The rise and fall of the crypto-asset market shares striking similarities with the earlier IT revolution, especially in the context of speculative bubbles and subsequent market corrections. The initial enthusiasm surrounding Bitcoin (BTC) and blockchain technology mirrored the excitement that characterized the New Economy at the dawn of the 21st century. However, just as the IT bubble burst due to unrealistic expectations, the crypto market has faced its own challenges, marked by extreme volatility and a series of high-profile failures, such as the collapse of FTX. The current landscape of crypto-assets is marked by both potential and peril. As interest grows among central banks and regulators, the importance of establishing a robust regulatory framework becomes increasingly clear. The lessons learned from past bubbles, such as the IT crash and the FTX collapse, can guide future approaches to integrating crypto-assets into the broader financial system while mitigating risks.
The study aimed to identify key challenges in the field of legislative harmonisation and to outline the prospects for developing cryptocurrencies in the European Union, the United Kingdom and Ukraine. The study used hermeneutical, comparative and historical methods. The study defined crypto asset, its concept and content, in particular, the types into which it is divided (asset-linked token, electronic money token, and service token). The study analysed cryptocurrency regulations in the jurisdictions of the European Union, the United Kingdom, and Ukraine. At the same time, the study addressed the trends and prospects for legal regulation of virtual assets in these countries. The study established that the fragmented regulatory approach applied in the UK has led to uncertainty, which has had a negative impact on innovation and investment in the cryptocurrency sector. The study revealed significant differences in the regulation of cryptocurrencies in different countries, which create substantial obstacles to the harmonisation of legislation and further development of the market. At the same time, there is a general tendency to tighten the regulation of cryptocurrencies to prevent their use for illegal activities, such as money laundering and terrorist financing, and to ensure investor protection. This study emphasises the importance of enacting the Law of Ukraine “On Virtual Services”, which will become the only legal act in Ukraine that will regulate relations in the field of crypto assets
As a relatively new digital phenomenon the smart contract is often considered only in the context of its information technology characteristics. However, the true significance for its development lies in the correct definition of its legal nature, which determines the choice of an appropriate legal regime. The author has made a conceptual attempt to situate the smart contract within the current legal landscape and the traditional typology of civil law matters.
The spread and use of cryptocurrencies (digital currency) in Russia and globally is increasing significantly every year. As the cryptocurrency market has grown, its criminal component has also grown at the same time. The number and degree of public danger of crimes where cryptocurrency acts as an object, aim or means of crime is steadily increasing. Civil and arbitration disputes over cryptocurrencies are also on the rise. Consequently, there is an objective need to effectively protect the interests of victims from criminal offenses, investigate relevant crimes and resolve disputes. Addressing these issues is impossible without the assistance of cryptocurrency specialists. The article formulates a definition of cryptocurrency crime, analyzes the challenges of using cryptocurrencies, ranging from the incomplete regulatory framework of its circulation to the lack of expertise among most practicing lawyers. It investigates and summarizes the conflicting practices in terms of requirements for cryptocurrency specialists, their conditions and procedure of their involvement in various legal proceedings. The prevalence of incompetence and dishonesty among individuals and companies offering services in the crypto market is noted, and appropriate warnings are put forth. The study systematizes and describes typical criminal, investigative and judicial scenarios where the expertise of a cryptocurrency specialist is necessary. It also provides conclusions and recommendations on organizing and strategizing interaction with cryptocurrency specialists in the interests of victims (including organizations), investigative authorities and/or the court. The conclusion summarizes the roles of cryptocurrency research specialists in various stages and legal proceedings (criminal, civil and arbitration) from oral and written consultations, preparation of specialist opinions to participation in investigative actions, court hearings and negotiations between conflicting parties. The research incorporates both general and specific scientific methodologies such as system-structural analysis, formal-logical extrapolation, document analysis, statistical analysis, prognostic and interviewing techniques.
