Blockchain Papers

Guček, Tjaša

No abstract is available for this record.

Taghi Guliyev, Aysu Ahmadova

This study investigates the long-run relationship between the net assets of Bitcoin spot exchange-traded funds (ETFs) and Bitcoin’s price. Using daily data from 11 January 2024 to 16 May 2025, we employ cointegration techniques—Fully Modified OLS, Dynamic OLS, and Canonical Cointegrating Regression—to test for a stable equilibrium linking these series. The empirical results indicate a strong positive association in the long run: periods of expanding Bitcoin ETF assets correspond to higher Bitcoin price levels. Cointegration is confirmed at the 10% significance level, suggesting that the ETF assets under management and the Bitcoin market price move together in a persistent equilibrium. These findings support the hypothesis that ETF-driven demand exerts a lasting influence on Bitcoin’s valuation. By highlighting a structural connection between regulated Bitcoin investment vehicles and the underlying cryptocurrency, the study provides timely evidence of how financial innovation can shape asset pricing in the digital asset market.

Oliwer Nowicki

This article is devoted to the issue of cryptocurrency seizure, using Bitcoin as an example. First, the article analyzes the legal nature of virtual currencies, cryptocurrencies, and Bitcoin, taking into account their technical aspects and their disposability. Particular attention is paid to the methods of storing cryptocurrency, which have a direct impact on the legal regulations that can be applied in the area of enforcement. Next, the possibilities of enforcing bitcoin on the basis of the applicable regulations, including the provisions on the enforcement of claims (Articles 895 to 908(1) of the Code of Civil Procedure) and other property rights (Articles 909 to 912 of the Code of Civil Procedure). Keywords: virtual currency, cryptoasset, cryptocurrency, blockchain, bitcoin, seizure, judicial enforcement, judicial enforcement proceedings, property law, virtual assets, digital assets

Chris Muellerleile

During the first decade of cryptocurrencies (2008–2017) there were few connections established between crypto and the conventional finance sector, but in the US in 2025 the integration of these two sectors is proceeding at speed. This paper examines one part of this integration – the centralisation of cryptocurrency trading inside of large, digital platformed exchanges, which is theorised as a shift from cryptocurrency to cryptofinance. Furthermore, the paper shows how this shift to cryptofinance has been aided by an emergent crypto-state nexus. The novel contribution of the paper is explaining how the US crypto markets have progressed from niche, relatively decentralised and blockchain-based, with little association with or regulation by nation-states, into what is now competition between FinTech-fuelled, digital platform firms that provide suites of financial services and instruments and collect fees for mediating access to the underlying blockchain markets. Empirically, the paper traces the rise of Sam Bankman-Fried’s firm, FTX, as it evolved from a small, California-based start-up running arbitrage trades in 2017 into one of the world’s largest crypto exchanges servicing over a million customers in 2022. In light of the FTX story, the paper analyses the geographical political economy of platformed cryptofinance as it struggles with both the incumbent financial sector and the US state.

Irina Zinoveva, V. Ivanova

The article examines the role of cryptocurrencies in the shadow economy, their specific features that create conditions for illegal financial transactions. The methods of using digital assets in criminal activities, including money laundering and illegal transactions, are analyzed. Special attention is paid to the problems of regulating the cryptocurrency market in Russia, new legislative initiatives and control measures. Technologies for monitoring blockchain transactions aimed at detecting suspicious transactions and reducing the risks of using cryptocurrencies in criminal schemes are also affected.

