The article is devoted to the study of the features of smart contracts, which are a type of electronic contracts. Smart contracts, which are also called “smart contracts” (origin of the word “smart contract”), correspond to modern trends in digitalization and provide an effective mechanism for the implementation of business, financial and economic relations in a virtual environment. The following methods were used in the study: general logical, method of analysis and synthesis, formal-legal, comparative-legal, systemic. When comparing the so-called “technological” and legal approaches to understanding the concept of “smart contract”, the views of different groups of foreign and domestic scientists and researchers on the interpretation of this concept were analyzed. The principle of operation of a smart contract is considered on a specific example, while the way in which a smart contract operates in certain specific conditions is studied in detail and possible reasons for its failure to perform are analyzed. When analyzing the operation of smart contracts, their practical, technical, legislative problems and features were identified. Thus, the feature of immutability of a smart contract is its advantage because it excludes the intervention of the human factor. But the immutability of a smart contract is also its disadvantage because it makes it impossible to conclude additional agreements to a smart contract when certain circumstances change. Taking into account the study of the properties of a smart contract and an example of its operation, it can be stated that a smart contract can function only in a certain environment provided that the executable program code has direct and unlimited access to the objects of the smart contract. This creates integration problems of a smart contract with the objects of its operation. Thus, if the subject of a smart contract is real estate and in this regard the specified electronic contract requires notarial electronic certification and corresponding registration in the digital environment, then today in Ukraine there is an integration problem of electronic notarial certification of such contracts due to the absence and legislative uncertainty of the mechanism of electronic notarial certification and registration. Also relevant is the problem of smart contracts regarding payments under them in cryptocurrency, which also requires a legislative solution, since the legal status of cryptocurrency in Ukraine has not yet been established. Solving these problems in the future will allow for the wider use of smart contracts by their Ukrainian counterparties.
The subject of the study is the main theoretical approaches to understanding the nature and functional role of smart contracts developed in the Russian civil doctrine. The object of the study is public relations in the field of using smart contracts as a means of regulating the turnover of copyright objects. The author raises the actual problem of using smart contracts in the field of copyright protection. The relevance of the issue is due to the widespread technological innovations in the field of intellectual property turnover, which requires the state to develop new solutions in the field of legal policy. The use of smart contracts is a promising technological solution that can ensure the effectiveness of protecting the interests of copyright subjects. Special attention is paid to certain aspects of the operation of smart contracts (their modification, termination) within the framework of the turnover of rights to copyright objects. The research methodology involves the use of structural and functional analysis tools, a method of interpreting legal ideas and a systematic approach, on the basis of which the article attempts to identify the functional significance of smart contracts as a technological and legal phenomenon in the sphere of turnover of copyright objects. The use of smart contracts is an innovative approach that contributes to the improvement of document management in Russian copyright law. The main conclusions of the author are the statement of the limited nature of the use of smart contracts in the framework of copyright protection of the results of intellectual activity. The author's contribution to the disclosure of the research topic is determined by the identification of differences between smart contracts and classical means of regulating contractual relations. Based on the conducted research, the author suggests ways to improve the legislative policy of the state, related to the lack of an orderly system of civil law norms governing relations in the field of smart contracts as tools for ensuring the registration of copyright objects and the fulfillment of private law obligations. The author substantiates the need to develop the provisions of civil legislation in terms of expanding legal structures capable of ensuring the fulfillment of agreements reached between the parties to a private law relationship.
Programmable money and smart contracts represent the next frontier in Central Bank Digital Currency (CBDC) design. Unlike traditional fiat or even basic digital currencies, programmable CBDCs embed logic directly into transactions, enabling conditional payments, automated compliance, and integration with decentralized applications. This chapter explores the architecture, policy implications, and operational use cases of programmable CBDCs, focusing on how smart contracts can transform financial integrity, efficiency, and innovation. It integrates global pilot evidence, regulatory perspectives, and technical literature to provide a holistic view of programmable money in the CBDC ecosystem.
