Abstract

Crypto market makers and decentralised liquidity providers play a central role in maintaining liquidity on the crypto exchanges. Their activities are usually subject to strict regulations by the host state of the exchange. This article examines whether, and under what conditions, crypto market makers and decentralised liquidity providers (DLPs) may avail themselves of protection under investment treaty arbitration. Drawing on the analytical framework of legal and economic materialisation of an investment, the article argues that, subject to the specifics of the domestic property law, the ...