Alejandro Rabinovich

Purpose: To investigate Bitcoin’s cyclic price behavior around scheduled halving events, develop a technical‑analysis‑based active investment strategy tailored to these cycles, and rigorously assess its performance relative to a passive buy‑and‑hold benchmark. Design/Methodology/Approach: This research employs historical daily BTC /USD price series (June 2012–May 2025), applies a suite of technical indicators to define systematic, halving‑anchored entry and exit rules, and then conducts rigorous statistical evaluations to test whether Bitcoin’s protocol‑driven supply cycles yield reproducible, actionable investment signals. Findings: Over thirteen overlapping sample windows, the active strategy outperforms passive BTC holding in ten, with positive “alpha” coefficients that are statistically significant at the conventional 5% level in each of those windows (and, in most cases, with p-values below 2.5%). It captures outsized gains in post-halving bull runs (e.g. 2013, 2017, 2021) and meaningfully limits drawdowns in bear phases (e.g. 2014, 2018, 2022). Equity curve simulations demonstrate compounded account growth that markedly surpasses passive returns. Practical Implications: Crypto asset managers and individual investors can implement the halving‑centric strategy using readily available charting tools and API‑accessible price feeds to automate buy/sell signals, thereby enhancing return potential and mitigating drawdowns without requiring deep on‑chain analytics expertise. This framework also provides a transparent risk‑management overlay—leveraging predefined exit rules—that can be calibrated to varying risk tolerances and seamlessly integrated into broader multi‑asset portfolios. Originality/Value: This study is among the first to integrate Bitcoin’s protocol‑driven halving schedule with a multi‑indicator technical framework and to validate its efficacy through extensive statistical tests over four market cycles (including the 2024 halving). It offers practitioners a replicable, data‑driven strategy for navigating crypto’s unique cyclical dynamics.

Krishan Lal, Sandeep Kumar

The fast evolution of the cryptocurrency has brought new dynamics to the trading setting at the international level which has altered the manner in which value is created, captured and retained across border. This paper will examine the impacts of cryptocurrency in the international trade by examining its impact on efficiency in transactions, financial accessibility, regulation, and market stability. The cryptocurrencies are based on decentralized blockchain networks, and they allow almost instant international payments, that do not involve the use of intermediaries and less expenditure on transactions by traders. The features are very beneficial to the firms in a region where the conventional banking systems have limited scope, which can spread to international trade. The paper also discusses the role of cryptocurrency in enhancing transparency through unchanging digital records of transactions to increase confidence between the trading partners and reduce the risks of fraud and late payments. At the same time, the insecurity of digital currencies, changing regulations, and suspicion of unlawful financial operations are not the last challenges that may limit mass adoption. The reactions of governments and international institutions to such uncertainties through new rules, cross-border banking digital currency (CBDC) programs and cross-border regulatory collaboration are discussed. With the compilation of the case studies in the various markets, the research finds out the effective implementations of cryptocurrency in trade finance, and the limitations faced by businesses, as they seek to trade volatile markets in digital currencies. According to the findings, one can state that although the role of cryptocurrency is hardly going to replace traditional financial systems wholesale, it is becoming a more and more prevalent complementary opportunity that will be able to facilitate faster payments, increased financial accessibility, and better flexible trading opportunities. Lastly, the study finds that the participation of cryptocurrency in global commerce will depend on upcoming tendencies in the harmonisation of the regulations, technological security and maturity of the industry. These will determine how the digital assets will see the dawn of day as either a trusted and stable component of the world trading system or a niche provision that is put to selective use in special industries.

akshitha

In the rapidly evolving landscape of cryptocurrency in India, a powerful new contender has emerged—Jaimax Coin, often hailed as the best presale crypto coin in India. As blockchain technology reshapes finance, digital ownership, and decentralized ecosystems, we stand at the forefront of innovation, introducing Jaimax, the next-generation crypto pre-sale coin designed for long-term scalability, high utility, and mass adoption. As a revolutionary new crypto coin India trusts for transparent and secure financial growth, Jaimax is strategically engineered to transform both the DeFi (Decentralized Finance) and NFT (Non-Fungible Token) markets. With advanced tokenomics, unmatched security standards, and a visionary roadmap, Jaimax is positioned to become one of the most influential digital assets in India’s expanding blockchain environment.

pavan

In India’s rapidly expanding digital finance ecosystem, Jaimax Coin has emerged as one of the most reliable, transparent, and growth-oriented blockchain assets. As the demand for secure crypto coin options increases, Jaimax is positioned as one of the best presale crypto coin in India, offering visionary investors unmatched opportunities in the evolving world of decentralized finance, NFTs, and digital currency innovation. Backed by advanced blockchain architecture, transparent tokenomics, and a strong mission toward accessible financial technology, Jaimax stands apart from the countless new crypto coins in India.

