Legal taxonomies of tokens: an open question needing a solution

Any study of the legal issues raised by tokenisation must preliminarily address the problem of defining as precisely as possible the object of analysis and its subcategories. The Chapter engages with this task, focusing first on the notion of token and providing a working definition of it, then on the most common functionalist taxonomy of tokens, in its various declinations followed by different jurisdictions globally (US, Switzerland, and others). The Chapter also outlines the main alternative approaches to the functionalist one, dealing in depth with one followed by the European Union with its benchmark MiCA Regulation, and also covering some multi-dimensional frameworks proposed at the industry or think-tank level. The conclusion summarises the analysis carried out, expressing a preference for the functionalist approach, but in any case reiterating the importance of arriving at a taxonomy of tokens that is as much shared as possible.