A.M. Jumagaliyeva, A. D. Tulegulov, G.E. Murzabekova, Gulzhan Muratova
In the era of digitization, where information technology and business processes are closely intertwined, the development and implementation of blockchain-based smart contracts become key to achieving a new level of automation, security, and efficiency. This article deeply analyzed how blockchain smart contracts can enhance the execution of contractual obligations, making processes more transparent and efficient. The main aspect of study is the technical details of smart contracts and exploration of their practical application for optimizing business procedures, significantly reducing risks associated with fraud and the need for intermediaries. A practical demonstration of deploying a smart contract, executed in the Python programming language, is proposed as a method used in the article, highlighting the possibilities and challenges related to scalability and regulation. Results underscore a notable boost in operational efficiency and security, while also identifying barriers to broader technological adoption. Concluding, the significant role of smart contracts in evolving information systems is underlined, advocating for novel approaches to secure, autonomous contract fulfillment and emphasizing the importance of ongoing research to exploit their full capabilities in fortifying information security and operational efficacy.
This chapter investigates the evolving landscape of blockchain technology and non-fungible tokens (NFTs) in the context of digital content distribution. It questions the effectiveness of these technologies in creating decentralized platforms and the true uniqueness of the content they distribute so far. The discussion begins with an analysis of complex socioeconomic systems and inequality, drawing on historical observations to contextualize the current economic framework within which blockchain operates. The chapter then delves into the genesis and underlying philosophy of blockchain technology, focusing on its response to increasing centralization in a digitized world and the foundational principles of decentralization, anonymity, and absence of a priori trust. Further, the chapter addresses the trends toward centralization in blockchain systems, noting the discrepancy between the initial decentralization ethos and the emerging dominance of central players. A significant focus is placed on NFTs, particularly in terms of art uniqueness, fungibility, incentivization, and data provenance. It examines the necessity of linking off-chain data to on-chain assets and draws parallels with the Xanadu project to envisage future models for digital art and asset management. The chapter concludes by reassessing the role and potential of blockchain systems. It reflects on the limited innovation and disruption achieved by implemented blockchains and applications in terms of socioeconomic incentives, and suggests a future direction for these technologies, emphasizing the need for continuous learning, research, and practical experimentation to fully realize their transformative potential.
The topic of the article is time-relevant due to revisionist trends today as to the issues of emission, circulation, use and trade in cryptocurrencies. After a number of bankruptcies, financial scandal, fraud and arrests of crypto-bosses, the scientific interest toward this field of financial economics dramatically decreased and shifted mostly to a sphere of regulation and rule-making. However, now, there emerges quite a strong scientific interest to cryptomarkets, especially on part of professional investors, institutional investors, commercial banks, pension funds and others. This happens largely thanks to a new wave of interest-rate expectations and easy-money policy for 2024. Such expectations stimulated equity markets and other financial markets globally, including the international cryptocurrency market. With this in mind, there is a need to revise some of the ideas behind the economic theory of cryptocurrencies, their workings and use. The results of the article help come up with general ways of cryptomarket developments in 2024-2025.
Analyzing the complex cybersecurity landscape of Uzbekistan’s crypto exchanges, the article emphasizes the importance of developing and implementing cybersecurity policies and regulatory frameworks. The article identifies the most pressing and evolving digital threats and evaluates the effectiveness of advanced mitigation measures. Furthermore, it explores the transformative potential of innovative legal and technological tools, such as blockchain-based identity verification, zero-knowledge proofs, and secure multi-party computation. The article provides an in-depth analysis of the current legislation governing cybersecurity practices within Uzbekistan’s crypto ecosystem and offers insights into future development prospects. To provide a comprehensive analysis of the cybersecurity situation in the cryptocurrency exchange industry, an extensive review of academic publications, industry reports and official documents related to cybersecurity in the cryptocurrency market is used. In addition, the article includes case studies of known cybersecurity incidents related to cryptocurrency exchanges. By analyzing real-life examples, the researchers aim to provide a more detailed understanding of the cybersecurity challenges faced by cryptocurrency exchanges and the effectiveness of various mitigation measures. Ultimately, the article presents practical recommendations for creating a secure, trustworthy, and innovation-driven environment for cryptocurrency users in Uzbekistan.
