This study examines the economic, legal, and institutional structures of non-fungible tokens (NFTs) as emerging mechanisms of digital value creation in the global art and media sector. Correspondingly, the aim was to analyze the functional logic of these blockchain-based forms of exploitation and to determine their role in the ongoing knowledge economization of cultural production. Utilizing a qualitative-exploratory multiple-case design, this study meticulously analyzed exemplary use cases from the art, music, and creative industries. Notable examples include ArtTrade.io, Royal.io, and the Kool Savas NFT drop, all of which were scrutinized through systematic document analysis and a PRISMA-based literature evaluation. However, to enhance analytical rigor and support theoretical triangulation, an additional institutional comparison set has been introduced. This set includes significant large-scale distributed ledger technology initiatives such as BLOCKBASTER (collaboration between Deutsche Börse and Deutsche Bundesbank), BIS Helvetia Phase II, Collateral Management Benefit from DLT, and Delivery versus Payment (DvP) utilizing Central Bank Digital Currency (CBDC). The projects in question effectively contextualize NFT-based market structures within the wider landscape of digital financial infrastructures, underscoring the convergence of cultural, technological, and regulatory frameworks surrounding tokenization. As the results indicate, NFTs currently function primarily as tokenized representations that do not transfer copyright or property rights. They point out a structural paradox: blockchain promises to decentralize technology, but governance, pricing, and monetization are still centralized. From an economic perspective, hybrid revenue models consisting of primary sales and secondary royalty mechanisms dominate, utilizing attention, exclusivity, and scarcity as core resources. However, NFTs thus appear as socio-technical infrastructures that redefine the interface between technology, market, and culture. As a contribution to the study of the global dynamics of digital creative economies, it highlights that NFTs represent less of a disruption of existing structures and more of an algorithmic reorganization of them. They thus mark the transition to a tokenized knowledge economy in which creativity, data, and code become convergent factors of production in a new economic era.
The study's relevance is determined by the critical dependence of cryptocurrency market stability on thetechnical reliability of smart contracts and the increasing risks of financial losses due to their defects. Aim:The aim of the study is to formalize the ranking of technical vulnerabilities of smart contracts by theirimpact on the economic stability of domestic capital markets through systematization, simulationmodelling, and quantitative assessment of financial indicators. Methods: The research used the followingtechniques: vulnerability typing, simulation modelling, financial analytics, and comparative analysis.Obtained results: The study confirmed the critical impact of smart contract technical vulnerabilities on thefinancial stability of the markets, with peak VaR of up to -68.5% and liquidity deterioration of over -80%for reentrancy attack, delegatecall injection, and oracle manipulation. The risks were reduced by more thanhalf after implementing multi-level optimisations, demonstrating the effectiveness of comprehensivemitigation to stabilise key financial indicators. Academic novelty of the study: The academic novelty of thestudy is the formalized classification of technical vulnerabilities of smart contracts and the first empiricalassessment of their impact on the economic stability of capital markets based on comprehensive financialand economic metrics, which extends the theory of DeFi structural risks. Prospects for future research:Prospects for further research include the development of a pilot project for technical optimization ofsmart contracts with a focus on increasing resilience to logical and synchronization defects.
The article is devoted to the study of the current legal regulation of virtual assets in the Federal Republic of Germany. The author analyses the advantages and disadvantages of the relevant regulatory framework, decisions taken to harmonise 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 relevant in-depth studies that would combine the main regulatory norms and definitions, as well as provide a general overview of this regulatory system, it became necessary to conduct a detailed study of the current regulatory framework of the Federal Republic of Germany in this area, which is one of the most complex among known jurisdictions in the field of virtual assets. The following list details the responsible regulators, as well as the legally established definition of virtual assets and their classification. The Federal Republic of Germany has developed an original classification system and a hybrid approach to defining asset categories in order to apply the provisions of MiCA. Currently, not all objects created on the basis of blockchain technology are subject to regulation, primarily non-fungible tokens, which is in line with MiCA provisions. The licensing system for service providers in the field of virtual asset circulation, the specifics of the transition period and the new classification of licence classes in accordance with MiCA were also examined. An analysis of the requirements for initial coin offerings (ICOs) in accordance with the regulatory framework of the Federal Republic of Germany and MiCA was conducted. The issues of virtual asset mining regulation and taxation were examined. It is concluded that the Federal Republic of Germany has found a way to regulate many more assets than provided for by MiCA, which gives competitive advantages to the national economy. Ukrainian legislation needs to borrow the approach to building such a regulatory system, which can be harmonised with European Union legislation, while preserving the advantages of its own legislation.