Krypto-Assets sind mit der zunehmenden Beliebtheit von Kryptowährungen ein verbreitetes Anlageprodukt geworden. Das Ziel der Arbeit besteht darin, das Konzept der Blockchain mit entsprechender technischer Umsetzung zu erläutern, die Investitionseigenschaften anhand einer Analyse aufzuzeigen und die Auseinandersetzung mit häufigen Kritikpunkten. Die empirisch‑quantitative gewonnenen Daten liefern im Betrachtungszeitraum von 01.02.2018 bis 31.01.2025 folgende Erkenntnisse: Kursentwicklung: Bitcoin (1010%) weist die höchste Performance auf und übertrifft damit Ethereum (211%) um das Fünffache, den S&P 500 (114%) um das Neunfache. Tether (2%) fokussiert keine Rendite, sondern Stabilität, dient daher nur als Referenz. Volatilität: Ethereum (1.9) hat den höchsten Spitzenwert für die rollierende Volatilität im 30-Tage-Fenster, gefolgt von Bitcoin (1.5). Einem vergleichbaren Bewegungsmuster folgen der S&P 500 (0.85) und Tether (0.15) und finden ihre Extremstelle ebenso im ersten Halbjahr 2020. Die deutlich geringere Schwankungsanfälligkeit des S&P 500s ist auf die höhere Diversifizierung durch die dahinterstehenden Wertpapiere zurückzuführen, bei Tether aufgrund der direkten Wertkoppelung an US-Dollar. Rendite-Risiko-Verhältnis: Bitcoin (35%) weist in der jährlichen Betrachtungsform die höchste annualisierte Rendite auf, gefolgt von Ethereum (15%), dem S&P 500 (10%) und Tether (0.003%). Die annualisierte Standardabweichung beschreibt das Risiko und wird von Ethereum (2.11) angeführt, darauffolgend Bitcoin (1.21), der S&P 500 (0.19) und Tether (0.008). Im sich daraus ergebenden Rendite-Risiko-Verhältnis führt der S&P 500 (0.39), danach folgen Bitcoin (0.26), Ethereum (0.04) und Tether (-3.21). Somit liefert der S&P 500 trotz geringerer Performance das beste Verhältnis aus Rendite und Risiko, was auf das deutlich geringere Risiko zurückzuführen ist. Korrelation: Bitcoin und Ethereum haben die höchste Korrelation (0.81), da beide als Kryptowährungen den gleichen Marktbedingungen ausgesetzt sind. Die Differenz zu 1 ist auf Einflüsse zurückzuführen, die das Asset selbst betreffen. Der S&P 500 korreliert leicht mit Ethereum (0.3) und Bitcoin (0.28). Die geringste Korrelation weist Tether auf, im Zusammenhang mit Bitcoin (0.01), dem S&P 500 (0.01) und Ethereum (0.02). Maximum Drawdown: Ethereum (90%) hat den höchsten Verlust im Vergleich zum Höchststand. Darauf, ebenso zu Jahresende 2019, folgt Bitcoin (70%), der S&P 500 (30%) zu Beginn des Jahres 2020 und Tether (5%) Ende 2019. Gesamtbewertung: Statistisch weist Bitcoin im Vergleich zu Ethereum höhere Renditen bei geringerem Risiko auf. Die geringere Korrelation von Bitcoin mit klassischen Anlageprodukten wie dem S&P 500 kann eine Diversifikationsfunktion begründen. Haftungsausschluss: Diese Thesis dient ausschließlich akademischen Zwecken. Trotz größter Sorgfalt bei der Erstellung kann keine Gewähr für die Richtigkeit und Vollständigkeit der enthaltenen Informationen übernommen werden. Der Autor übernimmt keine Haftung für Folgen, die sich aus der Verwendung dieser Arbeit ergeben. Disclaimer: This thesis is intended for academic purposes only. Although care has been taken to ensure the accuracy and completeness of the information, no guarantee is made that it is free of errors or omissions. The author assumes no responsibility for any consequences arising from its use.