Osama Mustafa

It is worth noting that the topic of cryptocurrencies is characterized by modernity, and the resulting vacuum exists for many of them, and this is entirely the result of the failure of the vast majority of countries and international organizations to analyze them, to distinguish the topic as virgin, especially since it has been digital, so it pushes modern and innovative has become at the forefront. Details list Controversy around the world, as cryptocurrencies represented a dangerous stage in the development of currencies that we witness today in different eras, especially in light of the noticeable spread of these currencies, whether in the present or in the future One of the most important problems resulting from dealing in cryptocurrencies has become the lack of legislative texts that address disputes arising from the trading of digital currency in most countries and international organizations. We also did not find legal legislation for cryptocurrencies in Iraqi legislation that regulates them, and the issue of Research is considered a virgin topic in private international law. Being a complex and thorny subject that includes technical rules, technical complexities and multiple inter-related relationships involving multiple legal systems, which requires an integrated legal system.

Abdul Basit Mawloud, Mustafa T. Saleh

The rapid changes under modern technology have had a significant impact on the business and investment sector, with the emergence of new businesses and investments in these businesses beginning to be leveraged by investors and specialized companies to generate significant profits.Therefore, virtual assets have emerged and spread, representing new, modern, and highly advanced digital tools. Specialized and appropriate legislation has been developed by a number of countries, with millions of dollars allocated to them. Individuals and investors have begun trading in them through specialized digital platforms, which are characterized by high security and guarantees.Virtual assets vary in several types, including cryptocurrencies, non-fungible tokens, and virtual land.From the above, the emergence of virtual assets has provided a distinct qualitative leap, thus necessitating the establishment of a specialized authority to monitor virtual assets traded and invested in across various platforms. This will achieve significant security for those engaged in these activities. Furthermore, there is a clear and significant legislative deficiency in the treatment of virtual assets at the Arab level in many countries, which constitutes a significant challenge in this regard. Furthermore, there is the problem of providing guarantees for the emerging technologies in various financial and commercial transactions. It is noteworthy that the Emirate of Dubai in the United Arab Emirates was the first to do so, under the Virtual Assets Law issued in 2022, the Yemeni Virtual Assets Draft Law of 1445 AH, and the Jordanian Virtual Assets Law, which was passed in May 2025.

Imiefoh, Andrew Ikhayere, Andrew-Imiefoh, Ihuoma Joy

This paper examines how traditional property law concepts are being reconceptualized to address the challenges of digital assets and environments. As property rights shift from tangible objects to code-based digital assets, fundamental tensions emerge between established legal frameworks and technological realities. Digital assets challenge core property assumptions of rivalry, excludability, and persistence, requiring courts and legislators to adapt centuries-old principles to novel contexts. The analysis explores how diverse legal systems respond to specific digital property types, including intellectual property in non-rivalrous environments, data ownership disputes, cryptocurrency classification, non-fungible tokens, and virtual real estate. Through examination of landmark judicial decisions, emerging legislation, platform governance mechanisms, and technical standards, the paper identifies promising pathways for reconciling traditional property functions with digital innovation. Drawing on comparative approaches from multiple jurisdictions, the research proposes a balanced framework that acknowledges the cultural significance of property institutions while adapting their implementation for digital contexts. The recommendations emphasize flexible, context-sensitive approaches that can maintain essential property functions such as resource allocation, coordination, security, and exchange facilitation, while accommodating the unique characteristics of digital environments.

Ali O. Malik, Anum Shafique, Irfan Ullah Munir

The major focus of this research study is to understand the impact of the Russia-Ukraine crises or war on three major Crypto currencies like Bitcoin, Binance coin and Ethereum. This study also provides insight about the reaction of the Crypto market during the ongoing war situation and how the Cryptocurrencies react during the war crises, either bitcoin, ethereum, and the binance coin have the positive impact or the negative impact during the war, or the war has no impact on Cryptocurrencies. The relationship between these cryptocurrencies are also examined during this research. The major findings show that the ARCH effect exist in the Binance coin, Bitcoin, and the Ethereum market series. The research study used the GARCH methodology for analysis of results. For Bitcoin and Binance coin there is no direct impact in it, and factor of volatility exist in it. For Ethereum there is no direct impact of war, and factor of volatility does not exist in it. The research gives valuable insights to investors and policy makers.