This dissertation analyzes how the European Union (EU) is able to regulate crypto-assets with the proposed Regulation on Markets in Crypto-Assets (MiCA). Crypto-assets havebeen regarded as one of the most disruptive advancements in finance and have beenableto operate without the use of traditional intermediaries and are able to challenge thecurrent regulatory frameworks. Besides the opportunities these crypto-assets bring for thefinancial sector, there is also the concern of financial stability, consumer protection, andintegrity of the market. These aspects also need to be considered with the use of innovative technologies. The approach to this research is both doctrinal as well as comparative. The research first describes the foundational concepts and technologies of crypto-assets and decentralizedfinance (DeFi) along with stablecoins and non-fungible tokens (NFTs). Afterwards theMiCA proposal is described in a certain detail. This is particularly in relation totheoverall EU financial regulation and its fulfillment to custody, disclosure, governance andlicensing aspects. To assess the extent of which MiCA is adequate, this dissertation reviews the pragmatics of the EU miCA with that of other major jurisdictions, like the US, the UK, andtheframeworks constructed by global organizations like the Financial Stability Board or theFinancial Action Task Force. Such a comparative analysis underscores a lack of a unifiedlegal framework especially with respect to DeFi, NFTs, and cross-border jurisdictional issues. The dissertation finds that MiCA is an integral building block towards the convergence of crypto-asset legislation in the EU. It decreases the confusion and discordant regulatorylandscape. However, it also maintains that MiCA is overlooking important elements likethe control of decentralized systems and the enforcement of anti-money launderinglegislation. Enhanced international collaboration and regulatory amendments will benecessary in order to foster the innovative frameworks that will ensure the stability of the financial systems.
This article addresses the complex issues of choosing legal principles in international commercial contracts in the context of globalization and the rapid development of digital commerce. It analyzes the fundamental principle of party autonomy, in particular its explicit (expressly stated in the contract) and implied (determined based on the circumstances) forms. The paper considers the adaptation of traditional legal approaches to modern challenges such as smart contracts, decentralized autonomous organizations (DAOs) and jurisdictional uncertainty. The immutability of smart contracts, while providing commercial certainty, simultaneously gives rise to legal paradoxes and regulatory gaps, as demonstrated in the case of Van Loon v. US Treasury. The need to obtain legal entity status for DAOs creates a market of “legal shells” offered by various jurisdictions (e.g., Wyoming, Switzerland). The emergence of innovative mechanisms such as multi-signature arbitration in dispute resolution leads to the privatization of enforcement proceedings. The aim of the study is to examine the adaptation of traditional legal approaches to modern challenges such as smart contracts, decentralized autonomous organizations, and jurisdictional uncertainty. The paper uses legal analysis and case study methods. The results show that the immutability of smart contracts creates legal paradoxes, while mandatory public law rules limit the voluntary autonomy of the parties.
The evolution of the technical architecture of digital currencies is profoundly reshaping the global monetary system. This article starts from the core dimensions of technical architecture selection, systematically analyzes the technical characteristics and applicable scenarios of blockchain, distributed ledgers, and hybrid architectures, and combines the two-tier operation system design of central bank digital currencies (CBDC) to explore their sustainable development paths in areas such as payment efficiency, privacy protection, and regulatory compliance. Research shows that the modular reconfiguration of the technical architecture, the improvement of cross-chain interoperability, and the application of quantum-secure encryption technology are the keys to promoting the realization of "controllable anonymity" and global deployment of CBDCS. This article puts forward policy suggestions such as driving technological iteration through a regulatory sandbox mechanism and building a multilateral central bank digital currency bridge, providing theoretical support for the maintenance of monetary sovereignty and the upgrading of financial infrastructure in the digital currency era.