This article examines the legal qualification of smart contracts within civil law jurisdictions, emphasizing the challenges posed by automated, code-based agreements in systems traditionally grounded in codified statutes and doctrinal principles. By exploring current scholarly debates, legislative approaches, and judicial interpretations, this study highlights the tension between the self-executing nature of smart contracts and the requirement for consent, formality, and interpretation under civil codes. Drawing on a qualitative analysis of doctrinal writings, statutory frameworks, and case-based discussions, the paper identifies core issues of enforceability, liability, and consumer protection. Results reveal the need for a more coherent integration of legal theory and technological design, underscoring the role of hybrid solutions that blend human interpretation with automated execution. The discussion situates these findings in the broader trajectory of contract law modernization, concluding with recommendations for policymakers and practitioners regarding risk mitigation, technological design improvements, and harmonized regulatory standards.
Ahmad Anwar Zainuddin, Farah Mazlan, Nur Faizah Omar, Nik Nor Muhammad Saifudin Nik Mohd Kamal
Most conventional contract systems have issues with middlemen, drawn-out implementation procedures, fraud risk, and human error. Considering this, the project uses smart contract technology to provide a decentralized, automated, and safe solution in an effort to address such inefficiencies and the trust issues they raise. Smart contracts enable self-execution of contracts whose conditions are expressed explicitly in lines of code by presenting solutions using blockchain technology. The concept behind a smart contract is that each party may carry out their portion of the duties without depending on a third party and the contract will automatically execute in the meantime. This automation significantly reduces transaction costs while simultaneously improving security and transparency. With the use of this underlying technology, smart contracts may be used to directly code parties' compliance with their duties under the agreement and the blockchain will keep an immutable record of every transaction. For smooth and dependable transactions, smart contracts offer a dependable and effective substitute for conventional contract methods. Furthermore, integrating smart contracts with cutting-edge technologies like machine learning and artificial intelligence could improve decision-making and accelerate operations in a variety of sectors. Their application extends beyond financial transactions to areas such as supply chain management, energy trading, and healthcare, showcasing their versatility. Despite these advantages, issues like energy consumption, scalability, and regulatory compliance still need creative solutions. Ongoing research and development aim to address these issues, fostering the evolution of smarter, more sustainable contract systems. By leveraging these advancements, smart contracts keep opening the door for a revolution in the digital economy that will increase productivity and confidence.
The subject of the study is the dependencies, trends and key features of the turnover of cryptocurrencies as a separate phenomenon. The purpose of the study is to analyze the key features of the cryptocurrency turnover and the problems of their legal regulation, followed by the development of practical proposals for the prevention of cryptocurrency crime. The objectives of the research are: analysis of modern technologies related to cryptocurrencies; their features and degree of influence on financial markets; problems of prevention and legal regulation of cryptocurrencies in Russia. The object of research is formed by public relations related to the use of cryptocurrencies in the financial market. Cryptocurrencies represent one of the most significant phenomena in financial technology. In the context of globalization and digitalization, they provide new opportunities for transactions, investments and storage of funds. However, the rise of decentralized finance, anonymous wallets, and NFT scams has turned blockchain into a "new shadow" of the global economy. This confirms the importance of developing new techniques and means of preventive activities of law enforcement agencies. The methodological basis of the work is the method of dialectical cognition, thanks to which it was possible to study the object and subject of research in relation to the domestic criminal legislation and other normative legal acts. The theoretical and methodological basis of the research is various logical techniques and means of scientific knowledge, general scientific and private scientific methods: modeling, forecasting, formal legal. The novelty of the study is due to the analysis of modern official statistical data and materials of investigative and judicial practice on the state of cryptocurrency crime in Russia. The study of domestic legal acts in the field of the use of financial assets allowed us to conclude that the status of cryptocurrencies is uncertain. The authors summarize that cryptocurrency crime does not require prohibitions, but a rethinking of law, because it is not technology that poses a threat, but its exploitation in conditions of legal inequality. The main conclusions obtained by the authors relate to determining the financial characteristics of cryptocurrencies, their volatility, liquidity, and risk assessment of use. The trend of increasing demand for the integration of cryptocurrencies into traditional financial systems has been proven. The problems of legal regulation and regulatory consolidation of the concept of "cryptocurrency", including in domestic criminal legislation, are outlined. The main reasons for the spread of cryptocurrency crime and the prospects for preventive activities of investigative authorities based on the capabilities of artificial intelligence have been identified.
