Subject. This article discusses the payment system based on the digital ruble in the concept of decentralized finance within the legislative framework of the Russian Federation. Objectives. The article aims to identify the optimal way to implement the payment system based on the digital ruble, and on this basis, present an optimal model of integration of the digital ruble into the blockchain network. Methods. For the study, we used logic, analysis and synthesis, induction and deduction, an object-oriented approach, and modeling. Results. Based on the analysis of consensus mechanisms and methods for integrating the digital ruble into the blockchain network and the legislative framework of the Russian Federation, the article forms and substantiates a scheme for integrating the digital ruble into the blockchain network. Within the framework of the proposed scheme, efficiency is achieved through the use of innovative information technologies in the field of finance based on the concept of decentralized finance. Conclusions and Relevance. The presented concept of integrating the mechanism of the digital ruble module into the Ethereum-based blockchain network is relevant, its implementation has maximum reliability, security and optimal transaction cost. This mechanism makes economic exchange and financial transactions a safe, efficient and prompt payment link in the DeFi ecosystem. The results of the study are intended for the Bank of Russia's projects implementation to introducte the digital ruble and develop decentralized applications.
The study focuses on examining the implications of cryptocurrencies to the Bank Secrecy/Anti-Money Laundering (BSA/AML framework.Accordingly, it applies a comparative legal research approach to understand trade-offs between cryptocurrencies and BSA/AML through comparing information from different primary sources obtained from LexisNexis, Bloomberg Law, and Westlaw.The motivation behind the study was the rapid adoption of cryptocurrencies among investors and retail consumers, which poses risks to the stability of the financial system.The study noted lack of a devoted prime regulator with paramount powers to oversee all cryptocurrency activities as a gap that blockchain applies, in respect to the regulatory arbitrage theory, to circumvent harsh regulations in some jurisdictions, for favorable ones in other jurisdictions.Some of the features noted to challenge effective regulation of these currencies include anonymity, lack of physical equivalent to bank notes and coins, decentralized, and the agile technology used in blockchain.However, efforts to embrace effective adoption and incorporation of crypto assets into the financial system are being demonstrated through the enactment of House Bills, legislative histories, State and Federal Acts such as the CANSEE) Act (S.2355) to mitigate against the risks of illicit activities perpetrated in the decentralized finance (DeFi).The study established if the current efforts being made might be combined with amendment of the BSA/AML regulation to apply in decentralized finance, identification of a primary regulator for cryptocurrencies, and collaboration between regulators and blockchain developers, they would enhance secure and effective adoption of cryptocurrencies.
This paper investigates the concept of digital trust within the broader context of public administration s ongoing digitization, which calls for a critical reassessment of traditional legal frameworks. It examines the legal implications of digital trust, particularly in relation to emerging digital assets such as cryptocurrencies, Non-Fungible Tokens (NFTs), and virtual properties. The study highlights the limitations and gaps in Romanian legislation, offering a comparative analysis with jurisdictions that have already implemented regulatory mechanisms for digital trusts. Through this comparison, the paper identifies best practices and formulates proposals for the adoption of dedicated legal norms that would enable the responsible, secure, and lawful management of digital assets. These recommendations aim to ensure that Romania aligns with international standards and technological advancements. The author emphasizes the urgency of legislative reform, arguing that Romania must act swiftly to develop a modern legal framework capable of protecting its citizens in the digital age. The conclusion underscores the necessity of proactive governance to foster trust in digital systems and to safeguard rights and assets in an increasingly virtual environment. This approach is essential for maintaining legal certainty and public confidence in the face of rapid technological change.
Almost everyone has come across the concept of crypto-assets, or other synonyms for this phenomenon. It can be said that they have already become an integral part of everyday life in an era that is often referred to as the industrial (digital) revolution 4.0. A relatively long period has passed since the first crypto-assets were issued, and they are increasingly becoming more accessible to the general public, who do not even need to have investment experience to buy or sell them. This is also due to many other technological innovations, which are used in the competitive struggle for clients and make it possible to buy crypto-assets practically anywhere.
