The ecosystem of digital assets continues to change exponentially. In post-COVID times, digital assets may be seen as a cheaper, more liquid, and transparent safe haven compared to that offered by more traditional asset types. Inclusion of new digital assets, especially cryptocurrencies, in portfolios of standard financial assets has been the subject of some academic study, but the theoretical and practical implications of this new trend are not yet fully understood. Digital Assets is the first book to present a comprehensive review of studies on the valuation and pricing of cryptocurrencies and digital assets. Outlining a new research agenda aimed at understanding the fundamental drivers of the value of cryptocurrencies, it brings together an impressive line-up of academics and practitioners to provide a timely perspective on government responses and regulatory approaches towards digital assets, including the setting of new legal frameworks.

Part I. Institutionalization of Digital Assets. Institutionalization of digital assets / Reena Aggarwal and Chris Matturri ; How and when are cryptocurrency predictable? Back-testing their portfolio economic value / Massimo Guidolin and Manuela Pedio ; DeFi vs TradFi: valuation using multiples and discounted cash flows / Teng Andrea Xu, Jiahua Xu and Kristof Lommers
Part II. Digital Assets and Decentralised Finance. The suitability of securities token offerings, cryptocurrencies, and crypto-related assets for pension investments / John A. Turner ; Regulatory considerations on the decentralised financial system / Ryosuke Ushida and Shin'ichiro Matsuo ; A Hayekian view of digital currencies / Andy Yee and Nikhil Vadgama. Part III. Regulations and Compliance of Digital Assets. UK anti-money laundering regulation of crypto-assets / Pierre Ostercamp ; Triple-entry accounting, blockchain and next of kin: towards a standardization of ledger terminology / Juan Ignacio Ibanez, Chris N. Bayer, Paolo Tasca and Jiahua Xu
Part IV. Cryptocurrency Economics and Monetary Policies. Monetary policy in a world with cryptocurrencies, stablecoins and CBDC / Daniel Heller ; Yields: the Galapagos syndrome of cryptofinance / Bernhard K. Meister and Henry C. W. Price ; The 'Klair effect': a new monetary framework on controlling inflation using CBDC / Sarbjit Klair