В статье рассмотрены инструменты для достижения технологического лидерства России. В качестве одного из инструментов рассмотрена технология блокчейна. Технологии, создаваемые на основе блокчейна, охватывают все больше сфер. Так, например, децентрализованные финансы включают в себя проекты, начиная от логистики и заканчивая децентрализованной трансляцией видеоресурсов. В статье рассмотрены изменения полюсов влияния в секторе криптовалют, базирующихся на технологии блокчейна. Выявлены наиболее вероятные тренды дальнейшего развития блокчейна, их влияние на достижение технологического лидерства России. The article discusses blockchain technology as one of the tools for achieving Russia’s technological leadership. Blockchain based technologies cover more and more areas, for example, decentralized finance (DeFi) includes projects ranging from logistics to the decentralized broadcast of video resources. The article examines the changes in the poles of influence in the sector of cryptocurrencies based on blockchain technology. The most likely trends in the further development of the blockchain and their impact on achieving Russia’s technological leadership have been identified.
The report substantiates that cryptocurrencies are a unique financial phenomenon that continues to evolve and change the global economic landscape. They provide users with new opportunities to conduct financial transactions, increasing speed, transparency and reducing transaction costs. At the same time, their decentralized nature contributes to reducing dependence on traditional financial institutions, which makes cryptocurrencies especially attractive in conditions of economic instability.
Krypto-Assets sind mit der zunehmenden Beliebtheit von Kryptowährungen ein verbreitetes Anlageprodukt geworden. Das Ziel der Arbeit besteht darin, das Konzept der Blockchain mit entsprechender technischer Umsetzung zu erläutern, die Investitionseigenschaften anhand einer Analyse aufzuzeigen und die Auseinandersetzung mit häufigen Kritikpunkten. Die empirisch‑quantitative gewonnenen Daten liefern im Betrachtungszeitraum von 01.02.2018 bis 31.01.2025 folgende Erkenntnisse: Kursentwicklung: Bitcoin (1010%) weist die höchste Performance auf und übertrifft damit Ethereum (211%) um das Fünffache, den S&P 500 (114%) um das Neunfache. Tether (2%) fokussiert keine Rendite, sondern Stabilität, dient daher nur als Referenz. Volatilität: Ethereum (1.9) hat den höchsten Spitzenwert für die rollierende Volatilität im 30-Tage-Fenster, gefolgt von Bitcoin (1.5). Einem vergleichbaren Bewegungsmuster folgen der S&P 500 (0.85) und Tether (0.15) und finden ihre Extremstelle ebenso im ersten Halbjahr 2020. Die deutlich geringere Schwankungsanfälligkeit des S&P 500s ist auf die höhere Diversifizierung durch die dahinterstehenden Wertpapiere zurückzuführen, bei Tether aufgrund der direkten Wertkoppelung an US-Dollar. Rendite-Risiko-Verhältnis: Bitcoin (35%) weist in der jährlichen Betrachtungsform die höchste annualisierte Rendite auf, gefolgt von Ethereum (15%), dem S&P 500 (10%) und Tether (0.003%). Die annualisierte Standardabweichung beschreibt das Risiko und wird von Ethereum (2.11) angeführt, darauffolgend Bitcoin (1.21), der S&P 500 (0.19) und Tether (0.008). Im sich daraus ergebenden Rendite-Risiko-Verhältnis führt der S&P 500 (0.39), danach folgen Bitcoin (0.26), Ethereum (0.04) und Tether (-3.21). Somit liefert der S&P 500 trotz geringerer Performance das beste Verhältnis aus Rendite und Risiko, was auf das deutlich geringere Risiko zurückzuführen ist. Korrelation: Bitcoin und Ethereum haben die höchste Korrelation (0.81), da beide als Kryptowährungen den gleichen