работа посвящена анализу правового режима (правовой природы) криптовалюты, в том числе поиску ответа на общий вопрос о наличии либо отсутствии у криптовалюты признаков объекта гражданского права (объектоспособности). Автор анализирует основные взгляды на феномен криптовалюты с точки зрения права, в том числе приводит критический анализ позиции законодателя. По результатам работы автор, анализируя такие признаки криптовалюты, как выполнение ею функции денежного суррогата, отсутствие в отношении криптовалюты обязанного лица, а также существование криптовалюты в форме информации, приходит к выводу о том, что крипиптовалюта не является объектом гражданского права. В то же время автор не исключает целесообразность применения к отношениям, связанным с использованием криптовалюты, норм о неосновательном обогащении. the paper is devoted to the analysis of the legal regime (legal nature) of the cryptocurrency, including the search for an answer to the general question about the presence or absence of signs of the object of civil law (objectability) in the cryptocurrency. The author analyzes the main views on the cryptocurrency phenomenon from the point of view of law, including a critical analysis of the position of the legislator. According to the results of the work, the author, analyzing such signs of cryptocurrency as its fulfillment of the function of a monetary surrogate, the absence of an obligated person in relation to crypto currency, as well as the existence of cryptocurrency in the form of information, comes to the conclusion that crypto currency is not an object of civil law. At the same time, the author does not exclude the expediency of applying rules on non-innovative enrichment to relations related to the use of cryptocurrencies.
The article discusses the problems of classifying cryptocurrencies as property subject to confiscation in accordance with Chapter 15.1 of the Criminal Code of the Russian Federation. Despite the controversial nature of the possibility of foreclosure on cryptocurrencies, the amendments made to Article 104.1 of the Criminal Code by Federal Law No. 214-FZ of June 13th, 2023, expand the cases of confiscation in cases of crimes in the field of computer information (Chapter 28 of the Criminal Code), which, as a rule, involve the use of cryptocurrencies. The highest court in the new version of the Resolution of the Plenum of the Supreme Court of the Russian Federation dated June 14, 2018 No. 17 “On some issues related to the use of confiscation of property in criminal proceedings” dated 12.12.2023 provides a number of provisions that allow us to judge the expansion of the possibility of using the confiscation of cryptocurrencies. The emerging heterogeneous judicial practice allows for various options for the confiscation of cryptocurrencies, depending on the specifics of the electronic medium and various features of storing cryptocurrencies. The lack of both regulatory and technical support for the execution of the confiscation of cryptocurrencies makes it difficult to effectively confiscate cryptocurrencies and achieve the goals of criminal proceedings, which requires amendments to the current legislation of the criminal cycle.
Abstract This paper explores the rise of non-fungible tokens (NFTs) and their impact on the art world. By examining the esthetics and political economy of crypto art and its relationship to online pop culture, it questions the value of NFTs and whether they truly represent a source of income for artists or simply contribute to the speculative nature of crypto investments. This paper concludes by asserting that the world of crypto art is dominated by right-wing libertarians and black box algorithms, and that a radical redistribution of wealth is necessary to address the issues of power, race, and gender within the industry.
The emergence of non-fungible tokens (NFTs) in the blockchain environment has prompted many intriguing questions for private law scholars around the world. A question as basic as whether NFTs can be owned has proven difficult in many countries. This is the first research question of our article, which focuses on NFTs created in the Ethereum system by utilizing standard ERC-721. Because these NFTs are identifiable and distinguishable from all other tokens, the notion of owning an NFT is not unthinkable. Yet no universal answer can be offered. Whether NFTs qualify as objects of ownership must be studied at the level of individual legal systems. We argue that NFTs can be owned under Finnish law, with the same probably applying to many other legal systems. Starting with this notion, we pose two further research questions. As the second research question, we ask what problems of a patrimonial law nature may arise in attempts to connect different kinds of rights, even irrevocably, to owning or holding an NFT. Creditor rights seem relatively easy in this respect because most legal systems allow prospective debtors to obligate themselves as they wish. We also study whether a limited liability company could issue an NFT as a share certificate with legal effects corresponding to those of a physical (paper) share certificate. While an affirmative answer could be justified in some legal systems, Finnish law makes it difficult to tokenize a company's shares other than in the framework of a settlement system within the meaning of the European Union's DLT Pilot Regulation. Even greater difficulties arise in attempts to connect the ownership of a (material) thing and of an NFT so that a person who owns a token also owns the thing. Our third and final research question addresses tokenization of digital art, which gives rise to some special questions. We ask what rights the transferee of an NFT can receive in connection with tokenization of digital art. Here, our main finding is that digital art can be meaningfully tokenized even though digital copies are not regarded as possible objects of ownership.