M. Vinnik, Максим Полторацький, Olga Konnova, Наталія Олександрівна Кушнір · 5 authors
The widespread implementation of blockchain technologies fundamentally changes many processes in the socio-economic and cultural life of modern society. The high level of investment in the implementation of this technology, especially in the field of digital art, confirms the perspective and high interest of business in the further development of the blockchain. At the same time, the appearance of a large number of digital works of art and the possibility of electronic access to the latest developments actualize the issue of copyright protection and quick obtaining of intellectual property (IP) documentation. This issue is also important for teachers and educational institutions because it allows them to protect the results of their work, promote innovation and knowledge in the field. The use of non-fungible tokens is one of the most promising directions for the protection of intellectual property. The article analyzes the experience of implementing blockchain technologies in the process of obtaining intellectual property documents and patents, and copyright protection in general, and also considers systems and platforms designed for copyright protection. We present the model of authorship registration and obtaining IP documents based on blockchain technology. The user’s authorship will be represented in the form of a non-fungible token (NFT), which contains all information about this intellectual property and confirms the user's right to it. Each NFT is unique, allowing creators to present their creations in digital form with guaranteed proof of authorship. In addition, the article presents a fragment of the requirements for the tokenomics model and a diagram of the interaction of agents in the context of the functioning of tokenomics and the model as a whole. During the research, an NFT model was developed. It represents an intellectual property document certifying the authors’ rights to intellectual property objects. We implemented a smart contract that manages the creation and transfer of NFTs using the Cadence language on the Flow blockchain. In addition, the key functional requirements for the system were implemented, among them: registration of authors and experts (reviewers), adding keywords for the selection of experts (reviewers), searching for relevant experts by keywords, implementation of payment functions for reviewers for work performed.
This paper examines the concept of central bank digital currencies (CBDC) and its evolution as the interest of monetary authorities and regulators in the phenomenon of digital currencies increases. The purpose of the article is to identify the nature and purpose of central bank digital currencies and their underlying qualities through a comparative analysis of the definitions given to them by researchers and monetary authorities developing them, as well as a quantitative analysis of data on the stages of development of digital currencies by central banks around the world. Drawing on the results of the study, we may conclude that with central banks digital currency projects the concept of digital currency, which previously denoted private electronic currency, as well as the classification of money, has become more complicated; regulators of large economies developing digital currencies of central banks view it primarily as a digital form of national currency, close to the characteristics and purpose of cash, and also that the use of distributed ledger technology is an optional, but quite a common attribute of central bank digital currencies.
Firas Abu Hasan, Huthaifa I. Ashqar, Anas Alsobeh, Omar Darwish
Digital technologies' emergence has promised a transformative era in identity management. This thesis presents a holistic exploration of a blockchain-based national digital identity framework designed to meet the unique needs and challenges of the Palestinian context. The proposed model leverages blockchain's security and decentralization to create a secure, user-centric, and multi-purpose platform for identity management. Through an in-depth analysis of identity proofing, authentication, authorization, and assurance levels, the model offers a holistic approach to identity management. Users are equipped with digital wallets to store, manage, and control access to their identity information, fostering user empowerment and data privacy. The proposed model's scalability, modular architecture, and adherence to open standards ensure seamless integration with diverse entities, overcoming occupation-related limitations and managing financial costs. at the same time, strict compliance with data privacy and cybersecurity standards reinforces user trust. Offline access options, such as quick response (QR) codes, bridge infrastructure gaps, and enhance customer experience. The model facilitates the digital economy, ease of access to government services, financial inclusion, and environmental conservation, and extends services to Palestinians in the diaspora. In a world increasingly reliant on digital identities, this thesis proposes a model that not only meets the demands of the digital age but also addresses the unique challenges of the Palestinian context. Doing so provides a robust foundation for secure and inclusive digital identity management in Palestine and offers valuable insights for similar contexts worldwide.
This article is dedicated to the study of the theory of transformation of intellectual property legal regimes through blockchain technologies on an international scale. It focuses on three thematic blocks: firstly, defining the essence of blockchain technologies; secondly, analysing international blockchain technology standards; and thirdly, exploring variations in the use of blockchain technologies for the registration of intellectual property objects. The subject of the study is the social relations in the field of intellectual property and the mechanisms for their regulation. Methodology. The article employs scientific methods of cognition and doctrinal resolution of issues related to the use of digital tools in the regulation of social relations. This encompasses formal-logical and dialectical methodologies. A variety of empirical techniques, including synthesis, deduction, and statistical analysis, were employed. Results. The study reveals the absence of a direct indication of the use or intent to use distributed ledger technology, otherwise known as blockchain technology. The study demonstrates the significance of utilising blockchain technology in maintaining the customs register to account for intellectual property objects protected by law. This ensures the impossibility of unauthorised alteration or deletion of information about intellectual property objects, as provided by distributed ledger technology. These legal relations emerge in the course of entering information into the aforementioned registers, making modifications (updates), and providing information to interested parties. The use of blockchain technologies in the formation of the register of issued certificates of state registration of copyright for a work is justified.
