This informative document explores the evolving digital asset landscape, covering cryptocurrency, NFTs, blockchain technology, Web3, and emerging market trends. It provides readers with practical insights into digital ownership, market developments, and the importance of research when evaluating opportunities in the growing blockchain economy. Collective Shift
The expansion of blockchain technology and the evolution of digital platforms have led to the emergence of new concepts in contractual relations, of which "smart contracts" are among the most significant. These contracts are designed as blockchain-based computer programs that execute the terms of the parties' agreement in the form of digital codes and enable the automatic performance of obligations without the need for traditional intermediaries. Such features have increased the speed, transparency, and efficiency of transactions. However, the introduction of this technology into the field of contract law has raised fundamental questions regarding the legal nature, validity, and enforcement of such contracts in various legal systems, particularly those based on classical traditions. The aim of this research is to elucidate the legal nature of smart contracts and analyze the challenges of their enforcement in the Iranian legal system. The research method is descriptive-analytical, and data have been collected through library studies and the examination of domestic and international legal sources. Additionally, with a comparative approach, some legislative experiences of other countries in this field have been examined. The findings indicate that, despite technical differences, smart contracts can be analyzed within the framework of general contract rules. The principle of party autonomy and Article 10 of the Civil Code provide the capacity to accept this type of contract, and the Electronic Commerce Law, by recognizing data messages and electronic signatures, has established a basis for the validity of digital transactions. However, challenges such as ascertaining the true intent of the parties, determining liability for technical errors, and the conflict between the immutability feature of blockchain and institutions such as rescission and mutual rescission persist. Accordingly, the formulation of supplementary regulations, the development of legal infrastructure, and the enhancement of specialized knowledge appear essential for the safe and effective utilization of this technology.
This study examines the current state of digital asset auditing and proposes a clearer future vision through a systematic review of relevant literature and prior studies. It highlights the fundamental differences between digital and traditional assets, explains the classification of digital assets and their close association with blockchain technology, and analyzes the existing accounting and auditing frameworks considering international standards and provides a brief overview of the status of Egyptian legislation. The study also discusses the evolving role of auditors and the main stages of the audit process in the digital environment. The findings indicate that rapid digital transformation requires the development of advanced auditing standards and methodologies, and that the adoption of data analytics, smart contracts, and continuous auditing, together with enhancing auditorsâ technical and professional competencies, contributes to improving audit quality, transparency, and risk management related to digital assets.
Open access
Security, Politics, and Digital Transformation
Financial Reporting and XBRL
Innovations and Analysis in Business and Education
Cryptocurrencies have emerged as a prominent asset class characterized by rapid price fluctuations, growing institutional participation, and continuing debate over whether their price movements are random or predictable. This study examines the randomness and weak-form market efficiency of the top ten cryptocurrencies by market capitalizationâBitcoin, Ethereum, Tether, Binance Coin, XRP, USD Coin, Solana, TRON, Dogecoin, and Hype liquidâusing daily closing price data from April 2016 to March 2026 (subject to data availability for each coin). Daily log returns were tested using Descriptive Statistics, the JarqueâBera test of normality, the WaldâWolfowitz Run Test, and the Autocorrelation Test. The results show that daily returns for all selected cryptocurrencies are non-normally distributed, exhibiting excess kurtosis and skewness. The Run Test results indicate that seven of the ten cryptocurrenciesâBitcoin, Ethereum, Tether, Binance Coin, XRP, USD Coin, and Dogecoinâdo not follow a random walk, while Solana, TRON, and Hype liquid exhibit randomness consistent with weak-form efficiency. However, the Autocorrelation Test reveals strong positive serial correlation across all ten cryptocurrencies, indicating that the market falls short of weak-form efficiency. The study concludes that the cryptocurrency market provides mixed and largely inefficient evidence with respect to the Random Walk Hypothesis, implying that historical price information may retain some predictive value for investors.
