokenisierung (Investment Token, Currency Token, Utility Token, Hybrid Token, ICOs und STOs, Non Fungible Token) Derivate auf Kryptowerte Kryptofonds Smart Contracts (Smart Bonds, Smart Derivatives) Digitale Payment Systeme Crowd Funding Geschäftsmodelle mit KI (Robo Advisors, Algo-Trading) Beratungsnah Das Handbuch vermittelt leicht verständlich die technischen und ökonomischen Grundlagen der unterschiedlichen Geschäftsmodelle. Die systematisierte Aufbereitung des komplexen Regulierungs- und Aufsichtsrechts sowie konkrete vertrags- und aufsichtsrechtliche Umsetzungshinweise bieten Hilfen für die Praxis. Dabei werden insbesondere die folgenden Aspekte berücksichtigt: Vor- und Nachteile einer digitalen Begebungsform aus Sicht der Emittenten und Investoren Neue Haftungsfragen (z.B. des Registerführers) Rechtsfragen von Smart Derivatives Contracts (z.B. AGB-Recht, IPR) Aufsichtsrecht (z.B. MiCAR, KMAG, DLT Pilot Regime, neue KI-Verordnung der EU) Vertragsrecht der Kryptoverwahrung Rechtspflichten (nach WpHG, KAGB, ZAG, Geldwäscherecht, Prospekt-VO, MiCAR) EU-Rechtsrahmen (insbesondere für DLT-Handelssystem sowie DLT-Wertpapierabwicklungssystem) Cybersecurityrecht (insbesondere DORA) Datenschutzrecht Besonders hilfreich sind die expliziten steuerrechtlichen Hinweise zu den einzelnen digitalen Finanzprodukten und vergleichend hinzugezogene Darstellungen zum Stand der Digitalisierung des Kapitalmarkts in anderen finanzmarktrelevanten Ländern (England und Wales, Liechtenstein, Luxemburg, Österreich, Schweiz). Autor:innen Radoslav Albrecht RA Phil Beetz RA Dr. Clemens Böhm RA Dr. Andreas Dehio RA Sebastian Dey, Solicitor RA Fabian P. Ellert RA Romedi Ganzoni RA Dr. Sebastian Glock RA Dr. Alexander Glos RA Dr. Stefan Gohling RAin Ksenia Gräfin von Bassewitz Richard Hay, Solicitor (England and Wales), Avocat (barreau de Paris) Raoul Heinen, LL.M. (London), Avocat à la Cour RAin Dr. Janina Heinz RA Dr. Ulrich Johann, LL.M. (Taxation) Nicki Kayser, LL.M. (Cantab), Avocat à la Cour RA Dr. Daniel Klingenbrunn RA Dr. Hans-Ulrich Klöppel, LL.M. (London) Sophia Le Vesconte, Solicitor (England and Wales) RA Dr. Michael Leicht Megan Lim, Solicitor (England and Wales) RA Dr. Thomas Nägele, LL.M. RA Mag. Stefan Paulmayer RA Marius Raetz, LL.M. (Columbia University N.Y.) RA Dr. Florian Reul RA Dr. Philipp Roos RA Alexander Ruschkowski, Solicitor (England and Wales) RA Dr. Sascha H. Schmidt, Solicitor (England and Wales) RA Dr. Christian Schmitt RAin Anna Schweizer Michael F. Spitz RA Dr. Christian Storck, LL.M. (LSE) RA Dr. Max Weber, LL.M. (Vanderbilt) RA Dr. Nick Wittek, LL.B., Solicitor (England and Wales) RA Karsten Wöckener, LL.M. (Suffolk University Boston), Solicitor (England and Wales) RA Alexander Wüst, LL.M. (Melbourne) RA Dr. Jean-Claude Zerey, LL.M. (Columbia University N.Y.)

“Every American should read this book—especially those who think they disagree with Justice Gorsuch. . . . Whether readers end up agreeing or disagreeing with Justice Gorsuch’s ideas, our republic will be richer for readers having considered them.” —U.S. Circuit Judge Amul Thapar “Justice Gorsuch has written a temperate book, with civility shown to all. Such fairness, though, does not reduce the fervor with which he urges that we keep this country a republic.” —National Review “Serves as an introduction to the man and his philosophy while reminding the reader of the need to understand and participate in the nation’s civic affairs.” —Washington Examiner “This book and Justice Gorsuch’s distinguished judicial career confirm the reputation I heard so long ago—he is a legal superstar. The stories in his book, including a delightful one about an airplane ride sitting next to a young girl who was frightened of the turbulence and just needed a friend, also confirm my early impression of his kindness.” —Legal Communication & Rhetoric “ A Republic, If You Can Keep It is a powerful legacy for the next generation of Americans. Justice Gorsuch reminds us of the necessity for judges to do the right thing even when unpopular, to dispense justice dispassionately, to promote consistency in the law, and to be content serving in anonymity.” —Alberto Gonzales, former United States Attorney General “Justice Neil Gorsuch’s Western spirit—friendly; forthright, optimistic, and deeply egalitarian—shines through in A Republic, If You Can Keep It. Addressing urgent problems of law, ethics, and government, he is practical rather than abstract, humane rather than technical, and incorrigibly good humored.” —Christopher DeMuth, Distinguished Fellow, Hudson Institute “ A Republic, If You Can Keep It is a delightful primer on civics as well as the reflections of a deeply thoughtful judge.” —Mary Ann Glendon, Learned Hand Professor of Law, Harvard University “A glimpse of the character and career of a Justice who will profoundly influence American law for decades to come. And there’s plenty in these essays for interested readers of all stripes, whether conservative, libertarian, moderate, or liberal.” —Eugene Volokh, Gary T. Schwartz Distinguished Professor of Law, UCLA School of Law “In A Republic, If You Can Keep It, Justice Gorsuch speaks to where we have been as a country and where we are going. It should be required reading for anyone interested in our Constitution and our Republic in the twenty-first century.” —Tim Meyer, professor and director, International Legal Studies Program, Vanderbilt University Law School “In this powerful book, Justice Neil Gorsuch explains why he has chosen to make the connection between civic knowledge, civil dialogue, and self-government the focus of his public activities. A Republic, If You Can Keep It is an invaluable case for the importance of civics and civility that will inform constitutional debates among Americans of all perspectives.” —Jeffrey Rosen, president and CEO of the National Constitution Center