The Blockchain is an emerging technology that is used in various applications for data security and trustworthiness. In the case of a public Blockchain, the data cannot be edited or deleted. In the case of a consortium and private Blockchain, the data can be edited or deleted based on the assigned permission, and the data privacy can be maintained. Blockchain's smart contract provides security to stored data, but it is vulnerable to various security threats. Smart contracts still suffer from different variabilities like distributed denial of service attacks (DDoS), 51% vulnerability attacks, double-spending problems, and mining Pool attacks. The smart contract, run on a Blockchain framework, is the logical contract between two or more anonymous people without involving a third party. Hyperledger and Ethereum are two important frameworks that support the development of smart contracts using Blockchain technology. This paper has tried to analyze the security issues of smart contracts developed on the Ethereum framework. An application of class scheduling management and student attendance management has been designed to validate and generate a smart contract. Received: 31 May 2025 | Revised: 4 August 2025 | Accepted: 29 August 2025 Conflicts of Interest The author declares that he has no conflicts of interest to this work. Data Availability Statement The data used in this article are virtual data to implement and to establish the algorithm. It is available in GitHub at https://github.com/ashisgitup/e-learning-Blockchain.git. Author Contribution Statement Ashis Kumar Samanta: Conceptualization, Methodology, Software, Validation, Formal analysis, Investigation, Resources, Data curation, Writing — original draft, Writing — review & editing, Visualization, Project administration.
In this article, we carry out a comprehensive comparative legal analysis of the criminal policy in the field of cryptocurrency confiscation in Russia, the European Union, and the United States. The relevance of this research is determined by the rapid growth of crimes involving crypto assets (money laundering, cybercrimes, and drug trafficking) and the lack of effective mechanisms for their final confiscation and implementation in Russia, which undermines the efforts of law enforcement agencies. We aim to identify effective models of cryptocurrency confiscation based on a comparative analysis of legislation and practice in leading jurisdictions and, on this basis, to develop recommendations for improving the Russian legal framework. The methodology includes a comparative legal analysis of regulatory acts (Russian Criminal Procedure Code, EU Directive 2014/42/EU, US Code), a formal legal method, an analysis of judicial practice (Russia, USA), and doctrinal sources. The key findings can be summarized as follows: (1) the USA enjoys the most advanced system, where the U.S. Marshals Service (USMS) actively uses private exchanges to convert confiscated assets; (2) the EU has established a strong legal framework (5/6AMLD, Directive 2014/42/EU); however, implementation practices here vary among member states, combining government-owned storage and outsourced sales through licensed platforms; (3) in the Russian Federation, despite the practice of seizure and arrest of crypto assets and legislative initiatives, the legal mechanism for their confiscation and sale is lacking, making court decisions unenforceable. In order to overcome this gap in Russia, it is necessary to urgently legislate cryptocurrency as property for the purposes of confiscation in the Criminal Procedure Code of the Russian Federation, grant the Federal Service for Judicial Enforcement of the Russian Federation the authority to sell through licensed platforms, as well as to develop expert potential. Our study extends the current knowledge by detailing the technological aspects of confiscation in the EU and the USA and proposes specific ways to modernize the criminal policy of the Russian Federation.
In today’s digital economy, traditional forms of ownership are undergoing significant changes due to the rise of new technologies, including the spread of Non-Fungible Tokens (NFTs). "Non-fungible" in this context means that each token is unique and cannot be easily exchanged for a similar item, as is the case with conventional digital or physical currencies. A token itself is a digital unit that can represent a digital asset, a piece of art or a unique item, or the granting of a service and so on. This study aims to analyze the role of NFTs as a tool that transforms ownership within the digital space and fosters new economic relationships. The research is grounded in the fundamentals of blockchain technology and integrates economic theories, specifically value theory and contemporary models of capital, in the context of NFTs. The article employs an interdisciplinary approach and examines the mechanisms of uniqueness and decentralized ownership inherent to NFTs, which are reshaping the structure and efficiency of the intangible assets market. Special emphasis is placed on the impact of NFTs on the monetization of digital assets, value formation, and the dynamics of the creative industry. Particular attention is also given to the speculative nature of the market, regulatory challenges, and the prospects for economic sustainability. The findings confirm that NFTs represent not only an economic innovation that transforms ownership mechanisms, but also pose complex challenges related to the legal protection of assets and market stability. The conclusions indicate that NFTs are not merely tools for transforming digital ownership but also play a significant role in shaping new models of the digital economy—models that require further research and regulatory attention. Keywords: NFT, digital economy, ownership transformation, intangible assets, blockchain, economic innovation, monetization, legal regulation.
Teodora Maria Suciu, Nicoleta Verejan, Adela Socol
The accelerated development of digital technologies and cryptocurrencies in latest years has been accompanied by an exponential raise in related scientific literature. This study conducts a bibliometric analysis based on the VOSviewer software for documents indexed in the Web of Science Core Collection from 2015-2024, focusing on the evolution of research topics in the field of cryptocurrencies. The analysis employs co-occurrence mapping of the main research topics related to cryptocurrencies. The results highlight a high degree of thematic diversification, organized into five major clusters with the following directions: cryptocurrency markets and financial performance, digital assets and technological foundations, blockchain infrastructure and governance, emerging applications and risks, general cryptocurrency concepts and operational aspects. This research contributes to the knowledge by offering a comprehensive and structured overview of cryptocurrency-related literature streams, providing valuable insights for scholars, policymakers and industry stakeholders seeking to understand the trajectory and future potential of cryptocurrency-related research.