Raj Kumar Adhikari

The Nepali government has declared all cryptocurrency-related activities illegal due to its exclusive currency issuance authority and stringent foreign exchange regulations. This prohibition is based on robust anti-money laundering laws and the potential applicability of evolving digital legislation. The article also assesses the costs and risks associated with illicit cryptocurrency activities and encompassing severe legal consequences, financial exposure, and cyber security threats. Finally, it explores the paradox of Nepal Rastra Bank's exploration into a Central Bank Digital Currency (CBDC), suggesting a recognition of digital currency's future while prioritizing national control and stability. The study concludes by emphasizing the imperative for public adherence to existing prohibitions while acknowledging the long-term trajectory towards digital financial innovation.

Jan Kunikowski

The objective of this article is to identify the impact of corporate investments in Bitcoin on the stability of the cryptocurrency market, with particular emphasis on the investment strategy of MicroStrategy (currently Strategy). The first section of the paper outlines the operational mechanisms of Bitcoin, including its consensus system and the blockchain technology that underpins its security and decentralisation. The second section examines the structure of the cryptocurrency market, identifying its key participants and the mechanisms driving its volatility and dynamics. The third section is dedicated to an analysis of MicroStrategy’s quarterly reports for 2023 to 2024. The final section presents the conclusions, which indicate that the company’s aggressive acquisition strategy is associated with significant financial risk. The analysed data suggest that continued exposure to the highly volatile cryptocurrency market may lead to serious challenges for the firm, potentially undermining its long‑term financial stability. Consequently, this may pose systemic risks to the broader cryptocurrency market, particularly by exerting substantial downward pressure on the supply side.

Tretyakova S., Khairullina I., Akhmetshin B. R.

The article considers cryptocurrency not as an "Internet coin", but as a combination oftechnologies, market practices and institutions that change the ways of issuing, circulation and accountingof value. The material is devoted to three topics: demand factor - institutionalization through exchange- traded funds and use in cross-border settlements, main risks - price volatility, operational disruptions, and external environmental impacts, regulatory responses - the EU MiCA system, and the Central Bank'sinterest in digital currencies.

Mina Khadem

Regardless of one’s opinion, Bitcoin’s presence in the global economy is growing. However, Bitcoin’s emerging role and its implications are greatly under-researched, particularly in the context of government interest in Bitcoin. Nonetheless, increased private investment in Bitcoin and increased government interest in formally incorporating Bitcoin into existing economic systems, suggest a new development within the global economy that must be investigated. Through qualitative text analysis of pro-Bitcoin narratives presented in digital media platforms and official government policies and public statements, this thesis explores how private and government interest in Bitcoin is explained and framed within these contexts. This study finds that there are many important nuances within pro-Bitcoin narratives in the context of private interest that challenge and expand contemporary thinking. It presents new insights into government interest in Bitcoin, particularly concerning its intended role and future, suggesting it will have a presence in efforts beyond finance. Finally, this thesis suggests that despite converging attitudes in private and governmental pro-Bitcoin narratives, diverging attitudes reflect curious implications concerning distrust and dissatisfaction in government efforts. Ultimately, this study reflects that Bitcoin is a dynamic and non-traditional development that requires continuous research to better understand its present and future role in global systems.

David Vidal-Tomás, Tomaso Aste

Once a playground for tech enthusiasts, the crypto space has shifted to a financial field that is increasingly on policymakers’ radar due to the increasing adoption of crypto-assets, and also some significant crypto-related collapses. In this context, it is crucial to propose monitoring frameworks to assess the potential integration of the crypto sphere into traditional financial systems. We propose the use of the TVP-VAR approach as a strategic instrument for policymakers to analyze the connectedness between major financial markets and relevant crypto systems, such as the emerging centralized finance sector and the increasingly relevant decentralized finance ecosystem. Our findings indicate that the financial integration between the crypto space and traditional financial markets remains weak. Nonetheless, we report a very slight increase in connectedness since 2020, suggesting that while the crypto space is still far from being fully integrated, it has begun to establish modest but persistent links with conventional financial markets. • We examine dynamic connectedness between crypto and global equity markets. • TVP-VAR shows crypto–TradFi integration remains weak but rising since 2020. • DeFi and broad crypto indices transmit more spillovers than Bitcoin or CeFi. • Results highlight regulatory priority on DeFi and full-market monitoring.

