THE LEGAL NATURE AND REGULATORY APPROACHES OF SMART CONTRACTS IN INTERNATIONAL TRADE: A COMPARATIVE LEGAL ANALYSIS

Abstract

Smart contracts, by enabling the automated and transparent execution of ag-reements through blockchain technology, promise to simplify complex cross-border transactions and reduce reliance on intermediaries, possessing trans-formative potential in international trade. However, significant legal uncerta-inties remain regarding their legal nature, contract validity, applicable law, jurisdiction, and liability. This study aims to examine the legal framework of blockchain-based smart contracts in international trade and to comparatively evaluate regulatory approaches in different legal systems. The research emp-loys a methodology that combines doctrinal legal analysis with comparative regulatory review, focusing particularly on legal recognition, regulatory inst-ruments used, general regulatory approaches, and emerging key legal issues. The findings of the international legal framework review and the comparative analysis conducted in the EU, United Kingdom, USA, some Asian countries, and Türkiye show that widespread adoption of smart contracts is still limited due to legal uncertainties and unresolved doctrinal questions, while regula-tory approaches are still evolving.