Open access
Digital Transformation in Law
Security, Politics, and Digital Transformation
Digitalization and Economic Development in Agriculture
Павло Чуб, Олена Олександрівна Примостка, Антон Пащенко
Метою статті є аналіз правових аспектів регулювання криптовалют в провідних країнах світу (США та ЄС), дослідження можливостей і переваг інтеграції криптовалюти та блокчейну в банківську систему, а також виявлення потенційних ризиків та викликів, пов'язаних з цим процесом. Розглянуто технічні та правові аспекти (на прикладі США та ЄС) інтеграції криптовалют та блокчейну в банківську систему. Особливу увагу приділено Bitcoin (BTC) та Ethereum (ETH) як найпоширенішим криптовалютам. Аналіз технічних аспектів показав, що ці криптовалюти функціонують на базі децентралізованої технології блокчейну, яка забезпечує безпеку, прозорість та незмінність транзакцій. Проаналізуємо регулювання ринку криптовалют в ЄС. Проаналізовано потенційні ризики та виклики, пов'язані з інтеграцією цифрових активів, такі як висока волатильність криптовалют, проблеми з легалізацією та регулюванням цифрових активів та ключові напрями консалтингу. Серед проблем регулювання криптовалют слід виділити насамперед відсутність правил для спотових ринків та ризики регуляторного арбітражу. Доведено, що інтеграція криптовалюти та блокчейну в банківську систему може бути вигідною для банків та їх клієнтів, проте все ще потребує ретельного вивчення технологічних та правових аспектів задля запобігання насамперед можливим зловживанням та кримінальній діяльності. Проаналізовано ризики, пов'язані з інтеграцією криптовалют та блокчейну в банківську систему.
The article discusses the problem of identifying and qualifying crimes committed with certain types of cryptocurrencies. Using the example of the Zcash cryptocurrency, typical investigative situations that arise during the investigation of relevant criminal cases are considered. In accordance with the current legislation and the recommendations set out in the Resolutions of the Plenums of the Supreme Court of the Russian Federation, the author attempts to analyze crimes committed using the Zcash cryptocurrency and provides recommendations on the qualification of such crimes.
The article considers legal problems that arise in connection with the introduction of smart contracts in various spheres of activity. The authors highlight such aspects as standardisation of smart-contract terms, the emergence of such a characteristic of the transaction as format, the need to develop the concept of “digital document” as the basis for the formation of legal regulation of smart-contracts.
Abstract The central argument in this article is that the legal recognition of cryptocurrency as a distinct form of property directly influences, and is in turn influenced by, its capacity to function as a medium of exchange. Legal scholarship often treats these topics in isolation. The analysis examines the conceptual and juridical foundations of cryptocurrency through the dual prisms of property and money, arguing that the legitimacy of cryptocurrency in economic and legal systems depends on its status as an object of ownership. It contends that the use of cryptocurrency as money cannot be separated from its proprietary character, as the ability to hold, transfer, and exclude others forms the basis upon which trust, exchange, and value are established. The discussion advances the view that cryptocurrency represents a novel category of intangible asset whose ownership must be understood within established principles of personal property while accommodating its decentralised, non-sovereign nature. The article further contends that cryptocurrency as a form of property enables it to fulfil specific monetary roles as a store of value and medium of exchange, thereby bringing personal property and money into a single analytical frame.
Las criptomonedas han tenido un impacto significativo en el mundo financiero, pero su adopción no ha sido perfecta. Muchos usuarios atraídos por historias de grandes ganancias no han considerado los inconvenientes de estas criptomonedas. La volatilidad es la mayor dificultad de los criptoactivos. Cambian diariamente, surgen nuevos criptoactivos y las condiciones legales van progresando. Además de que existe a su alrededor una grandísima red de estafa, la cual no es fácil de combatir. Todo esto debido a que su regulación actual se encuentra en evolución, por lo que encontramos vacíos legales, que poco a poco se van resolviendo. Ante esto, la Unión Europea está tomando medidas para regular el creciente mundo de las criptomonedas. La Ley MICA (Reglamento sobre Mercados de Criptoactivos) es una nueva regulación que busca establecer un marco legal común para los criptoactivos y blockchain. Tiene como principal objetivo garantizar la transparencia, divulgación, autorización y supervisión de las transacciones con criptoactivos en el mercado comunitario, entrando en vigor a mediados de 2024. Además, ayudará a la protección del consumidor de este producto y a reducir la huella medioambiental que genera todo este mercado a su alrededor
В статье рассматривается практика применения инструментов мониторинга криптовалютных транзакций при проведении финансовых расследований. Определены актуальные риски и тенденции использования криптовалют по линии отмывания денег и финансирования терроризма, рассмотрено международное и национальное регулирование криптовалют и провайдеров услуг виртуальных активов. Дана характеристика общедоступных обозревателей блокчейнов и инструмента Росфинмониторинга «Прозрачный блокчейн». The article discusses the practice of using tools for monitoring cryptocurrency transactions when conducting financial investigations. The current risks and trends in the use of cryptocurrencies in the field of money laundering and terrorist financing are identified, international and national regulation of cryptocurrencies and service providers of viral assets is considered. The characteristics of publicly available blockchain explorers and the Rosfinmonitoring tool «Transparent Blockchain» are given.