Oleksandr Lezhenko

The theses examine the legal and financial aspects of cryptocurrencies, taxation specifics, and transaction monitoring.The advantages of cryptocurrencies in financial inclusion and blockchain implementation are outlined.Challenges of legal regulation and prospects for aligning Ukrainian legislation with EU MiCA standards are highlighted.

V.I. Lehenko

The article is devoted to the study of the current legal regulation of virtual assets in the French Republic. The author analyzes the advantages and disadvantages of the relevant regulatory framework, decisions taken to harmonize legislation in accordance with the new Regulation of the European Parliament and of the Council, as well as the possibility and expediency of implementing the most successful decisions into Ukrainian legislation. Due to the lack of in-depth research that would combine the main regulatory norms and definitions, as well as provide a general overview of this regulatory system, there was a need to study in detail the current regulatory framework of the French Republic in this sector, which is characterized by simple and clear requirements. Below is a list of responsible regulators, as well as the legally established definition of virtual assets and their classification. The French Republic has developed an original classification system, which currently continues to operate within limits that do not contradict the MiCA classification. Currently, not all objects created on the basis of blockchain technology are subject to regulation, for instance, non-fungible tokens or central bank digital currencies, which complies with the provisions of the MiCA Regulation. The licensing system for service providers in the field of virtual asset circulation, the specifics of the transition period, and new provisions in accordance with MiCA were also examined. An analysis of the requirements for initial coin offerings (ICOs) in accordance with the legislation of the French Republic and MiCA was conducted. The issues of virtual asset mining regulation and taxation regime were examined. It is concluded that the French Republic has managed to regulate the circulation of most known types of virtual assets, create a clear system for all participants in this market, and be able to easily implement new European Union legislation if necessary. Therefore, Ukrainian legislation should adopt an approach to building such an adaptive regulatory system that can be seamlessly harmonised with European Union legislation.

Muhammad Ilman Abidin, Ahmad M. Ramli, Laina Rafianti, Gautam Kumar Jha

Investment in Non-Fungible Tokens (NFTs) is rapidly emerging in Indonesia, presenting both opportunities and challenges for the digital creative industry. As unique crypto assets, NFTs enable new ways to own and trade digital and physical goods, but current regulations, including the Commodity Futures Trading Law and Bappebti guidelines, do not fully address these transactions, creating legal gaps and increasing risks of fraud, money laundering, and market manipulation. Despite this, NFT communities like the Superlative Secret Society in Bali, supported by the Ministry of Creative Economy, have fostered creativity and economic activity. This study employs a normative juridical and comparative law approach to explore legal theories suitable for protecting NFT investments, finding that frameworks based on Ahmad M. Ramli’s transformative law and Mochtar Kusumaatmadja’s developmental law can ensure legal certainty, security, and fairness. The study concludes that comprehensive legal reforms are essential to safeguard investors and sustain the growth and international competitiveness of Indonesia’s digital creative industry.

Jiangquan Fu

The rapid emergence of Stable Coins has completely altered the global landscape of digital finance. The benefits of blockchain technology, along with the typical advantages of a fiat currency, in the form of a stable coin, have had a surreal effect on the world of finance. The paper investigates the evolution, comparative merits and systemic risks of Stable Coins compared to Bitcoin, also uses them for advantages in decentralized finance, liquidity and international transactions. The results clearly show that the Stable Coins have become essential infrastructures of finance because of their low volatility, transaction efficiency but also their sensitivity to such issues as regulation and transparency of reserves. The study of the literature of the BIS, IMF and ECB gives evidence of the fact that stable coins will co-exist with the Central Bank Digital Currencies (CBDC), rather than that they will replace them. The proposed method gives evidence of how a system of collaborative regulation and transparency of reserves can be achieved to facilitate innovations but also protect global economic stability.

