Blockchain Papers

Vasyl Kozii

This study investigated the criminal liability for illegal acquisition of cryptocurrency in Ukraine, which is relevant in connection with the considerable spread of cryptocurrencies and cases of their illegal acquisition, as a result of which significant material damage is caused to the victims. Specifically, this is explained by the collapse of cryptocurrency exchanges and hacker attacks on cryptocurrency wallets. The purpose of this study was to investigate what criminal liability is prescribed for illegal possession of cryptocurrency in Ukraine. The study employed a dialectical approach and methods of system and technical and legal analysis, as well as a formal and logical method. Approaches to understanding the term “cryptocurrency” were defined, and its types were specified. The features of the functioning of blockchain technology were covered. This paper analysed the legal regulation of virtual assets in Ukraine, their relationship with cryptocurrency. It is noted that at its core, cryptocurrency is not a virtual asset and that it is advisable to consider it an electronic asset based on the blockchain – a decentralized public register of all cryptocurrency transactions conducted on the network. Shortcomings in the legal regulation of cryptocurrencies in Ukraine were highlighted, specifically, it was noted that the signs of virtual assets do not fully coincide with the signs of cryptocurrencies. The most common ways of illegal possession of cryptocurrency were specified, and problematic issues of bringing individuals who have come into illegal possession of cryptocurrency to criminal responsibility were outlined. This paper substantiated the impossibility of bringing individuals who have come into illegal possession of cryptocurrency to criminal responsibility in Ukraine, considering the principle of legal certainty and avoiding analogy in criminal law. The necessity of criminalizing illegal possession of cryptocurrency was proved. Practical recommendations on making appropriate amendments to the Criminal Code of Ukraine were formulated. The theoretical value of this study lies in the formation of an approach to the need to criminalize the illegal possession of cryptocurrencies, and its results can be used in law-making activities.

Ірина Слободська, Вероніка Ткаченко

Мета: визначення сфер застосування, меж можливостей та переваг на шляху до впровадження та вдосконалення використання смарт-контрактів, як альтернативі цивільно-правової угоди. Методи дослідження: діалектичний, дедукції, індукції, порівняльно-правового дослідження, системно-структурний, формально-догматичний, метод аналогії, функціональний, порівняльно-правовий, юридичного моделювання. Результати: визначенні сфери застосування, межі можливостей та переваги на шляху до впровадження та вдосконалення використання смарт-контрактів, як альтернативі цивільно-правової угоди. Обговорення: сучасні цивільно-правові відносини, що перейшли у цифрове середовище, адже розвиток технологій та розроблення відповідного правового забезпечення дозволив договірному праву отримати оновлену форму договору, що мають назву «smart contract». Smart contract є економічно вигідним та простішим у аспекті укладання та виконання зобов’язання. Інновація об’єднує в собі взаємодію передових технологій на базі blockchain та цивільно-правових відносин, які почали видозмінюватися завдяки розвитку цифрового середовища. Порівнюючи розумну угоду із традиційним письмовим договором, вбачається ріст використання та впровадження технологій blockachain та розумних угод, які працюють на вищезазначеній технології замість укладання типового письмового договору. У зв’язку з цим виникла необхідність детального розгляду інновації та встановлення шляхів до впровадження та вдосконалення використання смарт-контрактів, як альтернативі цивільно-правової угоди.

Noor Sabah, Ali Makki Sagheer, Omar A. Dawood

The year 2020 has shown the quick spread and devastating effect of Coronavirus (COVID-19) on the world economy, health, and human life. Combating the COVID-19 pandemic is crucial. Blockchain technology can assist in the fight against the COVID-19 pandemic by assuring safe and reliable medical supplies, accurate identification of virus hot spots, and establishing data provenance to verify genuine personal protective equipment that is decentralized, reliable, traceable, and transparent. A major proportion of current healthcare systems are centralized and are short on privacy and information necessary for the detection of fraud connected to the certification by the COVID-19 vaccine. The quick vaccination rollout and the deployment of a global vaccination campaign are crucial and dependent on the availability of transparent and operational distribution chains, which may be audited by all the necessary parties. Blockchain technology might also be used to assure transparent monitoring, storage, and distribution of COVID19 vaccinations. Smart contracts are built for monitoring and tracking the proper circumstances of vaccine distribution in comparison to safe handling of vaccine producers, informing all network peers. This study aims to investigate the effectiveness of block chain and smart contracts in the health care system. The article presents a model of the decentralized infrastructure of the health care system. The blockchain and intelligent contract technology provided has shown promising results. The proposed solution is economically feasible and ensures data integrity, security, transparency, and traceability. Future work aims to expand the functionalities of smart contracts and the blockchain technology.