In recent years, the sustainability of cryptocurrencies has gained significant amount of attention. As a result, new green cryptocurrencies have entered the market that use more energy-efficient consensus algorithms. This chapter provides a bibliometric analysis of the literature related to sustainability and cryptocurrency to identify the intellectual structure and key theoretical themes in this domain. Based on data from Web of Science, 172 articles with a bibliography of 8,452 references were reviewed using the software programs Biblioshiny and VOSviewer. The keyword cooccurrence analysis reveals four main topic areas. Within the last year, scholars have begun to address the United Nations Sustainable Development Goals in research on Bitcoin, blockchain technology, sustainability, and energy consumption. The chapter concludes with a discussion of future research to explore the adoption of green cryptocurrencies across different levels of a service ecosystem (micro, meso, and macro).
Based on the practice developed in the department of economic examination of the FBU RFCSE under the Ministry of Justice of Russia, the possibilities of forensic economic examination are revealed, which is appointed during the investigation of criminal cases related to the circulation and theft of cryptocurrency. The main differences between cryptocurrency and digital fiat money are shown. It is clarified that cryptocurrency has only market value. Public sources of information on cryptocurrency transactions are described, which can be used by both law enforcers and experts. The features of conducting complex computertechnical and economic examinations are considered. It has been established in which cases it is sufficient to appoint an economic examination. The limits of competence of an expert economist when studying transactions with cryptocurrency are outlined, and it is explained what issues can be resolved by him.
Over the years, a number of applications of blockchain and smart contracts have been proposed in a variety of scenarios and sectors. Such applications use the blockchain to record different types of assets, from financial to public (e.g. vehicle registrations), semi-public (e.g. university degrees) and private (e.g. wills), as well as intangible (e.g. coupons) and tangibles (e.g. e-hotel). room keys) active. In the following subsections, an overview of the developed/designed applications is reported, grouping them according to their sector and context. The objective here is to provide the reader with a list of existing, to be developed, or potential applications of blockchain and smart contracts to help them understand the huge impact this technology could have on society.
Blockchain technology (BT), as another important innovation following cloud computing, big data, mobile Internet and other information technologies, uses distributed node consensus algorithms to verify, store and update data, showing the unique advantages of centralization, distrust, anonymity and data tamper resistance. Smart contracts are based on BT as the underlying support, achieving automatic execution of contracts and providing more efficient and secure solutions for various transactions. This article delves into the digital automatic execution and verification mechanism of property rights based on BT and smart contracts. Through this mechanism, property rights information can be digitized and securely stored on the blockchain, achieving real-time updates and multi-party sharing of information, thereby greatly improving the transparency and traceability of property rights transactions. The application of smart contracts further enhances the automatic execution of transactions, ensuring the automatic triggering of relevant operations when transaction conditions are met, and ensuring the legality and effectiveness of transactions through built-in verification mechanisms. The experimental results indicate that this mechanism not only improves the efficiency of property rights transactions, reduces transaction costs and risks, but also brings revolutionary innovation to the field of property rights transactions.
The article examines a new object of forensic economic examination – cryptocurrency. The author provides classic definitions of an object of forensic examination and establish the differences of cryptocurrency from the traditionally understood objects of both forensic examination in general and economic examination in particular. The main difference of cryptocurrency from other currencies and objects of investigation is its virtual nature, lack of affiliation with the material world. Two main points of view on the essence of cryptocurrency are analyzed: as a basis and tool for the development of new effective forms of payments, exchange of goods, and as an object and instrument of criminal activity. A definition of cryptocurrency is given as interpreted by the FATF – Financial Action Task Force. It is identified which issues related to the circulation of cryptocurrency can be attributed to the competence of a forensic expert-economist, and which – to the field of computer forensics. The author also describes the features of cryptocurrency that must be taken into account when considering it as an object of forensic economic examination.