This study examines the philosophical-legal foundations of smart contracts through the lens of transforming concepts of autonomy and determinism. The semantic gap between the natural language of law and the formal language of programming is investigated. The ontological status of smart contracts as hybrid sociotechnical phenomena is analyzed. A conceptual vision of "executable law" is proposed for understanding new forms of algorithmic normativity in the digital era.
Aim . To reveal the ideological nature of digital decentralization as a systemic challenge to traditional state sovereignty and to identify risks for modern states amid technological transformation. Methodology . The core of the study comprises an analysis of key digital decentralization ideologies (crypto-anarchism, cyber-syndicalism, cypherpunk), their technological foundations, and implementation practices. A comparative analysis of foundational manifestos by crypto-anarchists and cypherpunks (T. May, E. Hughes) was conducted, and the evolution of decentralized movements was synthesized. Results . The analysis demonstrated that the synergy of technologies and extra-systemic ideologies creates parallel governance systems undermining the state’s monopoly on regulating finance, information, law, and the exercise of power. Threats to modern states include: erosion of trust in institutions, use of decentralized digital resources for protest mobilization, sanctions evasion via cryptocurrencies, and increased citizen registrations in virtual jurisdictions operating beyond national law. Research implications . Proposals for state adaptation are formulated: shifting from technology bans to dialogue with IT communities and developing preventive measures. The author introduces an original interpretation of digital decentralization as “engineering autocracy”, where algorithmic power replaces political-legal mechanisms. The study reframes issues of state sovereignty in the context of competition with decentralized anti-systems.
Siti Khadijah Abdullah Sanek, Irma Kamarudin, Arina Kamarudin
This article examines the evolving relationship between digital assets, intellectual property (IP), and emerging technologies, with a particular focus on legal implications under European Union (EU) law. Innovations such as digital assets, such as cryptocurrencies, non-fungible tokens (NFTs), and artificial intelligence (AI) generated works, are reshaping concepts of ownership and intellectual property (IP). The article adopts a threefold methodological approach. To assess the adequacy of current legal frameworks, a systematic review highlights key limitations in applying traditional property law to intangible assets like cryptocurrencies and NFTs. The second element analyses the effects of emerging technologies on IP rights and regulatory compliance through an interdisciplinary synthesis of recent research. Lastly, a comparative legal analysis draws on EU and international case studies to identify regulatory gaps and propose policy responses. The findings suggest that while digital assets promote innovation, their decentralised and intangible nature poses challenges to core legal concepts such as exclusivity, attribution, and enforceability. Despite progress in EU digital regulation, inconsistencies persist across jurisdictions. The article concludes that a more harmonised legal framework supported by clearer definitions, the integration of smart contracts, and effective cross-border dispute mechanisms is necessary to ensure that IP law remains effective in the digital economy.
The paper explores the prospects for utilizing cryptocurrencies (digital currencies) within the context of foreign economic activity and analyzes the key legal challenges in this area. Currently, the use of digital currencies in cross-border transactions stands out as one of the most effective mechanisms for countering economic sanctions imposed by unfriendly states. In pursuit of these objectives, the Russian Federation has implemented an experimental legal framework for transactions involving cryptocurrencies. Furthermore, it has been established that cross-border settlements in cryptocurrencies were practiced prior to the initiation of this experimental regime, often in defiance of the existing prohibition on accepting digital currencies as consideration. It has been established that the state must ensure the simultaneous implementation of two public interests, which do not contradict each other: upholding legality and countering economic sanctions. This objective is to be achieved through amendments to legislation that introduce liability for violations of the aforementioned prohibition. Terminological inaccuracies within the digital currency legislation have been identified, specifically the inability to incorporate stablecoins with centralized issuers—which have become the primary instrument for cross-border settlements—into the legal concept of “digital currency.” The author substantiated the rationale for conducting a controlled experiment on the use of digital currencies in cross-border settlements.