The article explores the institutional paradigm of the transformation of the global financial architecture under the conditions of digitalization of the global economy. It is substantiated that the proliferation of digital financial technologies, including fintech innovations, crypto-assets, decentralized finance (DeFi), and central bank digital currencies (CBDCs), generates profound structural shifts in the functioning of the global financial system and necessitates a reconsideration of the role of key institutions of international financial governance. The study analyzes the evolution of the roles of central banks, international financial institutions, national regulators, and private financial technology companies in shaping the new global financial landscape. It is determined that central banks are gradually transforming from traditional monetary regulators into key architects of digital financial infrastructure, while private fintech and BigTech companies are becoming systemically important actors capable of influencing payment systems, financial inclusion, and cross-border financial flows. Particular attention is devoted to the analysis of contemporary global trends in the implementation of CBDCs, the development of crypto-asset markets, and decentralized financial platforms. It is demonstrated that these processes are forming a hybrid model of financial globalization that combines elements of centralized regulation with decentralized financial mechanisms. The article highlights key initiatives of international coordination and regulatory harmonization implemented within the frameworks of the Bank for International Settlements (BIS), the International Monetary Fund (IMF), the Financial Stability Board (FSB), and the G20, aimed at ensuring financial stability, cybersecurity, and preventing regulatory arbitrage. Based on the conducted analysis, an institutional model for the transformation of the global financial architecture is proposed, grounded in the integration of international standardization, publicâprivate partnership, and multi-stakeholder interaction. It is proven that the effectiveness of the digital transformation of the global financial system depends on the capacity of international institutions to adapt regulatory approaches to dynamic technological changes and to ensure a balance between innovation, financial stability, and economic security.
Son Van Nguyen, Le Hong Ha Anh, Chu Hai Ha, Hieu M. Nguyen ¡ 5 authors
Blockchain technology has emerged as a ground-breaking trend in recent years, with the potential to drive global economic growth by shifting business models from human-based trust to technology-based trust. The core features of Blockchain, including transparency, high security, and fraud resistance, have been widely applied across many sectors. However, one of the greatest challenges in the digital economy is the validation of ownership, protection of copyright, and monetization of digital assets. This study focuses on solving this problem by providing an in-depth analysis of Non-Fungible Tokens (NFTs)âa specialized application of Blockchain. Through synthesis and analysis, this paper proposes a strategic framework using NFTs to enable businesses and creators to digitize, authenticate, and monetize their assets, particularly through an automated royalty mechanism.
In an age where the lines between finance and technology blur into an opus of digital evolution, The VDA & Crypto Convergence: Charting the Operational Pulse of the Global Crypto Exchange Ecosystem in 2025 dissects the metamorphosis of Virtual Digital Assets (VDAs) and crypto exchanges from experimental ventures to regulated pillars of modern finance. The study unveils 2025 as a watershed year- a "regulated renaissance"- where legislation such as the U.S. GENIUS Act, EU's MiCA, and Hong Kong's Stablecoin Ordinance transformed ambiguity into architecture. It examines how hybrid exchanges-the ingenious offspring of centralized speed and decentralized autonomy- symbolize the era?s financial duality, while AI-driven intelligence and tokenization redefine market participation and asset fluidity. Through the interplay of law, technology, and trust, this paper illuminates a future where the crypto economy ceases to be an outlier and becomes the central nervous system of global finance, balancing regulation and innovation like twin sails steering the same vessel through uncharted digital waters.
This study investigates the long-run relationship between the net assets of Bitcoin spot exchange-traded funds (ETFs) and Bitcoinâs price. Using daily data from 11 January 2024 to 16 May 2025, we employ cointegration techniquesâFully Modified OLS, Dynamic OLS, and Canonical Cointegrating Regressionâto 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 Bitcoinâs 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.
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
During the first decade of cryptocurrencies (2008â2017) 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 â 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-Friedâs firm, FTX, as it evolved from a small, California-based start-up running arbitrage trades in 2017 into one of the worldâs 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.
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.
Purpose: To investigate Bitcoinâs cyclic price behavior around scheduled halving events, develop a technicalâanalysisâbased active investment strategy tailored to these cycles, and rigorously assess its performance relative to a passive buyâandâhold benchmark. Design/Methodology/Approach: This research employs historical daily BTC /USD price series (June 2012âMay 2025), applies a suite of technical indicators to define systematic, halvingâanchored entry and exit rules, and then conducts rigorous statistical evaluations to test whether Bitcoinâs protocolâdriven supply cycles yield reproducible, actionable investment signals. Findings: Over thirteen overlapping sample windows, the active strategy outperforms passive BTC holding in ten, with positive âalphaâ 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 halvingâcentric strategy using readily available charting tools and APIâaccessible price feeds to automate buy/sell signals, thereby enhancing return potential and mitigating drawdowns without requiring deep onâchain analytics expertise. This framework also provides a transparent riskâmanagement overlayâleveraging predefined exit rulesâthat can be calibrated to varying risk tolerances and seamlessly integrated into broader multiâasset portfolios. Originality/Value: This study is among the first to integrate Bitcoinâs protocolâdriven halving schedule with a multiâindicator technical framework and to validate its efficacy through extensive statistical tests over four market cycles (including the 2024 halving). It offers practitioners a replicable, dataâdriven strategy for navigating cryptoâs unique cyclical dynamics.