Данная статья посвящена вопросам современной технологии смарт-контрактов. Дана оценка влияния смарт-контрактов на бизнес-среду. Проанализирована популярная блокчейн- платформа для разработки и внедрения смарт-контрактов. Рассмотрены основные возможности и особенности смарт-контрактов, успешно проведен анализ технологии, предложены варианты по решению проблем после анализа. Входе исследования авторы приходят к выводу о том, что, развивая смарт-контракты и применяя их в практике, будут снижаться затраты, повышаться эффективность, увеличиваться прозрачность в управлении, что указывает на возможность преобразования деловой России. Важно подчеркнуть, что для реализации этого потенциала, необходимо пройти путь, соединяя нормативно-правовую базу, технологические возможности и преодолевая социальные барьеры, и поможет создать новые возможности для участия в экономической деятельности. This article is devoted to the issues of modern smart contract technology. An assessment of the impact of smart contracts on the business environment is given. The popular blockchain platform for the development and implementation of smart contracts is analyzed. The main features and features of smart contracts are considered, the technology has been successfully analyzed, and options for solving problems after analysis are proposed. Based on the study, the authors conclude that by developing smart contracts and applying them in practice, costs will decrease, efficiency will increase, and transparency in management will increase, which indicates the possibility of transforming business Russia. It is important to emphasize that in order to realize this potential, it is necessary to go through a path connecting the regulatory framework, technological capabilities and overcoming social barriers, and will help create new opportunities for participation in economic activities.
The article discusses the problem of identifying and qualifying crimes committed with certain types of cryptocurrencies. Using the example of the Monero cryptocurrency, typical investigative situations that arise during the investigation of relevant criminal cases are considered. In accordance with the current legislation and the recommendations set out in the Resolutions of the Plenums of the Supreme Court of the Russian Federation by the author, an attempt is being made to analyze crimes committed using cryptocurrency.
Decentralized cryptocurrencies, such as bitcoin, use peer-to-peer software protocol, disintermediating the traditional intermediaries that used to be banks and other financial intermediaries, effectuating cross-border transfer. In fact, by removing the requirement for a middleman, the technology has the potential to disrupt current financial transactions that rely on a trusted authority or intermediary operator. Traditional financial regulation, primarily based on the command-and-control approach, is ill-suited to regulating decentralized cryptocurrencies. The present paper aims to investigate the policy option most suitable for regulating decentralized cryptocurrencies. The study employs content analysis method to effectuate the purpose of the study. The paper argues that the combination of both direct and indirect regulatory approaches would be a feasible option for regulating decentralized cryptocurrencies. The absence of centralized authority and the borderless nature of decentralized cryptocurrencies would make them antithetical to centralized direct regulation. Therefore, the findings of the study suggest that regulators should focus on regulating intermediaries bridging the connection between the online world (crypto ecosystem) and the physical world (the point of converting crypto into fiat money). These intermediaries can work as passive actors or surrogate regulators who are indirectly responsible for implementing policy options on behalf of the central authority.
The subject of this article is consideration of modern blockchain solutions and their potential use in the context of digital asset protection. Various aspects of blockchain technology are explored, including consensus mechanisms, security levels, and functionality. The goal of the work is a systematic analysis and justification of the application of various blockchain solutions for the protection of digital assets. The article is aimed at determining the effectiveness and feasibility of using specific blockchain protocols and their functional elements to ensure the safety, reliability, and integrity of digital assets. The following tasks were solved in the article: consideration of modern blockchain technologies and consideration of their role in ensuring the security of digital assets. Conducting a detailed analysis of popular blockchain protocols, including Bitcoin, Ethereum, and Hyperledger Fabric, with a focus on their security against various types of cyber threats and attacks. The following methods are used: analysis of blockchain protocols, expert evaluations of the effectiveness of protection of digital assets, and study of the technical features of each solution. The following results were obtained: clearly defined advantages and disadvantages of each protocol were obtained, taking into account their applicability in the field of digital assets in various fields of application, such as semantic analysis of texts, E-Learning, Big Data, DDP-systems, finance, etc. In addition, the issue of network privacy in the context of information protection was investigated and justifies the choice of the optimal blockchain solution for a specific use. Conclusions: The article provides readers with an overview of how to effectively use blockchain to ensure the reliability and security of digital assets in a variety of usage scenarios. In today's digital world, where the value of digital assets is growing exponentially, protecting them from cyber threats becomes a critical task. Blockchain technologies, originally developed for cryptocurrencies, have gained recognition as an effective tool in the field of cyber security. The importance of standardization and regulation in the field of blockchain technologies to ensure their effective integration and compliance with the requirements of the law is put forward.