Supplementary appendix to the article "Digital Cash and the Governance of Payment Finality." It contains material displaced from the main text for length, referenced at the corresponding points in the article, and forming no part of the manuscript word count. The appendix documents in full the evidence that claims for digital cash treat technical irreversibility as legal finality, with the passages and page references from Böhme, Christin, Edelman and Moore (2015), Cong and He (2018), De Filippi and Hassan (2016), Kiviat (2015), Atzori (2017) and Politou, Casino, Alepis and Patsakis (2019), together with the passages in which several of those authors qualify or abandon the claim. It further sets out the argument that append-only recording does not entail unrecoverable entitlement: the regulatory history of write-once, read-many electronic recordkeeping under SEC Rule 17a-4 and its 2022 amendment; the accounting mechanics by which a chargeback operates as a contra entry rather than an erasure; the equivalence between that mechanism and reversal by subsequent transaction on a distributed ledger; and two limits on the argument, being value irretrievable because no person holds the key, and records whose own existence is the wrong, as with personal data subject to an erasure right.
Nydia REMOLINA LEON, Aurelio GURREA-MARTINEZ, Daniel LIU
This article provides a comprehensive analysis of the treatment of digital assets in insolvency. Given that cryptoassets can be the subject of various transactionsâincluding purchase, sale, custody, and lendingâunderstanding their nature and implications in insolvency is relevant for any firm, not just cryptoexchanges. The article begins by offering a general overview of the world of cryptoassets. It then examines the nature of cryptoassets from accounting, financial, and legal perspectives. While much of the literature on insolvency and cryptoassets has primarily focused on the analysis of whether cryptocurrencies constitute property of the estate, this article explores additional issues, such as the treatment, role and rights of tokenholders in insolvency, the initiation of insolvency proceedings by cryptolenders, and the valuation, recovery, and realization of digital assets in bankruptcy. Such analysis is conducted from a comparative perspective, examining how jurisdictions around the world have addressed some of those issues and how cryptoassets have been used to engineer innovative solutions in restructuring agreements.
Rukhsar Zaka, Faiza Irfan, Sidra Rehman, Muhammad Ahsan Hayat
Cryptocurrency markets are highly volatile, nonlinear, and affected by several internal and external market factors, making price forecasting a challenging task. Accurate cryptocurrency price forecasting can support investors, traders, and financial analysts in making informed decisions. This research paper presents a comparative analysis of machine learning and deep learning models for cryptocurrency price forecasting using historical Aave (AAVE) cryptocurrency data. The dataset consists of 275 records and 10 features, including Date, High, Low, Open, Close, Volume, and Marketcap. The Close price is selected as the target variable, while High, Low, Open, Volume, and Marketcap are used as predictor variables. Five models are implemented and compared: Linear Regression, Support Vector Regression, Random Forest Regressor, XGBoost Regressor, and Long Short-Term Memory. The models are evaluated using Mean Absolute Error, Root Mean Square Error, Mean Absolute Percentage Error, R-squared score, and directional accuracy. Experimental results show that the LSTM model achieved the best performance with the lowest RMSE of 2.74, MAE of 1.78, MAPE of 3.91%, and R-squared score of 0.965. The results indicate that deep learning models, especially LSTM, are more suitable for capturing temporal dependencies and nonlinear patterns in cryptocurrency price data.
This study aims to identify the extent to which a country's level of governance implicitly determines and encourages the use of cryptocurrencies, and the main elements associated with the use of alternative currencies to traditional ones. The methodology used is a descriptive analysis of the variables, an econometric analysis through an ANOVA, and the application of a truncated regression model, which aims to bring the research closer to the possible correlation between governance indicators and the rate of adoption of cryptocurrencies. The study concludes that countries with low levels of governance are directly related to the greater adoption of cryptocurrencies. To the best of our knowledge, this study is the first to analyse the relationship between cryptocurrency adoption and institutional governance by comparing two regions with different levels of development. The research is limited by the existence of other factors that influence the analytical framework of cryptocurrency adoption, but the availability of data has allowed the present study to focus on governance aspects. Now, despite the fact that the governance indicators present a global analysis in terms of their measurement, the relevant aspects of each country are not specified. The adoption of cryptocurrencies in some countries may not be strongly related to governance aspects but rather to the friendly regulations that have been implemented.
