A New Trade Regime For Digital Assets

Abstract

Already for twenty years it is acknowledged that e-commerce or (more broadly worded) digital trade cannot be adequately captured by the existing GATT and GATS framework; the new technological developments (particularly the distributed ledger technology and the digital assets) stretch the old categories too much. In view of the weaknesses of the WTO, the implementation of a completely new framework established by other bodies appears to be desirable. Different stakeholders such as standardization organizations and industry associations should attempt to achieve a minimal structural “environment” that allows developing suitable standards and implementing harmonizing rules.