Muhammad Ali Nawaz, Wajid Alim, Sammar Abbas, Shahid Manzoor Shah · 5 authors
The study investigates the co-movement relationships between cryptocurrencies and South Asian stock markets, focusing on five leading cryptocurrencies: Bitcoin, Ethereum, Tether, Binance Coin, and Ripple, and five South Asian stock indices: BSE, PSX 100, DSE 30, NEPSE, and Sri Lanka's All Share Index, and also used five major global indices for the accuracy of analysis. The study aims to understand their integration and causal dynamics. The analysis uses 357 weekly observations of historical prices from November 6, 2017, to September 2, 2024, applying econometric tools such as the Augmented Dickey-Fuller and Phillips-Perron tests, Johansen's Cointegration Test, Vector Auto-Regression, Vector Error Correction Model, and Granger causality to examine statistical properties, integration, and causality among the variables. Results show significant cointegration and causality between cryptocurrencies and South Asian stock indices, with cryptocurrency prices exhibiting higher volatility and faster adjustments than stock indices. These findings provide actionable insights for investors, policy-makers, and researchers regarding regulation and cross-market investment strategies. This study uniquely explores the interplay between emerging digital assets and traditional finance in a South Asian context, offering novel evidence on volatility dynamics and causal relationships that inform coupled regulatory frameworks and cross-market investment planning.
Iryna Dashko, Олександр Череп, Любомир Михайліченко
The article comprehensively examines cryptocurrencies as a strategic tool for transforming the investment environment in the context of digitalization of the global economy. The current state of the crypto market is analyzed, key trends in its evolution are identified, and the role of digital assets in the formation of new investment models is characterized. Particular attention is paid to determining the investment potential of cryptocurrencies in the long term, taking into account such advantages as decentralization, market openness, technological innovation and accessibility. The author substantiates the concept of “crypto-horizon” - a new investment paradigm that combines a strategic vision of digital finance development with an understanding of the risks and prospects of cryptocurrencies. The author considers the importance of this concept in the formation of a new type of investor capable of operating in the digital economy, effectively managing risks and using innovative financial instruments. The paper also focuses on the key challenges of the crypto market: high volatility, legal uncertainty, information asymmetry, and limited financial literacy. The SWOT analysis made it possible to identify the strengths and weaknesses of crypto investing, as well as promising areas for the development of digital finance. The importance of state regulation, creation of a regulatory framework, development of digital finance infrastructure and raising public awareness in the field of investment is determined. The author emphasizes the need to form an effective regulatory framework for the integration of cryptocurrencies into the financial system. The role of public policy, educational initiatives, and infrastructure solutions in increasing confidence in digital assets is shown. It is substantiated that successful implementation of the “crypto-horizon” concept is possible only if there is a synergy of technology, regulation and investment culture. As a result, the authors conclude that cryptocurrencies are already playing the role of a digital key to the investment future, and their competent integration into national and international financial systems will be the key to the formation of an innovative, flexible and accessible investment ecosystem for the general population.
Pardomuan Pardosi, Tussi Sulistyowati, Khairil Anwar, Maria Yovita R Pandin · 5 authors
Background. This research explores global studies on crypto asset audits in Decentralized Finance (DeFi) from 2021 to 2025 through a systematic literature review (SLR) approach, highlighting technological advancements like machine learning and hybrid analytics that enhance audit accuracy, fraud detection, and scalability. Purpose. Auditing practices have expanded to include smart contracts, compliance, security, and environmental audits. However, challenges persist, such as the lack of global regulatory standards, decentralized control, security risks, and instability within DeFi protocols. Method. Despite advancements, effective audits in DeFi require aligning technological innovation with adaptable regulatory frameworks to ensure sustainability and trust. Results. Managerially, DeFi platforms should integrate emerging technologies into auditing practices and collaborate with regulators to address compliance gaps, particularly in anti-money laundering (AML) and transparency. Conclusion. Future research should focus on developing global DeFi regulations, exploring decentralized auditing methods, and investigating the impact of new financial systems like the metaverse on auditing practices.
The legal status of mining in Russia remains one of the most controversial issues. The main difficulty is related to the lack of a clear approach to the legal regulation of this process, which is the creation of new units of cryptocurrency. Nevertheless, the regulatory legal acts adopted last year emphasize the relevance and importance of the analyzed topic. The article examines the problems of qualifying crimes related to obtaining cryptocurrency, including mining. The legal status of cryptocurrencies in Russian and international legislation is analyzed, identifying gaps in regulation and enforcement. Special attention is given to the qualification of illegal mining as a form of unlawful business, as well as crimes related to electricity theft, fraud, extortion, and money laundering. The study explores relevant court rulings and evidentiary issues in criminal cases involving digital assets. International experiences in cryptocurrency regulation are reviewed, and suggestions for improving Russian legislation are provided. Key directions for the development of criminal law policy concerning cryptocurrency-related crimes are highlighted.
