Digital tokens are emerging as a third asset class, alongside cash and equity—one that lawyers increasingly will need to manage in M&A deals, according to Nick Abrahams, Norton Rose Fulbright’s global co-leader of digital transformation.

The Sydney-based tech lawyer, who is also an innovator, entrepreneur and futurist, has worked on several M&A deals in which tokens have played a role and has also advised on employee incentive schemes that include tokens along with shares.