On 18 May 2023, UNIDROIT’s Governing Council reported that it had adopted the UNIDROIT principles on digital assets and private law (the principles) at its 102nd session in Rome, Italy.
The principles were prepared by a working group on digital assets and private law, which comprised of 25 members, 22 observers from international, regional and non-governmental organisations, and 22 individual observers. The principles comprise guidance and best practices for issues related to private law in transactions involving digital assets. The principles provide rules for transactions in certain types of digital assets commonly used in commerce, in order to increase efficiency and reduce costs. The principles are intended to reduce legal uncertainty for those involved in these legal transactions.
Following the adoption by Governing Council, the instrument is expected to be finalised in the coming months. The Secretariat has now commenced the process of preparing the instrument for publication.
A full report of the Governing Council session will follow in the next few weeks.