Diky Paramitha, Etik Ipda Riyani, Nadhira Hardiana, Kan Wen Huey
Bitcoin has a tendency of price volatility that is much higher than other cryptocurrency assets, this makes a very significant difference from other financial assets that can go beyond conventional market logic thus creating a major obstacle in risk management. This study aims to dissect the extreme anomalies of bitcoin trading volume against the volatility of Bitcoin returns. Using a quantitative time series approach, the study analyzed monthly data on bitcoin price and trading volume using Bitcoin prices in the period February 2015 to December 2025. We assess volatility using the GARCH-X model to introduce trading volume as an exogenous variable. The basic GARCH shows significant volatility persistence, indicating a clustering of high volatility in Bitcoin's returns. This finding results that trading volume is not just a static transaction number but reflects a very crucial information proxy. Every movement of trading activity generates new signals in which aggressive price react. Trading volume is also highly correlated with the volatility of returns, although the volatility of the model indicates the need for careful interpretation. Bitcoin's volatility is not solely due to historical volatility dynamics, but also the impetus from trading activity, highlighting the need to consider accurate volatility modeling in the digital asset market. This research adds value by embedding trading volumes into the GARCH model to evaluate its contribution in explaining Bitcoin's volatility through empirical insights for investment decisions and risk management in the cryptocurrency market
ABSTRACT The rise of cryptocurrency has transformed the way individuals perceive and participate in investment activities. As digital assets continue to gain global recognition, major digital assets, including Bitcoin, Ethereum, Ripple (XRP), and Tether, have gained significant interest among investors seeking alternative avenues for wealth creation. The growing adoption of blockchain technology, expansion of digital financial services, and increasing accessibility of cryptocurrency trading platforms have contributed to the rising popularity of crypto investments in India. The present study explores the emerging cryptocurrency investment trends in India through the analysis of secondary information collected from scholarly articles, industry reports, government documents, and other credible sources. The research focuses on important areas including cryptocurrency adoption, market growth, investor demographics, regulatory developments, and investment behaviour. The findings indicate that investments in cryptocurrencies have experienced notable growth in India, particularly among younger investors, despite challenges related to market volatility and regulatory uncertainty. The study concludes that digital assets are gradually becoming an important part of the Indian investment environment and may continue to influence future investment patterns. Keywords:, Digital Assets, Investment Trends, Blockchain Technology, Investor Behaviour.
Stanislav Vozarik, Mateusz Nowakowski, Shoeb Siddiqui, Elliot Hill · 6 authors
Gasp is a decentralized exchange designed as an application-specific Layer 2 (L2) rollup with omnichain connectivity, leveraging EigenLayer's restaked ETH for computation correctness and finalization. With a goal of being a consolidation layer for all crypto assets, the Gasp platform employs optimistic rollup technology to facilitate gas-free, native cross-chain swaps without reliance on traditional bridges, ensuring tokens retain their original L1 grade security. By combining an app-chain architecture with escape hatch mechanisms, Gasp guarantees withdrawal, while MEV minimization through Themis architecture reduces value extraction risks. Gasp's proof-of-liquidity framework unlocks staked liquidity, enhancing capital efficiency and liquidity depth by integrating staking with liquidity provisioning. Additionally, the protocol introduces a time-based reward mechanism, incentivizing long-term liquidity commitment via an asymptotic reward curve. This paper examines the current challenges in cross-chain communication, delineates Gasp's architectural innovations and security guarantees, and examines novel approaches to optimizing DeFi ecosystems.