One of the latest achievements of information technology and in particular cryptography is the concept of cryptocurrency. It should also be noted that cryptocurrency also started a new era in the field of economy and finance in modern times. Recently, the trading volume of crypto-currency is also rapidly expanding in scope. In this regard, the publication of this article is is an actual issue.
The widespread use of digital images in various domains has given rise to critical concerns about their authenticity and integrity. As image modification techniques get advance, it is increasingly difficult to guarantee the reliability of digital imagery. To track the source and modifications made to digital images, a distributed and irreversible ledger is provided by blockchain technology, which has emerged as a potential solution to these issues. This review paper investigates how blockchain technology can be used to protect the authenticity of digital imagery. In this paper a general overview of blockchain technology, talk about how it relates to maintaining the integrity of digital images, and examine current blockchain-based techniques for image authentication, origin tracking, and manipulation identification. Furthermore, in-order to maximize the potential of blockchain in protecting the integrity and authenticity of digital shots we outline existing challenges, possible applications, and future directions for research.
[Purpose] This article addresses the lack of legislation in India to govern digital currencies, as well as the legality of Bitcoin in comparison to Russia's ban on other digital assets for payment regulation, highlighting the necessity for effective legislation once all around the world. It further delves into potential misuse of private cryptocurrencies in a variety of ways while placing upon the need for both countries to form a new digital currency regulatory authority. [Methodology/Approach/Design] This paper probes into the existing legal regulations for Cryptocurrency in India, Russia and other countries by using primary and secondary data throughout the paper. The primary data have been taken from legitimate government sources such as Russia's federal law and other bills and laws enacted in India, such as the "Banning of Cryptocurrency and Regulation of Official Digital Currency Bill, 2019" and "The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021." Various judgments like the case of Internet and Mobile Association of India v. Reserve Bank of India and Dwaipayan Bhowmick v. Union Of India and Ors. have been taken out from Manupatra which is an online database for legal research. Government reports and notifications from the Indian, Russian and US government have also been examined. The secondary data include numerous news articles from Times of India, The Mirror, India Times, The Moscow Times, Telegraph, The UK News and other new sites. Lastly, articles by various researchers like Bohme et al, Dyhrberg and Kim have also been thoroughly analysed. [Findings] It was concluded that legalising Cryptocurrency through codified laws, appropriate approval for digital currencies through regulatory authorities, establishing clear definition of ‘cryptocurrency’, uniform taxation for all types of Cryptocurrencies, updation of penal laws and setting imprisonment for cryptocurrency regulation violation seem to be some effective solutions to reignite the Indian and Russian Economies. [Practical Implications] The practical implication lies in the fact that the use of cryptocurrencies is increasing on a daily basis, but neither the national government nor the world organizations has made any steps to control the market for virtual currencies.
