Yesterday the International Capital Market Association (ICMA) released a paper reviewing risk factors and disclosures on some of the digital bond offerings during the past two years. ICMA has a DLT Bonds Legal Subgroup that analyzed the debt instruments. The aim was to highlight additional requirements for potential issuers and underwriters.
Because tokenization continues to be an evolving space, there are additional risk factors for digital bonds. However, the specific risks are particular to each bond. The working group reviewed bond issuances under Australian, English, French, German, Hong Kong, Luxembourg, Spanish and Swiss law.
ICMA grouped the extra disclosures into three categories.
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