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.
Abstract …is “should I buy any?”. Under Bayesian portfolio theory, ongoing zero weights in cryptocurrency are surprisingly difficult to generate. With 10 years of prior data, equity investors would need very pessimistic priors on mean returns to never buy cryptocurrency: −10.6 percent per month for Bitcoin, and −19.6 percent for a diversified cryptocurrency portfolio. Most priors that involve never purchasing cryptocurrency imply shorting it. Optimal weights are generally small, non-trivial (1–5 percent magnitude), frequently positive, and smooth. The certainty equivalent gains from cryptocurrency are comparable to international diversification and prominent anomaly portfolios. Costs (storage and fees) would need to exceed 21–39 percent annually to deter trading.
This study examines the role of cryptocurrency in Russia as a response to increasing international sanctions. As sanctions restrict access to global financial markets and advanced technologies, Russian businesses and individuals are increasingly leveraging digital currencies as a means to circumvent economic restrictions. The study also explores Russia’s regulatory adaptations, aiming to strike a balance between fostering innovation in digital finance and addressing national and international security concerns.This research employs a comprehensive review of regulatory policies, financial impacts, and trends in cryptocurrency adoption in Russia following the imposition of sanctions. It analyzes key government policy frameworks, such as the “On Digital Financial Assets” law, and draws insights from surveys and interviews with Russian businesses, financial institutions, and investors to assess cryptocurrency’s influence on economies affected by sanctions.The findings indicate that medium-sized enterprises and younger investors in Russia have increasingly adopted cryptocurrency as a financial alternative under sanctions, driven by its decentralized nature and its capacity to facilitate cross-border transactions. However, large corporations show reluctance due to concerns over security, regulatory uncertainties, and perceived volatility. The Russian government has adopted a cautious regulatory approach, seeking to harness cryptocurrency’s financial potential while addressing the risks of illicit use. This highlights a complex balancing act between fostering financial resilience and adhering to international standards.This paper provides an in-depth analysis of the unique role of cryptocurrency in a major economy facing sanctions, contributing to the literature on financial resilience through digital currencies. It offers valuable insights into how geopolitical factors influence cryptocurrency adoption and explores the regulatory challenges faced by nations under sanctions. The findings are particularly relevant for policymakers, financial institutions, and scholars interested in the intersection of cryptocurrency, economic sanctions, and regulatory control.
В статье рассматриваются актуальные вопросы российского регулирования криптоактивов, используемых в децентрализованных финансах, анализируется текущее положение регулирования криптоактивов, выделяются ключевые векторы его развития. Предлагаются рекомендации по развитию правовой базы, включая внесение изменений в федеральные нормативно-правовые акты, ускорение процессов нормотворчества, а также формирование условий для выпуска стейблкойнов. The article examines current issues of Russian regulation of crypto assets used in decentralized finance, analyzes the current state of regulation of crypto assets, and highlights key vectors of its development. Recommendations are offered for the development of the legal framework, including amendments to federal regulatory legal acts, acceleration of rule-making processes, and the formation of conditions for the issuance of stablecoins.
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.
This chapter delves into the transformative world of non-fungible tokens (NFTs) and how they redefine digital ownership. It begins by clarifying the concept of non-fungibility – explaining how NFTs represent unique, scarce digital assets that cannot be interchanged like traditional currencies. The chapter traces the evolution of NFTs from early digital collectibles to groundbreaking art sales and diverse applications across industries such as gaming, music, fashion, and real estate. It examines real-world examples, demonstrating how NFTs empower creators with new revenue streams through verifiable ownership and built-in royalty mechanisms. Additionally, the chapter discusses the challenges of market volatility, environmental impact, and regulatory uncertainty, while offering practical guidance for creators, collectors, and investors looking to navigate this dynamic ecosystem.
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.
Wisam Ali Hasan, Saif Saad Hameed, Ahmed Imran Fattah, Saad Jader Mutlak · 6 authors
Blockchain-Assisted Trust and Transparency in Cross-Border Digital Asset Management Systems aims to apply blockchain technology in enhancing digital asset management by increasing integrity, traceability, and compliance across borders. The study explores how the decentralized and immutable nature of blockchains can address persistent issues in global asset transactions. Existing cross-border digital asset management systems encounter issues of trust, lack of interoperability, regulatory discrepancies, and inadequate transparency. These limitations hinder the immediacy of verification, increase susceptibility to fraud, and impede compliance across multiple jurisdictions. To fill these gaps, this study formulates a Blockchain-Enabled Federated Identity Management framework (B-EFIM). The methodology is characterized by the iterative design, development, and evaluation of a blockchain-based system integrating smart contracts adjustable to specific jurisdictions with a permissioned distributed ledger, empowering clear, secure, and verifiable transactions. The proposed approach enables real-time supervision of asset movements, validates automated compliance, and establishes trust through verifiable records that are accessible to all stakeholders, including regulators, financial institutions, and asset custodians. It enables seamless alignment with regulatory requirements while enhancing operational effectiveness. The B-EFIM framework significantly enhances the practitioner's ability to monitor asset tracing and compliance issues while deepening stakeholder confidence in cross-border transfers of digital assets, proving it to be an effective and scalable solution for international financial infrastructures.