Marktbedingungen ausgesetzt sind. Die Differenz zu 1 ist auf Einflüsse zurückzuführen, die das Asset selbst betreffen. Der S&P 500 korreliert leicht mit Ethereum (0.3) und Bitcoin (0.28). Die geringste Korrelation weist Tether auf, im Zusammenhang mit Bitcoin (0.01), dem S&P 500 (0.01) und Ethereum (0.02). Maximum Drawdown: Ethereum (90%) hat den höchsten Verlust im Vergleich zum Höchststand. Darauf, ebenso zu Jahresende 2019, folgt Bitcoin (70%), der S&P 500 (30%) zu Beginn des Jahres 2020 und Tether (5%) Ende 2019. Gesamtbewertung: Statistisch weist Bitcoin im Vergleich zu Ethereum höhere Renditen bei geringerem Risiko auf. Die geringere Korrelation von Bitcoin mit klassischen Anlageprodukten wie dem S&P 500 kann eine Diversifikationsfunktion begründen. Haftungsausschluss: Diese Thesis dient ausschließlich akademischen Zwecken. Trotz größter Sorgfalt bei der Erstellung kann keine Gewähr für die Richtigkeit und Vollständigkeit der enthaltenen Informationen übernommen werden. Der Autor übernimmt keine Haftung für Folgen, die sich aus der Verwendung dieser Arbeit ergeben. Disclaimer: This thesis is intended for academic purposes only. Although care has been taken to ensure the accuracy and completeness of the information, no guarantee is made that it is free of errors or omissions. The author assumes no responsibility for any consequences arising from its use.
Stanislav V. Kurovsky, Denis A. Mishin, Khalimat M. Kadirova
The purpose of the study is to substantiate the prospects for the development of the global digital financial assets market based on an analysis of infrastructural, regulatory and technological factors that determine the trajectory of their inclusion in the system of international financial relations. The research materials include scientific papers in the field of digital rights, as well as data on global approaches to tokenization of real assets, the structure of distributed ledger platforms and international practice of regulating digital instruments. The article uses such research methods as structural and comparative analysis, deductive generalization, and systematization of global cases. The result of the study: the key directions of development of the global digital financial assets market have been identified, related to the expansion of infrastructure, the complexity of technological solutions and the gradual institutionalization of digital forms of accounting. Conclusions: a) the prospects of the global digital financial assets market depend on the degree of consistency of regulatory regimes; b) the proliferation of tokenized instruments enhances the role of digital assets in global settlements and investment processes; c) strengthening international standards for the treatment and disclosure of information is a prerequisite for the formation of a stable and predictable segment of digital financial assets.
Тулаев, Д. А., Голованова, К. А., Tulaev, D., Golovanova, K.
В статье рассматриваются смарт-контракты как инновационный инструмент в финансовой сфере, акцентируя внимание на их необходимости и преимуществах в условиях цифровизации экономики. Автор анализирует функции смарт-контрактов, такие как автоматизация процессов, повышение прозрачности и безопасность транзакций, а также их влияние на сокращение затрат и временных издержек. Исследование базируется на современных примерах использования смарт-контрактов в финансовых услугах и обсуждает потенциальные вызовы и риски, связанные с их распространением. В заключение подчеркивается важность интеграции смарт-контрактов в финансовые экосистемы для повышения эффективности и конкурентоспособности в условиях цифровой трансформации.
