A New International Trade Framework for Digital Assets

Abstract

Already for 20 years it is acknowledged that e-commerce or (more broadly worded) digital trade cannot be adequately captured by the existing GATT and GATS framework. The new technological developments (particularly the distributed ledger technology and the digital assets) stretch the old categories too much and can hardly be embedded into the principle of technology neutrality. In view of the present weaknesses of the WTO, the implementation of a completely new adequate framework established by other bodies appears to be desirable. Different stakeholders such as standardization organizations and industry associations should attempt to achieve a minimal structural “environment” that allows developing suitable standards and implementing harmonizing rules for digital assets encompassing issues such as the conditions of assets registries, the effects of registrations, the assets transfer requirements and liability rules.