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.
This document gives information on cryptocurrency scams. While there are legit uses for digital currency, cryptocurrency (crypto) is a popular payment method used by scammers. Crypto is not backed by the government and is not insured like money deposited into a bank. Investments and payments involving crypto do not come with the same legal protections if something goes wrong. It’s like sending someone cash and payments typically are not reversible.
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
The article reveals the author's position on the issue of determining the legal nature of relations in cyberspace, in particular: relations that generate digital data; relationships that allow you to determine digital identity and connection with a real person; relations based on smart contracts, taking into account their place in the system of contract law; relations related to artificial intelligence systems; relationships with the use of virtual and augmented realities; relations on the basis of decentralized autonomous organizations.
The article is devoted to the analysis of the problem of the development of the cryptocurrency market, the markets of their circulation and the prospect of using them as a means of payment in international settlements of the Russian Federation in the context of increasing sanctions pressure. The author analyzes a group of social and economic factors that led to the emergence of cryptocurrencies. Special attention is paid to the disclosure of their technological essence of cryptocurrencies and their rewarding nature. The article examines in detail the history of the development of cryptocurrencies themselves, their circulation markets, the business essence of this means of payment and the path of its entry into the global economic system. The paper compares the European, Russian and Chinese ways of regulating the cryptocurrency market, the consequences, causes and features of the use of various methods of regulating the crypto market for national economies and their impact on the cost and demand of cryptocurrencies. Special attention is paid to the study of the problem of the practical use of cryptocurrencies on the territory of the Russian Federation and in its international settlements both at the state level and on the scale of individual enterprises. The author evaluates the possible prospects for the development of the Russian national cryptocurrency, and the use of bitcoin as an alternative means of domestic and international settlements of the Russian Federation. It is this aspect of the development of cryptocurrencies that is particularly important for the Russian market, which is in dire need of a means of payment that will help circumvent Western sanctions. The paper also reflects the problem of the attractiveness of the cryptocurrency market for criminal transactions and the difficulty of countering illegal transactions without seriously compromising the attractiveness of cryptocurrencies as a means of payment.
In the article, the author examines the procedure for the transfer of property rights and obligations to cryptocurrency by inheritance. The author notes the absence of an established legal status of cryptocurrency as “property” or “other property” in civil law, and the establishment of cryptocurrency as an object included in the inheritance. The problem is the absence of its own emission cryptocurrency in the Russian Federation, which leads to the cancellation of the full turnover of cryptocurrency between the subjects of the inheritance. The paper substantiates the conclusion about the necessity of mandatory participation of a notary in the procedure of transfer of cryptocurrency by inheritance. Based on the formed research, the author notes the need to develop a register of data transfer between operators of information systems (controlled by the Central Bank of the Russian Federation) and notaries, developed on the principle of interaction and cooperation, introduced into the Federal Law “On Banks and Banking Activities”, Federal Law “On the Central Bank of the Russian Federation” and the Law “Fundamentals of the Legislation of the Russian Federation on Notaries”, as well as Article 1112 of the Civil Code of the Russian Federation. The article sets out a provision on the advisability of establishing an imperative rule on drawing up a will to guarantee the transfer of rights and obligations to the cryptocurrency to the heir.
The article is devoted to the problem of terminological uncertainty and the lack of a unified classification of cryptocurrencies and digital assets in modern Russian legislation. Despite the adoption of Federal Law from 31.07.2020 No. 259-FZ “On Digital Financial Assets, Digital Currency and Amendments to Certain Legislative Acts of the Russian Federation”, there are many controversial issues in law enforcement practice regarding the legal status of cryptocurrencies and their place in the financial system. The article analyzes existing approaches to defining digital assets in Russian and international regulations, as well as in scientific literature. The variety of classifications and the variety of functional characteristics inherent in different types of cryptocurrencies and tokens are noted. Key contradictions between the decentralized nature of cryptocurrencies and attempts at government regulation are identified. The author’s definitions of digital currency, cryptoasset and cryptocurrency are formulated, taking into account technological, economic and legal aspects. Recommendations are proposed for improving legislation and developing agreed standards in the field of digital financial assets. The authors emphasize the need to balance the interests of the state, business, and society to ensure the successful development of the digital economy in Russia.