As cryptocurrency is increasingly adopted, regulators must consider whether regulations are needed to protect investors and consumers. In prior research involving a behavioral experiment, we identified the existence of a face value effect when people use cryptocurrency in transactions. Just as prior researchers have found a face value effect when people use foreign cryptocurrency,we found a face value effect with the use of cryptocurrency. People predictably anchor on the nominal amount indicated by the cryptocurrency and fail to accurately convert the amount into their home currency. This cognitive bias results in significant overspending when the cryptocurrency is stronger than the U.S. dollar (USD). This Article examined whether different interventions could reduce this cognitive bias. Based on the results of another behavioral experiment we conducted, we found two interventions did so. First, when prices for a transaction are displayed in both USD and cryptocurrency values, the face value effect and overspending were mitigated. Second, in situations involving bidding on an item with no fixed price, requiring people to write out their bid or payment in USD before bidding in cryptocurrency was even more effective in reducing the face value effect and overspending. Accordingly, we propose the adoption of (1) domestic currency pricing (DCP) for items sold in cryptocurrency that requires the corresponding USD amount to be included for any price in cryptocurrency; and (2) for bidding on items in cryptocurrency, a simple requirement for people to “type out the price” of their bid first in USD, or the “TOP price” for short. These interventions are modest, but they may help reduce unintended overspending due to the face value effect.
This study investigates the growing role of stablecoins within the global financial system and examines their potential integration into traditional foreign exchange markets. Despite the rapid expansion of stablecoins, empirical evidence comparing their market dynamics with those of non-stable cryptocurrencies remains limited. To address this gap, the study adopts a descriptive case study design based on documentary analysis and secondary quantitative market data. The documentary review establishes the theoretical foundations of stablecoins and their relevance to foreign exchange markets, while the quantitative analysis relies on market data collected from CCData, DefiLlama, and Statista. Weekly market observations covering the period from April 2019 to May 2024 were analyzed using descriptive statistics, comparative analysis, volatility measures, Pearson correlation analysis, and one-way ANOVA. The findings reveal that stablecoins exhibit significantly lower price volatility than Bitcoin while maintaining high levels of market liquidity and trading activity. Among the analyzed assets, Tether (USDT) remains the dominant stablecoin, followed by USD Coin (USDC) and Binance USD (BUSD). The statistical analysis confirms significant differences between stablecoins and Bitcoin, highlighting the distinct market behavior of reserve-backed digital assets. These findings suggest that stablecoins have evolved beyond their traditional role as cryptocurrency trading instruments and are increasingly functioning as efficient mechanisms for cross-border payments, liquidity management, and decentralized finance applications. This study contributes to the literature by providing an integrated empirical comparison of stablecoins and non-stable cryptocurrencies while demonstrating how the stability, liquidity, and operational characteristics of reserve-backed digital assets may facilitate their future integration into traditional foreign exchange markets. The findings also provide practical implications for policymakers, financial institutions, and regulators seeking to develop secure and efficient digital payment infrastructures supported by appropriate regulatory frameworks.
This study examines, within an interdisciplinary framework, how digital technologies are transforming international relations in the domains of security, economics, and diplomacy. It treats developments in artificial intelligence, blockchain, quantum computing, and cybersecurity not as separate technical innovations but as interconnected processes that reconfigure states’ power capacities and their relations of interdependence. A qualitative and interpretive method is adopted, combining a review of the literature, content and discourse analysis, and a comparative examination of the digitalization strategies of the United States, China, the European Union, and Russia. The findings show that cyber conflict opens an enduring arena of contestation that complements rather than replaces traditional military force; that AI-enabled systems accelerate defense and intelligence processes while deepening problems of oversight and accountability; and that quantum computing is fundamentally altering the encryption order and approaches to national security. On the economic plane, the competition between central bank digital currencies and decentralized finance is redefining the notions of monetary sovereignty and financial control. The growing power of large technology companies calls state sovereignty into question, while disinformation and algorithmic targeting create new risks for democratic processes. The study concludes that digitalization is a multilayered process whose outcome is not predetermined, and that grasping this transformation requires extending the classical approaches to power and interdependence so as to encompass the command of data, algorithms, and networks.