The article examines the current state of legal regulation concerning the activities of cryptocurrency exchanges in Ukraine within the broader context of digitalization of the financial sector. It identifies the key legislative acts that govern the circulation of virtual assets, in particular the Law of Ukraine “On Virtual Assets,” as well as the draft laws aimed at amending the Tax Code of Ukraine. The study provides an analysis of current legislative initiatives, their advantages, and associated risks for market participants. Attention is drawn to the primary issues hindering the implementation of legal regulation for cryptocurrency exchanges in Ukraine, including the absence of secondary legislation, blocked financial operations through the banking system, legal uncertainty, and deficiencies in the financial monitoring regime. The article explores the impact of regulatory restrictions imposed by the National Bank of Ukraine on the operation of crypto exchanges and the shift of exchange platforms toward peer-to-peer models as a means of adaptation. The typology of cryptocurrency exchanges is reviewed, distinguishing centralized (CEX), decentralized (DEX), and hybrid platforms, with examples of the most active market players. The article emphasizes the need to harmonize Ukrainian legislation with international standards to ensure transparency, security, and the sustainable development of the virtual asset market. The article substantiates the necessity of urgent legislative measures aimed at launching the authorization procedures for crypto exchanges, defining a taxation regime, and introducing cybersecurity and anti-money laundering (AML) requirements. The conclusion highlights the potential for developing the cryptocurrency market in Ukraine, provided that a clear and stable legal framework is established.
Cryptocurrency has emerged as a transformative force in modern finance, offering a decentralised alternative to traditional monetary systems. This study investigates the opportunities and challenges of cryptocurrency by analysing various socio-economic factors that influence the perspective of various stakeholders. The study examines how variables such as age, income, education, and other factors shape cryptocurrency as a future opportunity or challenge. A questionnaire-based survey was conducted with 400 respondents, primarily from the diverse population of Ahmedabad, to explore how these factors shape public perception of cryptocurrency as a financial opportunity or risk. The research highlights key advantages including lower transaction cost, accessibility, and financial avenues. Conversely, it also addresses the major challenges such as price volatility, cybersecurity threat, and lack of regulatory clarity that prevent the spread of cryptocurrency. This paper contributes to exploring how governments, businesses, policymakers, and communities can bridge the gap and enhance the accessibility and stability of the cryptocurrency ecosystem. Overall, the study provides a comprehensive perspective on the evolving role of cryptocurrency as a financial asset.
Based on a civilistic methodological approach, the concept, as well as the legal nature of a smart contract, are considered, and cases of using a smart contract for the purpose of committing a cybertort are investigated. The subject of the study is: civilistic doctrine, norms of Russian legislation, judicial and notarial practice. The purpose of the study is to reveal the specifics of notarial support of evidence in case of committing a cybertort through the use of a smart contract. Taking into account the above subject and purpose of the study, the article uses systemic-structural, comparative-legal methods of scientific knowledge, as well as the modeling method. The methodological feature of the article is a combination of theoretical and empirical levels of knowledge. The use of the above set of methods made it possible to reveal the specifics of notarial support of evidence in the context of legal analysis of relations arising as a result of committing a cybertort through the use of a smart contract.
Murat V. Agayev, Fatima T. Maltsagova, Natalia N. Grigorieva
This article provides a comprehensive analysis of the regulatory and institutional framework for interbank cooperation between Russia and China in the field of digital financial technologies. It examines the evolution of financial regulation in both countries, including the introduction of central bank digital currencies, legal regimes for digital financial assets, and cross-border settlement systems in national currencies. Particular attention is paid to the impact of national digitalization strategies on the development of compatible infrastructures and the prospects for integrating payment systems, including distributed ledgers and smart contracts. Key areas for further cooperation are highlighted, as well as limitations associated with sanctions risks, regulatory differences, and the volatility of national currencies. It concludes that there is a high degree of institutional and technological complementarity between Russia and China in the context of the emergence of a multipolar financial architecture.
