Launch of the HCCH-UNIDROIT Digital Assets and Tokens Joint Project

The Permanent Bureau is pleased to announce the formal approval of the HCCH-UNIDROIT Joint Project on Law Applicable to Cross-Border Holdings and Transfers of Digital Assets and Tokens (HCCH-UNIDROIT Digital Assets and Tokens Joint Project).

The Council on General Affairs and Policy (CGAP) of the HCCH endorsed the launch of the Joint Project during its annual meeting, in March 2023. Today, on 11 May 2023, the Joint Project received the approval of the Governing Council of the International Institute for the Unification of Private Law (UNIDROIT). As a result, the commencement of joint preparatory and exploratory work relating to this project is set to begin immediately, with an initial, exploratory phase leading up to March 2024.

The HCCH-UNIDROIT Digital Assets and Tokens Joint Project will examine the desirability of developing coordinated guidance and the feasibility of a normative framework on the law applicable to cross-border holdings and transfers of digital assets and tokens, covering relevant private law aspects.

The Permanent Bureau of the HCCH will report on the results of the project to CGAP in advance of its 2024 meeting, including suggestions on the desirability and feasibility of continuing work on this topic through the establishment of a joint Experts’ Group.