Purpose. The purpose of this article is to conduct a philosophical-legal analysis of the determinism of smart contract execution and its impact on fundamental legal categories through the lens of practical philosophy. This analysis aims to elucidate the transformation of the nature of legal certainty in the context of algorithmic automation.Design / Method / Approach. The study employs an interdisciplinary approach, integrating analytical philosophy of law with elements of phenomenological analysis of temporality and critical examination of formal systems. The methodological foundation consists of theories of legal certainty, concepts of practical reason, and approaches from the philosophy of technology to the analysis of algorithmic regulation.Findings. The study identifies a contradiction between the algorithmic logic of procedural justice and human needs for substantive justice. It is established that execution determinism ensures formal predictability at the expense of contextual sensitivity and adaptability. A distinction is substantiated between the certainty of code and legal certainty as qualitatively distinct phenomena. It is demonstrated that the inherent incompleteness of formal systems precludes the complete algorithmic formalization of legal relations.Theoretical implications. The research results advance philosophical-legal theory by analyzing the limits of legal formalization and conceptualizing the temporal transformation of legal processes, thereby enriching the understanding of the relationship between determinism and justice in the digital era.Practical implications. The findings provide a theoretical foundation for developing hybrid legal systems that combine algorithmic efficiency with the preservation of room for human judgment, as well as for formulating principles for the responsible integration of deterministic systems into legal practice.Originality / Value. The article proposes a philosophical-legal analysis of the determinism of smart contract execution through the lens of practical philosophy. It substantiates the transformation of the nature of legal certainty in the context of algorithmic automation as a qualitatively new phenomenon, necessitating a rethinking of traditional legal categories.Research limitations / Future research. Further research is needed on the transformation of legal subjectivity in the context of shifting autonomy from the level of interpretation to the level of designing legal systems, as well as on the analysis of new forms of legal agency in hybrid human-machine systems.Paper type. Theoretical.
The introduction of smart contracts into the social sphere and their active use requires a detailed analysis. The classification of such contracts and the description of their features will make it possible to specify the legal regulation in the field of the use of these electronic systems. The purpose of the study is to examine the features of smart contracts and propose a more complete (expanded) classification of them for various reasons. The research is based on methods of comparative analysis, synthesis, interpretation of legal norms and a comprehensive analysis of works on the chosen topic by both domestic authors and foreign specialists. The work resulted in additional grounds on which smart contracts can be categorized. The characteristics of smart contracts are also described: efficiency, security, lack of centralization, transparency, peer-to-peer, automation, and protection against fraud. Conclusion: smart contracts can be further classified depending on the environment in which they are executed (the blockchain technologies used), depending on their retribution for the parties to the transaction.
The digital age has changed the way we communicate, work, learn and even spend our free time.Devices such as smartphones, computers or tablets have become indispensable, and access to information is now faster and easier than ever.In the context of the digital age, the purpose of this research paper is to carry out a bibliometric analysis based on a number of 2,454 scientific papers identified in the Web of Science (WoS) database.The first objective is to identify the concept of cryptocurrencies in the specialized literature by carrying out a brief literature review, and the second objective is to carry out the actual bibliometric analysis on the same topic.The results obtained consist in developing a research agenda, which captures the stages of evolution and consolidation of the concept of cryptocurrencies in the specialized literature.
Starting from the saying "money makes the world go round", we asked ourselves to what extent this is applicable to digital financial assets known as crypto-assets (cryptocurrencies, tokens or stablecoins). The evolution of the last period makes us wonder how much regulation we need in the field of crypto-assets and whether the vision that determines the legal regulation of these assets in the European Union (pro-regulation) and/or in the US (anti-regulation) is so different, i.e. what will be the consequences for the economic growth of these two powers. However, we believe that the legislation in this field must keep pace with the continuous innovation that characterises the crypto-assets market, which has the ability to evolve rapidly, because even at this very moment when we are talking, reading, thinking, existing, many new crypto-assets and implicitly professional traders are emerging, who have the necessary auspices to obtain income that - most of the time - escape the rigours of the law due to the lack of legal provisions or insufficient regulation. The analysis of recent years establishes that insufficient regulation of this area has made it particularly attractive to speculators in this new market and, consequently, unreliable for bona fide investors (traditional or new entrants). Keywords: Cryptoassets market; European Regulation; Distributed ledger technology