The article is devoted to highlighting and defining the nature of cryptocurrencies. We will go into the details and latest trends regarding cryptocurrencies, with directing the potential risks and opportunities of investing in cryptocurrencies
Ngozi Samuel Uzougbo, Chinonso Gladys Ikegwu, Adefolake Olachi Adewusi
Enhancing consumer protection in cryptocurrency transactions presents a critical challenge due to the decentralized and often opaque nature of the cryptocurrency market. This abstract explores the legal frameworks and mechanisms aimed at safeguarding consumers engaging in cryptocurrency transactions, focusing on key issues, challenges, and recommendations for improvement. Consumer protection in cryptocurrency transactions is a pressing concern due to the prevalence of fraud, hacking, and market manipulation. The lack of regulatory oversight and the pseudonymous nature of transactions make it challenging for consumers to seek recourse in cases of fraud or misconduct. To address these challenges, legal frameworks have been developed at both national and international levels. At the national level, some countries have implemented consumer protection laws that apply to cryptocurrency transactions, such as requiring exchanges to comply with anti-money laundering (AML) and know-your-customer (KYC) regulations. However, the effectiveness of these laws is limited by the global nature of the cryptocurrency market and the difficulty in enforcing regulations across borders. Internationally, organizations like the Financial Action Task Force (FATF) have issued guidelines to combat money laundering and terrorist financing in the cryptocurrency sector. These guidelines recommend that countries implement AML and KYC measures for cryptocurrency exchanges and wallet providers. While these recommendations are a step in the right direction, implementation remains a challenge, particularly in countries with limited regulatory capacity or political will. To enhance consumer protection in cryptocurrency transactions, several recommendations can be considered. These include increased collaboration between regulators and industry stakeholders, the development of international standards for consumer protection in cryptocurrencies, and the establishment of a regulatory framework that balances innovation with investor protection. Additionally, consumer education and awareness campaigns can help individuals make informed decisions when engaging in cryptocurrency transactions. In conclusion, enhancing consumer protection in cryptocurrency transactions requires a multi-faceted approach that addresses regulatory gaps, promotes international cooperation, and empowers consumers through education and awareness. By implementing these recommendations, policymakers and industry stakeholders can work together to create a safer and more transparent cryptocurrency market.
Ngozi Samuel Uzougbo, Chinonso Gladys Ikegwu, Adefolake Olachi Adewusi
The rise of cryptocurrencies has presented new challenges for regulators around the world, particularly in terms of enforcement across international borders. This abstract explores the jurisdictional challenges faced by authorities in enforcing cryptocurrency laws and proposes collaborative solutions to address these challenges. Cryptocurrencies operate on a decentralized network, making them difficult to regulate within traditional legal frameworks. Jurisdictional issues arise when a cryptocurrency transaction involves parties in different countries, as it is often unclear which jurisdiction's laws apply. This ambiguity can lead to regulatory gaps and enforcement challenges, allowing illicit activities such as money laundering and terrorism financing to flourish. To address these challenges, collaborative solutions are needed. International cooperation between regulators, law enforcement agencies, and industry stakeholders is essential to ensure effective enforcement of cryptocurrency laws. This cooperation can take various forms, including information sharing, joint investigations, and the development of common regulatory standards. One example of successful collaboration is the Financial Action Task Force (FATF), an intergovernmental organization that sets standards for combating money laundering and terrorism financing. The FATF's guidance on virtual assets and virtual asset service providers has helped to clarify regulatory expectations and promote consistency in enforcement efforts across jurisdictions. Another example is the Joint Chiefs of Global Tax Enforcement (J5), a coalition of tax authorities from five countries that work together to combat international tax evasion. The J5's focus on cryptocurrency-related tax crimes highlights the importance of cross-border cooperation in tackling cryptocurrency-related illicit activities. In conclusion, while jurisdictional challenges remain a significant hurdle in the enforcement of cryptocurrency laws, collaborative solutions offer a path forward. By working together, regulators, law enforcement agencies, and industry stakeholders can address these challenges and ensure that the benefits of cryptocurrencies are realized while mitigating their risks.
[Purpose] The purpose of this research is to examine the legislative approaches to regulating cryptocurrencies in different states and regions. The aim is to analyze the legal framework of cryptocurrencies in the Kazakh and international economy and determine the modern scientific approaches used in their functioning. [Methodology/Approach/Design] The study employs a combination of theoretical and empirical methods, including analysis, synthesis, historical analysis, comparative analysis, formal-logical methods, and hermeneutics. A comparative analysis is conducted to assess the different regulatory approaches of states towards cryptocurrencies and evaluate the justification for terms such as "digital currency" and "digital asset." [Findings] The findings of this study underscore the necessity for further amendments to the legislation in Kazakhstan, specifically addressing overlooked details and features concerning the financial and legal aspects of cryptocurrencies. Key decisions need to be made regarding their acceptance for public payments, tax considerations, declaration requirements, and recognition as private money. The study emphasizes the significance of adopting a comprehensive and forward-thinking legal approach that supports the full legalization of cryptocurrencies while establishing a robust regulatory framework. This approach would effectively safeguard the interests of individuals and entities, address concerns, and promote a balanced and secure environment.
