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Our guest for the MCC Lunch Talks event was Attila Menyhárd, head of the Center for Modern Law, who spoke about the legal nature of digital assets, including cryptocurrencies and NFTs.
In Menyhárd's presentation, he addressed the debates about the legal definition of these assets, whether these are subjects to property rights in private law. Though it may be a valid question, they certainly have a legal value. Addressing their legal nature raises fundamental questions such as the legal concept of money, the legal effect of tokenization, the definition of securities. This is the basis for answering the questions of what rules govern the transferability of these assets, whether they can be used as security and how they can be inherited.
Perhaps the most frequently asked question regarding the market of cryptocurrencies and NFTs concerns their regulation. Attila Menyhárd argues that the market of these digital assets being without centralized power, often referred to as the "wild west", actually supports the "bottom-up" development of law, and currently he sees no need for market regulation. Venturing into other areas of private law and considering further matters of the legal nature of digital assets, Thibaud Gibelin, MCC's visiting fellow, and Gábor Kozma, student of MCC were having an intriguing discussion within the framework of this week’s Lunch Talk.