In the previous research of the authors, the dynamics of cryptocurrency using blockchain technology have been studied. The chapter captures the present state of research on legal challenges related to the applicability of cryptocurrency in India by providing a critical review. An overview of pre- and post-pandemic transactions by investors in digital currency has been discussed and reviewed. In the current study, the author(s) try to examine the impact of blockchain technology on trading and business, with an emphasis on the growth and sustainability of the business. The business process will benefit from effective tracking, visibility, security improvements, and cost savings as a result ( Pal et al., 2021 ). Therefore, to ensure the legitimacy of such items, trust and confidence are factors that need to be considered (Loebbecke and Lueneborg, 2018). Through a systematic review of the literature, the application in various aspects of different types of businesses is explored, identifying the challenges in 24 blockchain implementation and looking for future trends along with the regulatory framework of trading and business in India. This chapter is important for scholars, researchers, and even entrepreneurs to understand the pedagogy behind using any technology with safe and secure transactions in business.
Tokenization is the digital representation of an existing physical or financial asset on a distributed ledger. It refers to the process of recording traditional assets, such as financial instruments, collateral portfolios, or real-world property using Distributed Ledger Technology (DLT). Asset tokenization specifically involves linking or embedding the economic value and legal rights of tangible or intangible assets into digital tokens created on a blockchain. The concept of Tokenomics describes the ability of organizations to design business models and projects based on the creation, distribution, and trading of digital tokens. These tokens can represent both real objects and intangible assets, including cash, patents, copyrights, and other forms of intellectual property. By enabling assets to be converted into divisible digital units, tokenization facilitates fractional ownership and improves liquidity. This procedure is increasingly being applied to a wide range of asset classes, such as real estate, commodities, equity shares, intellectual property, and personal valuables. Blockchain technology plays a critical role in ensuring the security, immutability, and transferability of these tokens. The aim of this research is to examine the key factors that determine the adoption of asset tokenization in the contemporary financial system. The study analyzes the benefits and costs associated with tokenization and explores current developments and anticipated future trends in this field.
Tanishka Ahire, Jyotsana Bagul, Dr. Archana Bendale
Abstract: The idea of cryptocurrency is really interesting. It started as a money idea and now it is changing how the world thinks about money and technology. Cryptocurrency began with Bitcoin in 2008. Now it includes ideas like blockchain and special kinds of contracts. There are also kinds of money from central banks and unique digital things called NFTs. This paper looks closely at the technology behind cryptocurrency. How it affects the economy, people and laws. It talks about the things that cryptocurrency can do which will probably help it grow. It also talks about the problems that cryptocurrency is facing which might slow it down. The paper looks at what might happen with cryptocurrency in the future and how it will affect the world and money systems. After looking at a lot of research from 2008 to 2023 it seems that cryptocurrency is a concept that could be really big, in the future. For it to really work some technical and other issues need to be figured out. Cryptocurrency has to deal with these issues to be sustainable. The idea of cryptocurrency is still very promising. It needs to solve some problems.. Keywords: Cryptocurrency, Blockchain Technology, Decentralized Finance (DeFi), Smart Contracts, Consensus Mechanisms
Our study examines the impact of climate policy uncertainty on the volatility of Bitcoin, Ethereum and Litecoin. Using monthly Climate Policy Uncertainty Index data from 2010 to 2024, we forecast daily cryptocurrency volatility with a GARCH-MIDAS model. The results show that higher climate policy uncertainty significantly increases volatility across all three cryptocurrencies over the full sample period. Out-of-sample analysis, which captures structural changes in energy consumption, reveals stronger effects for Bitcoin. Ethereum shows insignificant responses following its transition to a proof-of-stake mechanism, while Litecoin exhibits a significant positive relationship with uncertainty. Overall, climate policy uncertainty proves to be a strong predictor of cryptocurrency volatility, particularly for energy-intensive assets. The findings highlight the importance of policy-related information in shaping investor behaviour in crypto markets and provide useful implications for cryptocurrency issuers, retail investors and portfolio managers seeking to manage risk under changing regulatory and environmental conditions.