This study examines the legal nature of cryptocurrency from the perspective of civil law, focusing on how cryptocurrencies can be integrated into the current Hungarian and Romanian private law systems. The author provides a detailed analysis of the historical and legal development of the concept of money, the functional characteristics of cryptocurrencies, and their applicability as a means of payment in contractual relations. The study highlights that cryptocurrencies are not recognized as legal tender and are often treated as barter instruments/ exchange rather than classical monetary payments. The paper aims to emphasize the legal challenges and the necessity of regulatory development regarding digital assets.
Mohammed Ghouireg, Ayoub Toumi Lahreche, Oumelkheir Goug
This study aims to illuminate a recently emerged digital currency known as Bitcoin to dispel the ambiguity surrounding it and introduce it to the public.This will be achieved by defining its concept and characteristics and outlining the key differences between it and traditional currency.Furthermore, the study seeks to identify the methods of acquiring Bitcoin, the volume of its global transactions, the position of favourable legislation towards it, and the main practical challenges it faces.
The subject of the research is the socio-economic relations arising from investment financing for small and medium enterprises (SMEs) and large businesses using digital financial assets (DFAs). The object of the research is the economy of Russia under conditions of limited investment and credit resources. The aim of the research is to create and utilize new innovative investment tools to support and develop the Russian economy. The digitalization of the Russian economy includes the active implementation of DFAs, which represent a new form of digital rights. DFAs play a crucial role in financing projects, attracting liquidity, optimizing payments, and structuring claims. This significantly changes traditional mechanisms of corporate and investment finance, making them more efficient and flexible. The methodological framework of the research is based on empirical and statistical analysis methods, synthesis, and systematization of information to identify new trends and best domestic practices in the formation and use of digital financial assets in the Russian Federation. The novelty of the research lies in the fact that digital financial assets act as one of the innovative tools of digital technologies, combining the properties of an investment solution and an intermediary in conducting settlements between economic entities. The issuance and circulation of digital assets is a new trend in the financial market. Digital assets are based on distributed ledger technology. They reduce the role of intermediaries and automate transactions through smart contracts. The main findings of the research indicate that the introduction of DFAs in small and medium businesses, as well as in large companies, improves access to capital and enhances the efficiency of financial processes. Under conditions of stringent restrictions and external pressure, DFAs become an alternative to traditional financing channels and a flexible tool for structuring transactions. However, the spread of DFAs faces significant obstacles, including incomplete and changing regulations, vulnerabilities in the cyber environment, a lack of secondary markets, and differences in infrastructure solutions. To overcome these limitations, it is necessary to develop measures for the standardization of the issuance and circulation of DFAs, ensure regulatory alignment, and provide technological support from the government, industry associations, and information system operators. This will reduce regulatory and operational uncertainty, increase investor confidence, and accelerate the development of the Russian DFA market.
The development of technology is radically transforming all spheres of human life, including finance. As a result, new institutions are emerging, and existing ones are being modernized. Economic relations are increasingly shifting into the digital space, leading to transformation of traditional financial instruments. Money is losing its material forms and regulatory properties, giving way in the economy to alternative instruments. The sanctions imposed against Russia in recent years have significantly affected the country’s economic and financial systems. One of the most notable consequences has been the accelerated development of the cryptocurrency market. The paper addresses the issues of legalizing mining and cryptocurrency exchanges in Russia. The study is dedicated to examining the legal regime governing the circulation of cryptocurrencies, determining the place of digital currencies within the legal system of Russia and abroad, and identifying the risks associated with their circulation. The author analyzes the peculiarities of mining, the legal aspects of issuance and circulation of digital currencies, as well as the legal foundations for their use in international settlements. Attention is drawn to the limitations of legal regulation concerning relations in this sphere. The paper evaluates the current state and development prospects of the cryptocurrency sector in Russia and explores the role of the Government of the Russian Federation and the Central Bank of Russia in regulating this activity.
Decentralized finance is often perceived as an alternative to the securities market, which does not require the participation of intermediaries; however, their participation can significantly facilitate the functioning of the crypto-asset market, among other things. This is especially relevant for the Russian digital financial assets market, which is built following a model very similar to the traditional securities market. At the same time, there are currently a significant number of legal obstacles to the functioning of intermediaries in the digital financial assets market. The paper examines some ways to build the infrastructure of the digital financial assets market and proposes changes to the regulatory framework that will help achieve this goal. Legislative barriers to the functioning of intermediaries in the digital financial assets market have been identified. A conclusion is made about the possibility of building an infrastructure of intermediaries in the digital financial assets market by bringing together the regulation and legal regime of digital financial assets and uncertificated securities.