Crypto-assets (tokens on a distributed ledger network) can be handled much in the same way as tangible assets as they may be held without the involvement of intermediaries and traded on a peer-to-peer basis by virtue of the blockchain technology. Consequently, crypto-assets give rise to proprietary issues in the virtual world, as do tangible assets in the real world. This article will consider how the law applicable to the proprietary issues of crypto-assets should be determined. It will first examine some of the cases where restitution was sought of crypto-asset units and consider what issues arising in such contexts may be characterised as proprietary for the purpose of conflict of laws. Finding that the conventional connecting factors for proprietary issues are not suitable for crypto-assets, this article will consider whether party autonomy, generally rejected for proprietary issues, should be embraced as well as what the objective connecting factors should be.

加密资产（分布式账本网络上的代币）的处理方式与有形资产的处理方式大致相同，因为它们可以在没有中介机构参与的情况下持有，并借助区块链技术在点对点的基础上进行交易。因此，加密资产会在虚拟世界中引发所有权问题，就像现实世界中的有形资产一样。本文将考虑应如何确定适用于加密资产所有权问题的法律。它将首先审查一些寻求加密资产单位归还的案例，并考虑出于法律冲突的目的，在这种情况下出现的哪些问题可能被定性为专有问题。发现专有问题的常规连接因素不适用于加密资产，本文将考虑当事人意思自治，