В статье рассматриваются принципы диверсификации портфеля казначейств децентрализованных автономных организаций (DAO), функционирующих на основе собственных криптоактивов. В условиях высокой волатильности и нестабильности криптовалютных рынков управление казначейским портфелем приобретает ключевое значение для обеспечения финансовой устойчивости DAO. В работе используется метод сценарного анализа, основанный на положениях классической портфельной теории Марковица (mean-variance), с целью оценки влияния структуры портфеля на чувствительность стоимости казны к рыночным шокам. Показано, что включение низковолатильных активов, в частности стейблкоинов и нативных монет блокчейнов первого уровня, позволяет существенно снизить совокупный риск портфеля при сохранении экспозиции к росту индустрии Web3. На основе анализа практик управления казначействами ведущих DAO сформулированы рекомендации по оптимальной диверсификации активов при наличии собственного токена DAO для смягчения просадки стоимости казны при неблагоприятных рыночных сценариях. This paper explores the principles of portfolio diversification for the treasuries of decentralised autonomous organisations (DAOs) managing their own crypto-assets. In environments characterised by high volatility and structural instability within cryptocurrency markets, effective treasury portfolio management becomes essential for maintaining the financial sustainability of DAOs. The study utilises a scenario-based analysis rooted in the classical mean-variance portfolio theory introduced by Markowitz to evaluate how portfolio structure influences the sensitivity of treasury value to market shocks. The findings show that including low-volatility assets, especially stablecoins and native layer 1 blockchain assets, markedly reduces overall portfolio risk while still allowing exposure to the growth of the Web3 sector. Drawing on an analysis of treasury management practices among leading DAOs, the paper offers recommendations for optimal asset diversification in the context of a native DAO token to minimise overall treasury risk.
In near prospect, it is proposed to supplement the country's official reserves managed by state financial institutions with financial instruments created by private individuals in the form of cryptocurrencies. The purpose for this study was to carry out a comprehensive analysis for the goals, objective prerequisites, accumulated experience, as well as the real potential for further process development of including cryptocurrencies in the list of assets accepted as elements of national financial reserves. In the course of the study, the experience of a number of countries with different levels of socio-economic development was studied – from highly developed, leading in the global economy, to countries belonging to the economic periphery. The author notes the incompleteness and ambiguity of the consequences of the attempts to carry out such a bold monetary and financial transformation. The funding of completing the set of tasks set in the preparation of the presented scientific paper was the conclusion that there is an urgent need for a deep theoretical study of measures to balance central banks with financial assets that are decentralized in origin, such as cryptocurrencies, instead of an experiment that is not prepared scientifically, methodically and organizationally, which is expressed in the partial replacement of official reserves of fiat currencies with cryptocurrencies. At the empirical level, it seems advisable for the state to accumulate initially and use the latter in a specially created investment cryptocurrency fund.
Cryptocurrencies have received long-term interest among investors because of the features of Bitcoin since its introduction in 2009. However, it is the same features that pose serious and diverse threats. These risks are very dangerous to the security of investors and the integrity of the market. Although their urgency is immense, there are very few systematic analyses that incorporate both regulatory and technological views. In this research, the mixed-method design is used, and an empirical investigation of high-profile security events is combined with the critical analysis of regulatory and technical literature in order to define, classify, and track the causes of the most widespread risks. The article explores the weaknesses and strengths of the existing laws and strategies that would curb identified risks that cryptocurrencies present. It also suggests practical and tangible solutions, which would make use of new technologies to minimize the damages and risks of cryptocurrencies to a greater extent. The analysis in this study proves that properly reducing risks should be performed in a two-faceted way; it should be done with the help of the regulation gaps in action and the utilization of new, protocol-infused technological limits. This study presents a moderate structure that is meant to achieve market security that does not suppress the dynamism and transparency of the cryptocurrency ecosystem. This study analyzes the problem of cryptocurrency security, financial regulation, blockchain technology, risk mitigation, and decentralized finance.