Ethereum, a foundational blockchain platform enabling decentralized applications, has catalyzed the development of myriad applications through smart contracts. However, vulnerabilities within these contracts have precipitated notable financial losses, garnering keen interest from both industry and academia. While existing vulnerability detection research has progressed in addressing traditional challenges, it increasingly falls short of comprehensively securing smart contracts against evolving attack patterns and new vulnerabilities. Distinguishing itself from prior surveys, this review conducts an in-depth analysis of actual attack incidents, delving into the characteristics of recent vulnerabilities and thoroughly exploring the present research difficulties and challenges. The paper aims to offer a holistic view on smart contract security research, advance the depth of vulnerability detection technologies, and suggest directions for future inquiries.
Digital collectibles are a new concept in the cultural industry that is based on blockchain and non-fungible token (NFT) technology. The current state of digital collectibles in China shows a trend of rapid growth from nothing to something, from sporadic to messy, with imperfect related laws, regulations, and supporting systems. The copyright ownership risks and platform transaction risks of digital collectibles in China are prominent. This article focuses on the production and transaction processes of digital collectibles, aiming to clarify the attributes and boundaries of copyright ownership of digital collectibles in China, define platform responsibilities, reduce transaction risks, and protect the legitimate rights and interests of consumers.
The paper examines the correlation between crypto-products, which are digital assets with intrinsic value and negotiability, and cryptocurrencies and security tokens (investment tokens). The author's analysis of the technical and financial aspects inherent in cryptocurrencies and investment tokens, due to their technical architecture and use in financial transactions, identifies their features. The features of cryptocurrencies include: creation and operation using blockchain distributed ledger technology, decentralized nature, transparency and security of transactions, complete anonymity of users, ability to act as a digital expression of value, turnover, absence of an issuer and collateral, value formation depending on market demand, and interchangeability. The features of security tokens include: their creation and functioning with the help of distributed register technology (at the present stage, mostly blockchain); their centralized nature, acting as a digital expression of value; their use for investment purposes; their issuance by the issuer, which entails certain obligations (payment of dividends, consideration of the owner's position in voting, etc.); and other factors (initial value set by the issuer, income potential of the project, etc.) that affect the formation of value in addition to the demand on the market (initial value, set by the issuer, income potential of the project, etc.); interchangeability. It is asserted that despite a number of common features, security tokens differ from cryptocurrencies. The identification or definition of security tokens as types of cryptocurrencies is erroneous.
В статье рассматриваются понятие криптовалюты, участники международного рынка криптовалют, особенности и эффективность использования криптовалют в международных расчетах. Отмечается, что трансформация мировой валютно-финансовой системы и цифровизация финансовой сферы обусловливают формирование инновационных инструментов, механизмов, методов и технологий. Формирование и развитие цифровых финансовых активов, международного рынка криптоактивов, создание инфраструктуры международного движения цифровых финансовых активов формируют новый формат международных расчетов. In the presented article, the author examines the concept of cryptocurrencies, participants in the international cryptocurrency market, features and effectiveness of using cryptocurrencies in international settlements. The author notes that the transformation of the global monetary and financial system and the digitalization of the financial sector determine the formation of innovative tools, mechanisms, methods and technologies. The formation and development of digital financial assets, the international crypto asset market, and the creation of an infrastructure for the international movement of digital financial assets form a new format for international settlements.
