Digital market regulation

Crypto-assets are digital representations of value used as a means of payment or investment. Their use to buy works is governed by anti-money laundering rules and by national taxation.

NFTs are non-fungible tokens that can represent an original digital work or be backed by a physical work. Platforms, finally, are the operators that host and trade these objects: they are subject to an approval regime.

OIMAP chose not to create a special law for each technology, but to extend to digital objects the principles of general regulation: diligence, transparency, protection of buyers. The specific rules cover only what is really different: identification of sellers, the link between token and work, platform security.

This approach has the advantage of remaining valid as technologies evolve. It does, however, leave a considerable share to interpretation, which consultations and case law help to stabilise.

The digital regime is subject to a review clause every three years. The first review, planned for 2025, will cover fractionalised tokens, works generated by artificial intelligence and sales of rights over physical works.

Each change is preceded by a public consultation. Operators, artists, platforms and States are invited to contribute, so that the regime remains adapted to the reality of practice.