Legal perspectives on blockchain technologies and smart contracts in the Ukrainian legal system

Abstract

This article offers a comprehensive analysis of the current state of legal regulation of blockchain technology and smart contracts in Ukraine and examines their underlying legal nature. Written against the backdrop of global innovations and practical applications of distributed-ledger technology, the study addresses the urgent need to harmonise Ukraine’s regulatory framework with that of the European Union. Adopting an interdisciplinary perspective, the author integrates legal, economic, and technological considerations, viewing blockchain not merely as an innovative IT infrastructure but also as a socio- legal phenomenon capable of transforming tax, registration, and corporate processes. The introduction substantiates the relevance of the research: the rapid expansion of the digital economy, the widespread adoption of virtual assets, and the imperative to reduce corruption risks in the public sector all necessitate legislative adaptation and the introduction of new legal concepts. The purpose of the article is to develop a national regulatory model that reconciles technological innovation with the principles of transparency, legal certainty, and protection of market participants’ rights. The core of the study focuses on five potential areas for deploying blockchain in public administration: electronic tax reporting, accounting for electronic invoices, automated tax payments via smart contracts, an open register of taxpayers, and real-time monitoring of goods flows. The author demonstrates that implementing these solutions can reduce operational costs for businesses, significantly decrease errors and fraud, and enhance public trust in state institutions. Special attention is given to the legal status of NFTs and other tokenised assets. Based on an analysis of Ukrainian and international legislation, the article argues that the transfer of economic copyrights via NFTs requires a written (including electronic) agreement bearing a qualified electronic signature, clearly defined licensing terms, and integration with official state registers to verify legal title.