Cryptocurrency is a unique digital signature which is allotted to every individual that is a part of this whole network. This digital signature is used to identify which users have participated in the transaction. The capacity of each block is almost 1 Mb so each block can store in its thousands of transactions. At present time used some crptocurrencies Bitcoin (CRYPTO:BTC); Ethereum (CRYPTO:ETH);Tether (CRYPTO:USDT);BinanceCoin(CRYPTO:BNB);USDCoin (CRYPTO:USDC);XRP(CRYPTO:XRP);Terra (CRYPTO:LUNA);Solana (CRYPTO:SOL); Cardano(CRYPTO:ADA);Avalanche (CRYPTO:AVAX) Bitcoin is considered the first cryptocurrency created, and other individual cryptocurrencies are known as “altcoins” (a combo word derived from "alternative coin").The concept of Crypto-currency and bitcoin were first proposed in 2008 by someone using the pseudonym Santoshi Nakamoto,who described how cryptology and an open distributed ledger can be combined into digital currency application(Nakamoto 2008).The main aim of this research paper to conclude that how much extent benefit to the economy and society from the crypto-currency. And secondory aim is to judge legal acceptance of the cryptocurrencyin the various countries.
Non-fungible tokens (NFTs) and the blockchain are a relatively new technology that is becoming ubiquitous – yet most creators and buyers are saturated with an ever-increasing arsenal of jargon that, in some cases, makes it difficult to fully appreciate what exactly an NFT is and how the blockchain really works and, thus, to comprehend what is being sold and bought and which rights the players are entitled to. This chapter serves two purposes, namely, to introduce the main technical concepts underlying NFTs and the blockchain in layman’s terms, and to set the mise-en-scène for the rest of the chapters of the compilation.
Н. М. Котвицька, Svitlana V. Sharova, Denis Shcherbatykh
This paper investigates the long-run relationship between Bitcoin and the S&P 500 index using daily price data from January 2018 to July 2024. While previous studies have focused primarily on correlation analysis and volatility spillovers, we employ both Engle-Granger and Johansen cointegration methodologies to examine the possibility of a long-run equilibrium relationship between these markets. Our results provide strong evidence of cointegration, with the Engle-Granger test indicating significance at the 5% level (p-value = 0.0288) and the Johansen trace statistics confirming one cointegrating relationship. Interestingly, this long-run relationship coexists with a relatively low daily return correlation (0.2884) and substantially different volatility profiles (Bitcoin: 68.56%, S&P 500: 19.87% annualized). These findings suggest that while Bitcoin and the S&P 500 may deviate substantially in the short term, they share common long-run drivers. Our results have important implications for portfolio diversification, statistical arbitrage strategies, and regulatory frameworks, challenging the conventional view of Bitcoin as a purely alternative asset class. The evidence of market integration supports the need for coordinated regulatory approaches and sophisticated risk management strategies in cryptocurrency investments.
Many tasks in our everyday lives are now completed electronically as a result of the information and communications technology’s rapid technical growth, making them more flexible and efficient. The number of online users has been expanding quickly, and fostered the creation of the “Virtual World”, which in turn has helped create a brand-new phenomenon in business called “cryptocurrency,” which makes it easier to conduct financial transactions including buying, selling, and trading. Cryptocurrency in the context of electronic business is a Virtual world, social networks, online social games, peer-to-peer networks, and other applications and networks handle valuable and immaterial items electronically. Virtual currencies have been employed extensively in numerous systems in recent years. This research seeks to investigate consumer expectations for the development of cryptocurrencies. The essay also looks at customers’ trust in using cryptocurrencies at a time when such virtual currency is not fully regulated and supervised.
Ever since the first block of the Bitcoin network was created, the relevance of research into the assessment of the prospects of the blockchain project is constantly increasing. Ultimately, the economics of a token will have a big impact on how it will be used, how easy it will be to build a network, and whether there will be much interest in the options of its use. The work substantiates that tokenomics allows us to determine which digital assets can be traded or exchanged for other tokens or fiats in the blockchain network. It is noted that the key difference between traditional economics and tokenomics is that the latter is written in code. The authors systematized the elements of tokenomics: supply and demand, the utility of the token, its distribution, the burn of the token, mechanism of token stimulation. The mechanism and working principles of Proof-of-Stake and its differences from Proof of Work, which consists, first of all, of reducing computing costs, are revealed. It is stated in the work that in the coming years, the development of the potential of this algorithm and the growth of the level of popularity of cryptocurrency mining based on it is expected.