In the context of developments in the field of financial technology, cryptocurrencies, emerging as a new asset class, have garnered significant attention in financial markets in recent years, attracting investors, researchers, and regulators, and leading to numerous publications. Bibliometric studies evaluate these publications based on criteria such as the number of publications, their quality, the countries of publication, authors, and journals. This study aims to perform a bibliometric analysis of the academic literature available in the Web of Science (WoS) database, focusing on the volatility of cryptocurrency prices. It analyzes the magnitude and development of academic interest in this field, along with key words, the most cited works, and research trends, in an effort to determine the density of studies, their impact areas, and the academic networks that have emerged in this field. Based on the general findings, it is observed that the number of studies has been on an increasing trend over the years, and that the publications are predominantly in the field of Business Economics. Moreover, it has been found that publications are mainly in finance journals. In terms of network maps, the findings suggest a moderate level of collaboration among authors, with the United Kingdom and the People's Republic of China occupying central positions in international collaboration. In terms of citations, authors such as Lucey, and Katsiampa, Paraskevi, have emerged as prominent figures in the fields of cryptocurrencies and volatility. Regarding key words, terms like 'cryptocurrency', 'cryptocurrencies', 'volatility', and 'bitcoin' are predominantly used in these studies." Keywords: cryptocurrencies, bitcoin, volatility, bibliometric analysis
The advent of decentralized cryptocurrencies has reignited fundamental debates in monetary economics about the nature and future of money. Proponents of digital currencies argue that decentralized, algorithmically governed assets can supplant central banks in managing monetary conditions and stabilizing economic outcomes. This chapter critically examines this proposition by evaluating cryptocurrencies against the classical functions of money and the core instruments of monetary policy. Grounded in monetary theory – from Friedman’s monetarism and Mises’ Austrian framework to Modern Monetary Theory – and extended through a behavioral finance lens, the analysis reveals that widespread belief in cryptocurrency as a viable monetary policy alternative is driven not merely by technological innovation but by deeply embedded cognitive biases, including overconfidence, narrative-driven speculation, and institutional distrust. The chapter also treats money as an economic asset subject to market competition. Drawing on Austrian economic theory and classical competition principles, the analysis evaluates whether decentralized currencies can realistically compete with sovereign money in an open monetary market. By integrating monetary economics with strategic competition frameworks, the chapter explores whether cryptocurrencies can achieve monetary dominance through efficiency, cost advantages, or differentiated value propositions. Based on principles from strategic business theories such as differentiation and cost-leadership, the chapter treats money as a competitive good subject to market dynamics, ultimately concluding that while cryptocurrencies represent a significant financial innovation, they fundamentally lack the institutional architecture and behavioral predictability required to replace central bank monetary policy.
This chapter delves into the evolving landscape of cryptocurrencies and digital assets, offering a comprehensive understanding of their foundations, functions, and financial implications. It begins by distinguishing between cryptocurrencies and stablecoins, unpacking their technological frame-works, value mechanisms, and economic roles within the broader digital finance ecosystem. As decentralized currencies gain mainstream traction, the chapter critically examines the legal and regulatory complexities that differ widely across jurisdictions – highlighting challenges such as investor protection, anti-money laundering (AML) compliance, and central bank policies. Furthermore, the chapter explores the behavioral economics of crypto investors, shedding light on psychological drivers like speculation, herd behavior, and risk perception. Various valuation models, including network value-to-transactions (NVT) and sentiment analysis, are discussed to understand how digital assets are priced in volatile and often opaque markets. Lastly, the chapter evaluates the risks and opportunities of investing in digital assets, balancing concerns over security breaches, market manipulation, and regulatory uncertainty with the potential for high returns, diversification, and financial democratization. Through this multidimensional lens, the chapter equips readers with the analytical tools and critical perspective necessary to navigate the dynamic world of digital finance.
