A BIT of Protection for Non-Fungible Tokens: Digital Assets as Catalysts for Economic Growth

Abstract

An inevitable consequence of technological advancement is that it triggers regulatory challenges for law and policymakers. The regulation of digital assets has generated much debate in this regard. The central objective of this article is to examine the regulation of one particular type of digital asset, NFTs, through an international investment law lens. The international investment regime offers investors high levels of protection against breaches of obligations by host states for covered investments. The aim of the article is to determine whether NFTs can be considered as covered investments for the purposes of the application of bilateral investment treaties (BITs) and treaties with investment provisions (TIPs), and further to examine whether that regime would provide an appropriate regulatory framework for investment in NFTs.

Original language	English
Pages (from-to)	93-129
Journal	Journal of World Investment & Trade
Volume	25
Early online date	21 Feb 2024
DOIs	https://doi.org/10.1163/22119000-12340319
Publication status	E-pub ahead of print - 21 Feb 2024

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title = "A BIT of Protection for Non-Fungible Tokens: Digital Assets as Catalysts for Economic Growth",

abstract = "An inevitable consequence of technological advancement is that it triggers regulatory challenges for law and policymakers. The regulation of digital assets has generated much debate in this regard. The central objective of this article is to examine the regulation of one particular type of digital asset, NFTs, through an international investment law lens. The international investment regime offers investors high levels of protection against breaches of obligations by host states for covered investments. The aim of the article is to determine whether NFTs can be considered as covered investments for the purposes of the application of bilateral investment treaties (BITs) and treaties with investment provisions (TIPs), and further to examine whether that regime would provide an appropriate regulatory framework for investment in NFTs.",

author = "Nicolette Butler and Jasem Tarawneh",

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AB - An inevitable consequence of technological advancement is that it triggers regulatory challenges for law and policymakers. The regulation of digital assets has generated much debate in this regard. The central objective of this article is to examine the regulation of one particular type of digital asset, NFTs, through an international investment law lens. The international investment regime offers investors high levels of protection against breaches of obligations by host states for covered investments. The aim of the article is to determine whether NFTs can be considered as covered investments for the purposes of the application of bilateral investment treaties (BITs) and treaties with investment provisions (TIPs), and further to examine whether that regime would provide an appropriate regulatory framework for investment in NFTs.

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DO - 10.1163/22119000-12340319

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Abstract

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