Олександр Сергійович Омельчук, О. С. Омельчук, Александр Сергеевич Омельчук, Oleksandr Serhiyovych Omelchuk · 13 authors

The article analyzes the legal nature and specific of legal regulation of cryptocurrency in order to reveal the features of inheritance of cryptocurrency assets. The article aims to reveal whether it is possible to inherit cryptocurrency in terms of the existent legislation and if so, what kind of peculiarities of cryptocurrency should be considered. The financial and legal nature of cryptocurrency are described in the article. The main differences between cryptocurrency and traditional electronic money are revealed. The current legislation of Ukraine and some European countries on cryptocurrency legal status is analyzed. It is stated, that in most countries of the world, cryptocurrency is not considered to be money or currency, but rather a kind of property. It is noted, that while solving the issue of inclusion of cryptocurrency assets in the legacy, it is necessary to take into account the functional features of cryptocurrencies in general and the specifics of a particular type of cryptocurrency. Most of the benefits of cryptocurrencies for their owner (such as anonymous character) are obstacles to their inheritance according to the procedures provided by applicable law. The classification of the methods of inheritance of cryptocurrency assets is made in the article. The differences in the inheritance of cryptocurrency and tokens are revealed.

Yaolin Zhang

Abstract This article sets out a regulatory framework that facilitates blockchain cross-border financial transactions and examines how this framework can be implemented in the context of the Belt and Road Initiative (BRI). With increasing globalization and international trade, cross-border financial transactions are set to grow rapidly, especially across the Eurasian region.1 There are currently many challenges facing such transactions, from slow payment systems and different technical standards to varying legal and compliance systems.2 These challenges may be redressed by blockchain, which offers an efficient solution to the current mechanisms adopted in cross-border financial transactions. Currently, there are many experimental initiatives that seek to implement this technology to multiple fields, including remittances, clearance, and settlements.3 However, few researchers have considered in detail how this technology should be regulated in the BRI context. This article will be one of the first in-depth analyses of how laws and regulations can be applied to facilitate cross-border blockchain payments in the BRI context.

Viktoriia Ivaniuk, Serhiy Banakh

Cybercrime, including cryptocurrency-related cybercrime, has become widespread in recent years. Despite a thorough study of cybercrime issues, there is still no legislative position on the legal regulation of cryptocurrencies and the responsibility for cryptocurrency-related cybercrime in Ukraine. The authors classify and characterize all cryptocurrency-related cybercrimes into five groups. In view of the spread of cryptocurrency-related cybercrimes, the EU’s counteraction measures have been analyzed. Ways to prevent and counteract to cryptocurrency-related cybercrimes in Ukraine are suggested.

R.L. Sopilnyk

The article examines the legal aspects of applying blockchain technologies in the field of legal application and public administration. The concept and technical characteristics of distributed ledger technology (DLT) as the basis of blockchain are analyzed and its legal significance for ensuring immutability, transparency and verifiability of legally significant data is determined. The practice of applying blockchain technologies in the system of state registers of Ukraine is examined, in particular the implementation of distributed ledger technology in the State Register of Real Property Rights and in the electronic auction system ProZorro.Sales, as well as the pilot project of the Central Election Commission regarding the use of blockchain for recording electronic voting results. The legal nature of smart contracts as a type of agreements that are automatically executed upon the occurrence of specified conditions is considered, and their relationship with the institution of contract in civil law in accordance with the provisions of the Civil Code of Ukraine of January 16, 2003, is determined. The Law of Ukraine "On Virtual Assets" of February 17, 2022 (signed by the President on March 15, 2022), is analyzed and its significance for the legalization of blockchain infrastructure in Ukraine is determined. The necessity of forming a comprehensive legal framework for the application of blockchain technologies in legal practice is substantiated, including the normative definition of the legal status of blockchain records, the procedure for their use as evidence in court proceedings, the legal qualification of smart contracts as a type of agreement and liability for errors in their program code, taking into account the potential of blockchain for enhancing transparency and trust in state institutions.

V. M. Kamalyan

No abstract is available for this record.

Taras Bachynskyy, Roman Radeiko

Abstract This study develops a review of Blockchain legal regulations in Ukraine. The authors analyze use of Blockchain technology in administration and provision of public services in modern Ukraine. It is stressed that the illegal status of Blockchain and cryptocurrency in Ukraine is a barrier to the full use of these instruments in all spheres of modern life in Ukraine. The caselaw in the field of cryptocurrency use is analyzed.

Віктор Євстафійович Загородній, В. Є. Загородній, Виктор Евстафьевич Загородний, Viktor Ye. Zahorodnii · 15 authors

Zahorodnii V. E. The establishment of cryptocurrency / V. E. Zahorodnii, V. V. Tishchenko, V. A. Dyntu // ECHR’s Jurisprudence in Digital Era : proceedings of the Int. sci. conf. (Odesa, May 31 – June 1, 2019) / MES of Ukraine, Nat. Univ. “Odes. Acad. of Law”, SRC NALSU ; exec. eds. H. A. Ulianova, V. A. Tuliakov. – Odesa : Publishing house “Helvetika”, 2019. – P. 114-117.

Leskiv Solomiia

No abstract is available for this record.

Valeriia Dyntu, Валерія Аркадіївна Динту, Valeriia Dyntu

Dyntu V. A. The roots of cryptocurrencies / V. A. Dyntu // Правові та інституційні механізми забезпечення розвитку України в умовах європейської інтеграції : матеріали Міжнародної науково-практичної конференції (м. Одеса, 18 травня 2018 р.) У 2-х т. Т. 2 / відп. ред. Г.О. Ульянова. – Одеса : Видавничий дім «Гельветика», 2018. – С. 388-392.