Cryptocurrency has emerged as one of the most significant developments to accompany the digitization of global finance, and its footprint in India has expanded rapidly despite an unsettled regulatory environment. This paper examines how Indian investors perceive the opportunities and risks associated with cryptocurrency and blockchain technology, and evaluates whether their level of awareness shapes that perception. A structured questionnaire survey was administered to 158 respondents drawn from different age groups, educational backgrounds, occupations, and income levels in Karnataka, and the resulting data were analyzed using percentage analysis, frequency distribution, and the Chi-square test of independence. The findings indicate that a large majority of respondents, particularly those aged 21-30, view cryptocurrency and blockchain as tools capable of improving transparency, financial inclusion, and entrepreneurship, while simultaneously expressing concern over price volatility, cybersecurity threats, and unclear taxation rules. The Chi-square test confirmed a statistically significant association between investor awareness and perception of cryptocurrency (calculated value 19.41 against a critical value of 9.488 at 4 degrees of freedom and the 5 percent level of significance), leading to rejection of the null hypothesis. The study concludes that a clear, balanced regulatory framework combined with investor-education initiatives would allow India to capture the innovation potential of digital assets while containing the risks associated with their adoption.
This article is devoted to the general legal characteristics of smart contracts as a means of disposing of digital assets. Smart contracts are a key mechanism for transferring digital assets, but their legal regime remains controversial and unexplored. The main goal. To make a general civil law qualification of smart contracts as a special form of concluding transactions by order of the Central Bank and to justify their recognition as full-fledged legal means of achieving a legal result. The problems under consideration are the differentiation of the IC from related legal phenomena: computer programs, methods of securing, executing and concluding a transaction. The methods used are: formal-legal, comparativelegal, historical-legal, systematic. Conclusions. The IC is a special digital form of the transaction, which has the highest degree of reliability and accuracy of recording the will of the parties in the presence of objective guarantees of its execution.
Cryptocurrency's convenience is a convenient truth â granted here in full, with receipts. A permissionless ledger settles across borders without account approval, banking hours, or correspondent chains; Nakamoto designed exactly that, on purpose. The correction is that the convenience and the danger are the same property: what makes the transfer fast and unstoppable is that it is final â no chargeback, no administrator, no undo. Institutions can price that trade. A person cannot, and the proposal is that the rational personal policy is a wall, not a judgment call. Offered as a proposal, not a result.
Digital assets, a broad term encompassing crypto-currencies, tokens and digital representations of value, have transformed the financial landscape over the past decade. Ghana has transitioned from an unregulated crypto-currency environment to a structured, licensed digital assets space following the passage of the Virtual Asset Service Providers (VASP) Act 2025 Act 1154. Unlike traditional assets, digital assets exist exclusively in electronic form and are secured through cryptographic techniques, most notably blockchain technology. Bitcoin, Ethereum, and other crypto-currencies serve as prominent examples, alongside digital tokens used in decentralized finance (DeFi), security tokens, and stablecoins. They may serve a variety of functions, including use as a medium of exchange, for investment, or as a means of accessing goods, services, or applications within specific ecosystems. These assets include crypto-currencies, tokens, stablecoins, and other blockchain-based instruments. Global digital assets represent any item of value securely stored and managed via distributed ledger or blockchain technology. Encompassing cryptocurrencies, stablecoins, tokenized securities, and non-fungible tokens (NFTs), the sector has rapidly expanded into mainstream finance, revolutionizing global payments, portfolio diversification, and record-keeping. This article discusses the challenges and opportunities of digital currencies and the way forward. This research shows that digital currencies have advantages like making transactions faster, cheaper, and more accessible and also reveals a lot of disadvantages like creating major risks concerning compliance