Security, Politics, and Digital Transformation
Economic, Social, and Public Health Issues in Russia and Globally
The emergence of Central Bank Digital Currencies (CBDCs) has accelerated the digital transformation of monetary systems, yet cross-border interoperability remains fragmented across national and regional implementations. This paper presents a technical model for a multi-CBDC ecosystem designed to enable seamless value exchange between sovereign digital currencies while maintaining compliance, settlement finality and monetary sovereignty. Drawing from comparative analyses of CBDC initiatives in China, the European Union and emerging economies, the proposed model introduces a bridge-layer architecture that supports both wholesale and retail CBDCs through programmable smart contracts, distributed ledger interoperability and standardized messaging protocols.
The rapid expansion of cryptocurrency markets has fundamentally challenged the architecture of traditional tax systems.As digital asset transactions increasingly bypass institutional oversight, national and international tax frameworks remain fragmented, reactive, and insufficient.This paper critically examines the structural, technological, and policy-driven barriers that inhibit global tax systems from effectively regulating cryptocurrency conversions, particularly the transformation of digital assets into fiat currencies.Drawing upon a comparative analysis of tax regimes across the United States, European Union, United Arab Emirates, and Singapore, this study identifies systemic inconsistencies in the classification of crypto assets, the recognition of taxable events, and the enforcement of cross-border reporting standards.The research highlights the growing prevalence of decentralized finance (DeFi) platforms, peer-to-peer exchanges, and privacy-enhancing technologies, which further complicate tax compliance and erode the ability of authorities to trace digital wealth.Using an interdisciplinary framework grounded in regulatory arbitrage theory and institutional economics, the paper explores the interplay between policy inertia, technological complexity, and jurisdictional competition.It critically assesses the limitations of emerging efforts such as the OECD's Crypto-Asset Reporting Framework (CARF) and FATF's Travel Rule, arguing that without coordinated global standards, crypto tax evasion will persist through legal voids and regulatory arbitrage.The study concludes with a set of policy imperatives for achieving equitable, technologically feasible, and internationally harmonized approaches to digital asset taxation-ensuring tax integrity without stifling innovation or violating digital privacy rights.
This thesis consists of three essays that provide a comprehensive exploration of the cryptocurrency market, addressing significant gaps in the literature through a systematic review and empirical investigations into the asset pricing process.The first essay systematically reviews 2,098 cryptocurrency publications in finance, identifying three primary research streams: features of cryptocurrencies, market behaviour, and blockchain implications. It synthesises diverse findings, resolves contradictions, and maps future research directions. Additionally, it highlights two critical research topics that form the foundation for the subsequent essays.The second essay examines the impact of economic shocks on cryptocurrency asset pricing. The results show that incorporating sensitivities to unexpected changes in economic variables, such as global stock market returns, financial stress, and inflation expectations, significantly enhances the explanatory power of asset pricing models in explaining both time-series returns and cross-sectional expected returns. Furthermore, the sensitivities to economic shocks yield substantial abnormal returns over the long run, suggesting the presence of economic risk premia within the cryptocurrency market. For example, cryptocurrencies with higher sensitivities to global stock market shocks and inflation expectations outperform their counterparts by average weekly returns of 0.48% and 0.49%, respectively. Similarly, cryptocurrencies more vulnerable to spikes in fear sentiment and financial stress deliver long-run outperformance of 0.47% and 0.44% per week, compared with the more resilient coins.The third essay investigates the time variation of factor premia in the cryptocurrency market, focusing on six categories of long-short factors, including size, momentum, liquidity, volatility, psychological, and economic sensitivities. The essay explores the influence of behavioural finance variables, economic and financial indicators, and cryptocurrency market state variables on factor returns. The findings reveal substantial time variation in cryptocurrency factor returns, shaped by three pivotal mechanisms: behavioural finance-driven mispricing, investor behaviour amid different market states, and fundamental forces from economic and financial conditions. For example, heightened fear sentiment enhances the performance of larger and more liquid cryptocurrencies, while bullish market conditions amplify returns for lottery-like assets. This research extends traditional asset pricing models to the cryptocurrency market, offering novel insights into the predictability of factor premia and providing practical implications for investors navigating this dynamic and volatile market.