LAW AND TECHNOLOGY

Study LXXXII – Digital Assets and Private Law (2020 – 2023)
Study LXXXIIA – HCCH-UNIDROIT Project on Law Applicable to Cross-Border Holdings and Transfers of Digital Assets and Tokens (2023)
Study LXXXVI – Legal Nature of Verified Carbon Credits (2022 – )

1st Working Group Meeting

The first meeting of the Working Group took place in a hybrid manner on 17 – 19 November 2020.

 

2nd Working Group Meeting

The second meeting of the Working Group took place in a hybrid manner on 16 – 18 March 2021.

 

3rd Working Group Meeting

The third meeting of the Working Group took place in a hybrid manner on 30 June – 2 July 2021.

 

4th Working Group Meeting

The fourth meeting of the Working Group took place in a hybrid manner on 2 – 4 November 2021.

 

5th Working Group Meeting

The fifth meeting of the Working Group took place in a hybrid manner on 7 – 9 March 2022.

 

6th Working Group Meeting

The sixth meeting of the Working Group took place in a hybrid manner on 31 August – 2 September 2022.

 

7th Working Group Meeting

The seventh meeting of the Working Group took take place in a hybrid manner from 19 to 21 December 2022.

 

8th Working Group Meeting

The eighth meeting of the Working Group took place in a hybrid manner from 8 to 10 March 2023.

Exploratory and preparatory work on the HCCH-UNIDROIT Joint Project on the Applicable Law to the Cross-border Holding and Transfer of Digital Assets and Tokens (DAT) was formally approved by the Council on General Affairs and Policy (CGAP) of the Hague Conference on Private International Law (HCCH) on March 2023 and by the UNIDROIT Governing Council on May 2023, based on the Project Proposal as presented to its 102nd Session.

The project aimed to explore possible future work on issues on private international law (PIL) related to digital assets. It was intended to build upon Principle 5 of the UNIDROIT Principles on Digital Assets and Private Law (DAPL Principles), supplementing UNIDROIT’s work by providing additional and more detailed guidance.

Following its approval, participants designated by the two Secretariats explored the feasibility of joint work on the applicable law to DAT through two preparatory meetings. The First Preparatory Meeting took place on 12 June 2023 at the HCCH premises in The Hague, while the Second Preparatory Meeting was held from 2 to 4 October 2023 at UNIDROIT’s seat in Rome.
During these meetings, experts engaged in extensive discussions on key issues of applicable law, particularly concerning linked assets, transfers, secured transactions, and the custody of digital assets. They also examined the role of party autonomy and the relevance of different connecting factors in cross-border cases. This work was intended as a natural follow up to the DAPL Principles, aiming to complement them and enhance their impact.

Ultimately, the exploratory work was concluded, and the project was discontinued. The Summary Report is available here.

At its 101st Session (Rome, 8-10 June 2022), the UNIDROIT Governing Council unanimously recommended the inclusion of a project on the Legal Nature of Voluntary Carbon Credits in UNIDROIT’s 2023-2025 Work Programme, with high priority (see paras 50-60, UNIDROIT 2022 – C.D. (101) 4 rev). The Governing Council’s recommendation was unanimously endorsed by the UNIDROIT General Assembly at its 81st session (Rome, 15 December 2022) (see paras 75-78, UNIDROIT 2022 – A.G. (81) 3). At its 102nd session in May 2023, the Governing Council confirmed the Secretariat’s authorisation to establish a Working Group, in collaboration with the World Bank Group, tasked with developing an international law instrument to provide guidance on the legal nature and other private law aspects of voluntary carbon credits. At its 103rd session in May 2024, the Governing Council approved a change from the term “Voluntary” to “Verified” in the title of the project.

Following initial consultation and exploratory work, a Working Group was established, composed of members selected for their expertise in the fields of carbon credit trading, environmental law, property law, contract law, secured transactions, and digital technology. The Working Group is chaired by Professor Hideki Kanda, Emeritus Professor at the University of Tokyo and Member of the UNIDROIT Governing Council. The progress of the Working Group can be followed on the Legal Nature of Verified Carbon Credits project page.