with regulations, cybersecurity, and potential impacts on monetary policy. The review emphasizes the necessity for robust regulatory frameworks for digital assets. It supports both innovation and stability for the digital currencies. It suggests that policymakers and financial institutions should adapt to changes and face the challenges by integrating digital currencies with existing systems. Overall, this review highlights the potential of digital currencies to transform finance. It also stresses the importance of focusing on the challenges they pose to ensure they can coexist successfully with traditional financial systems. As digital currencies evolve, the Ghanaian traditional financial sector faces pressure to adapt, with CBDCs, in particular, being explored as a secure, regulated alternative to volatile crypto-assets. nThe findings revealed that the central bank must adopt robust regulatory and licensing frameworks must align with Virtual Assets Service Providers (VASP) (Act 2025 Act 1154) by enforcing strict licensing for exchanges and custodians while adhering to AML/CFT (Anti-Money Laundering) directives. Also, the Bank of Ghana and the Securities and Exchange Commission must develop a comprehensive public education programme on the digital assets in the financial ecosystem. Given the novelty of the trend of criminality in the digital asset space, the establishment of specialized cybercrime courts to be presided over by judges, proficient in digital law and cybercrime would be of immense benefit. The mandate of such courts could be to expedite trials and ensure thorough adjudication of complex cyber cases. This would have the combined effect of empowering the Ghana Police Service and Cyber-Security Authority to fully invest time, money, and human resources towards the investigation of cybercrime, as well as serve as a deterrent for criminal elements, ultimately protecting our citizens and providing justice for those seeking redress.
K.E. Otebaliyeva, Zh. T. Shaimukhanova, Z. A. Erzhanova, A. .K. Adibayeva
A smart contract is more than a technical phenomenon; it raises legal questions about intent, transaction form, and obligation performance in a digital environment. Kazakhstani law, including the Civil Code and the Law on Electronic Documents, provides a basis for digital tools in contracts, recognizing electronic forms and the principles of freedom of contract. AIFC law further validates automated systems. However, the lack of a conceptual definition in civil legislation creates challenges for public law. This article argues that smart contracts should not be viewed as standalone contract types but through a functional approach: as either a form of expressing intent or an automated performance mechanism. Special focus is placed on criminal proceedings. The authors demonstrate that the absence of a clear definition complicates distinguishing civil torts from cybercrimes and hinders the use of code as evidence or the seizure of digital assets. The core issue is the discrepancy between traditional civil law constructs, blockchain logic, and current procedural evidentiary standards in Kazakhstan.
Diky Paramitha, Etik Ipda Riyani, Nadhira Hardiana, Kan Wen Huey
Bitcoin has a tendency of price volatility that is much higher than other cryptocurrency assets, this makes a very significant difference from other financial assets that can go beyond conventional market logic thus creating a major obstacle in risk management. This study aims to dissect the extreme anomalies of bitcoin trading volume against the volatility of Bitcoin returns. Using a quantitative time series approach, the study analyzed monthly data on bitcoin price and trading volume using Bitcoin prices in the period February 2015 to December 2025. We assess volatility using the GARCH-X model to introduce trading volume as an exogenous variable. The basic GARCH shows significant volatility persistence, indicating a clustering of high volatility in Bitcoin's returns. This finding results that trading volume is not just a static transaction number but reflects a very crucial information proxy. Every movement of trading activity generates new signals in which aggressive price react. Trading volume is also highly correlated with the volatility of returns, although the volatility of the model indicates the need for careful interpretation. Bitcoin's volatility is not solely due to historical volatility dynamics, but also the impetus from trading activity, highlighting the need to consider accurate volatility modeling in the digital asset market. This research adds value by embedding trading volumes into the GARCH model to evaluate its contribution in explaining Bitcoin's volatility through empirical insights for investment decisions and risk management in the cryptocurrency market