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.
Non-fungible tokens (NFTs) are blockchain-based digital assets that enable verifiable ownership of unique items, ranging from digital art to virtual real estate. This paper explores the emerging role of NFTs within an innovative vision of the Metaverse, analyzing the potential to reshape asset representation, economic structures, decentralized technologies and the challenges arising from their intersection. In this paper, we analyze the foundational concepts and current research, understand their interconnectedness by going through real-world applications and deployments, and study various case studies in the domain to elucidate the subject. The discussion offers key insights into better digital asset representation, user-driven economies, and new monetization models. Additionally, we examine the critical challenges of scalability, interoperability, and sustainability introduced by these innovations. Notably, this study contributes significantly to explaining the future trajectory of NFT adoption and understanding its implications for digital innovation, social interactions, and economic structures in the Metaverse.
In the rapidly evolving landscape of cryptocurrency in India, a powerful new contender has emergedâJaimax 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 Indiaâs expanding blockchain environment.
In Indiaâs 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.
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.
Open access
Blockchain Technology Applications and Security
Security, Politics, and Digital Transformation
Innovations and Analysis in Business and Education
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.
This paper examines the Financial Accounting Standards Boardâs (FASB) recent changes to define crypto assets, focusing on why non-fungible tokens (NFTs), utility tokens and asset-backed tokens (ABTs) were not included. By examining the core features of these excluded assets, the research unpacks the reasoning behind their omission. The absence of these assets from the standard definition creates challenges for financial institutions. Without clear accounting guidance, companies face uncertainty in valuation, liquidity risk and difficulty meeting compliance requirements. Risk managers are left guessing how to assess and report these holdings. This has an impact on everything from disclosures to capital planning. The findings highlight a critical need for accounting standards that keep pace with the complexity and growth of digital assets. Institutions may misprice assets, misjudge exposure and fall short of regulatory expectations without up-to-date guidance. This article is also included in The Business & Management Collection which can be accessed at https://hstalks.com/business/.
Varshan Manish, M Gokulesh, P A Dharshan Raj, K Ragavan
The blockchain based system and method for multi-form gold tokenization by using ERC-1155 token standard focuses on a single core idea of using ERC-1155 semi fungible tokens to enable scalable and trustworthy digital gold markets that simultaneously serve institutional reserve holders and retail fractional owners. This research presents the ERC-1155 token model tailored for gold assets semantics defined conversion rules between reserve classes and fractional units and describing contract interfaces required for custody aware issuance and secure redemption and also by providing a reference implementation (smart contract + client DApp). The implementation on public Ethereum test nets is evaluated to measure operational characteristics of the ERC-1155 token standard. The study also discusses governance and custody considerations necessary to make ERC-1155 based gold tokenization practical. Results show that a single ERC-1155 contract can express both fungible fractions and non-fungible reserve classes while being computationally inexpensive and is 13.6% more relatively efficient when it comes to burning operation while it is 0.63% more relatively efficient when it comes to minting operation when compared with the same operations that makes use of ERC-721 token standard.
Ivan S. Lapshin, Shorena S. Shushania, Alexandra Anisimova
The article is devoted to a comprehensive analysis of cryptocurrencies as an object of legal regulation in the Russian Federation. The relevance of the study is determined by the rapid integration of digital assets into the economy amid the persistent legal uncertainty regarding their legal nature. The aim is to trace the evolution of the Russian legislator's approach from a lack of regulation to the formation of an experimental legal regime. The methodology includes formal legal analysis of legislation, generalization of judicial practice, and a comparative legal approach. The authors thoroughly examine the legal definitions of digital currency and digital financial assets, identifying their key differences. The paper substantiates the classification of cryptocurrency as "other property," analyzes the tax regulations introduced in 2025 that recognize it as property for tax purposes, and identifies related problematic aspects (confirmation of expenses, classification of income). Based on the analysis of court practice, the absence of a uniform approach to the legal qualification of cryptocurrencies is stated. In conclusion, forecasts are made regarding the implementation of an experimental legal regime for qualified investors, and specific measures for legislative improvement are proposed, including the adoption of a framework federal law and amendments to codified acts. It is emphasized that the implementation of these proposals will create a balanced legal environment conducive to the development of the digital economy and the minimization of associated risks.
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.