A.О. Сыздықова, Р.М. Тажибаева, А.Т. Абубакирова

Блокчейн технологиясының дамуымен, алмастырылмайтын токендар (NFT- Non-fungible token) цифрлық меншік тұжырымдамасын қайта анықтады және құқықтық реттеулер тұрғысынан маңызды сұрақтарды көтерді. NFT-лер өнер туындылары, музыка, ойын ішіндегі активтер және виртуалды жылжымайтын мүлік сияқты көптеген сандық активтерді сатып алуда-сатуда қолданылады және орталықтандырылмаған құрылымына байланысты олар дәстүрлі заң негіздеріне толығымен сәйкес келмейді. Бұл жағдай меншік құқығы, зияткерлік меншік, келісім-шарт құқығы және алаяқтық сияқты әртүрлі мәселелер бойынша құқықтық белгісіздік тудырады. Көптеген елдердегідей, Қазақстанда да NFT үшін арнайы құқықтық база жоқ. Бұл жағдай сатып алушылар үшін де, сатушылар үшін де заңды белгісіздіктер тудырады және зияткерлік меншік құқығы, алаяқтық, келісім-шарт құқығы және тұтынушылардың құқықтары тұрғысынан әртүрлі тәуекелдерді тудырады. NFT нарықтарының жылдам өсуі үкіметтердің осы жаңа цифрлық актив сыныбын реттеу қажеттілігін арттырды. Дегенмен, елдер арасында айтарлықтай нормативтік айырмашылықтар бар. Кейбір юрисдикциялар NFT-лерді сандық активтер немесе бағалы қағаздар ретінде жіктеп, оларды қолданыстағы қаржылық ережелерге бағындырса, кейбір елдер арнайы заңдарды әзірлеуде. Зияткерлік меншік құқықтарына келетін болсақ, NFT-лер жай сандық куәлік пе немесе авторлық құқықты беруді де қамтуы мүмкін бе деген жалпы көзқарас әлі жаһандық деңгейде әзірленбеген. Әртүрлі елдерде салық салуға қатысты әртүрлі тәжірибелер де бар. Кейбір елдерде NFT операцияларына қосылған құн салығы (ҚҚС) салынса, басқа елерде олар құн өсіміне салынатын салық ретінде қарастырылады. Алайда, NFT-дің трансшекаралық сипаты мен орталықтандырылмаған құрылымы салық салу процестеріндегі сәйкестік пен аудит мәселелерін туындатады. Бұл мақалада NFT-лердің құқықтық мәртебесі мен салық салу процестері халықаралық тұрғыдан қарастырылады және қолданыстағы ережелер салыстырмалы тұрғыдан бағаланады. Нәтижесінде, NFT экожүйесінің тұрақты өсуі үшін үйлесімді және ашық заңнамалық базаны құру қажет екендігі атап өтілді.

Islam Abdeljawad, Ahmad Tina, M. Kabir Hassan, Mamunur Rashid

The aim of this comprehensive review of the papers published on the Scopus database is to gain insights into the various indicators that determine the level of market efficiency within the global cryptocurrency markets. We have employed a series of bibliometric and content analyses on 3,224 papers published during 2014–2024. Findings indicate that the scholarly literature on cryptocurrency exhibits a varied range of perspectives, frequently encompassing multiple academic disciplines such as economics, finance, accounting, technology, and engineering. We present three significant findings. First, despite a growing list of recent studies supporting some efficiency, cryptocurrency assets frequently deviate from conventional norms of market efficiency. Herding, co-movement, sentiment, and overconfidence are the major contributors behind the inefficient cryptocurrency market. Second, the intricate nature of these assets and their lack of connection to fundamental economic value contribute to inconsistencies, instability, and ambiguity. Third, regulators are expected to intervene with prudent and globally collaborative regulations to optimize the potential of this market. In this discourse, we analyze the potential consequences derived from various frameworks and methods, with the aim of informing forthcoming scholarly investigations.