Profili giuridici della blockchain

Purpose of the research was to demystify blockchain technology by clarifying the legal qualification of smart contracts, cryptocurrencies and Initial Coin Offerings (ICOs). The thesis is divided, consequently, in four chapters that address each topic progressively and separately. The first one lays the foundations of the entire work. It investigates the functioning of blockchain technology and evaluates the critical points of the Fifth Anti Money Laundering Directive (2015/849/EU) that is the only piece of legislation in force at an EU level. The second chapter takes a closer look at smart contracts, that are applications built using blockchain technology and that can be used to issue crypto assets. Thus, it tries to specify the circumstances under which they can be considered as legally binding contracts and critically assesses the definition of smart contracts recently introduced by the Italian lawgiver (given by art. 8-ter, L. 12/2019). The third chapter attempts to classify crypto-assets and, subsequently, focuses on the legal nature of cryptocurrencies analyzing case law and academic literature. It also arguments that cryptocurrencies, as such, cannot be regarded as securities. Security tokens and ICOs are, therefore, outlined in the last chapter - through the categories of investment contract and financial instrument, it is clarified when an ICO constitutes a public offering of financial products (both in EU and in the US). ICOs are also compared with Initial Public Offerings and crowdfunding and some applicability issues of MiFID II (2004/39/CE) and MiFIR (n. 600/2014) are highlighted. [edited by Author]