A current, urgent problem is whether the price behavior pattern of significant quantities of digital assets reflects a single direction trend line or multiple phases that exhibit different structures, adjusted inter-asset relationship differences, and changes in management systems, given the growing importance of digital assets in investment portfolios and collateral holdings, exchange-traded funds (ETFs), new forms of financial activities, and system risks over the period from 2020 through 2025. Because of this period’s post-pandemic recovery, speculative overextension, sharp decline, stabilization, and the re-entry of large-scale institutions into practice, these changes in prices are more clearly identified under such a context. Empirically, this study integrates descriptive statistics, rolling volatility analysis, augmented Dickey–Fuller’s unit-root test, segmented trend regression model with structural breaks, and vector autoregression (VAR) for return interactions. Based on these bases, both Bitcoin and Ethereum have demonstrated a relatively strong direction of continuous appreciation, together with quite considerable regime-specific instability. The log-price series is non-stationary, but the daily return series is stationary; so a level model is appropriate for medium-term trend analysis, and returns-based models can be applied more flexibly at shorter timespans. The segmented trend-regression analysis shows that close to peaks, such as those that occurred in 2021 for a long period, the 2022 correction, and the resumption of investment in 2024, are relatively distinct from the overall linear change pattern across all time periods. Both Bitcoin and Ethereum display pronounced contemporaneous co-movement, but they show no substantial lags via VAR or Granger causality tests conducted in the context of time-varying parameters. This study employs an integrated empirical research approach based on various perspectives to explore the long-term structural adjustment and near-instantaneous cross-market relationship dynamics, as well as regulatory mechanisms within a systemic context.
The transformation of the copyright institution in the context of the intensive development of digital technologies and the globalization of the information space is studied. The legal nature of objects created with the help of artificial intelligence systems is analyzed, and the challenges facing the traditional anthropocentric model of authorship are identified. The features of non-fungible token technology (NFT) as a tool for monetizing digital art are identified
In the contemporary landscape of modernity, characterised by the evolving information age, cryptocurrencies have emerged as a decentralised mode of transaction, qualifying to be termed as liquid modernity (Bauman, 2012). The apparent fluidity, flexibility and the unrevealed potentially rigid tendencies inherent in cryptocurrencies; present it as a virgin domain to be researched with sociological perspectives. This paper aims to understand and outline the history of monetary systems starting from the ancient practice of barter to the establishment of national currencies, and up to the recent advent of cryptocurrency, in an evolutionary framework. As the second objective, this paper attempts to delineate the mechanism of construction and the causal explanations for the adoption and diffusion of cryptocurrency from a sociological lens. In view of the factual status of its legitimation and denial by different governing authorities, the third objective of this paper is to explore into the nuances pertaining to trust, governance and dynamics of power relations with a exploratory concern for rigidity within the claimed fluidity of the cryptocurrency and its utilisation. However, we are assuming one conclusion for our study and that is we are going to get stuck with more significant questions rather than the answers for our objectives.
Cryptocurrencies have become an important variable in the global financial system. With the maturity of blockchain technology, new applications such as stablecoins, Decentralized Finance (DeFi), Non-Fungible Tokens (NFTs) and Real-World Asset (RWA) tokenization have emerged continuously, and the crypto-asset system has gradually formed a multi-layered and multi-functional complex structure. However, as the market scale expands, problems such as price volatility risks, systemic financial risks and illegal financial activities have become increasingly prominent, prompting the continuous evolution of regulatory policies in various countries. Especially after the concentrated outbreak of multiple industry risk incidents around 2022, the global regulatory attitude has been significantly tightened, and the regulatory framework has gradually evolved from fragmentation to systematization. At the same time, Central Bank Digital Currencies (CBDCs) have entered an important stage of transition from experimental research to large-scale pilots, becoming one of the core paths for the digital transformation of national monetary systems. This paper systematically sorts out the evolutionary logic of cryptocurrencies, compares the changes in regulatory policies of major countries and regions, conducts an in-depth analysis of the development trends of CBDCs and the changes in the regulatory structure of crypto-assets based on the latest global practices from 2020 to 2026, and further explores the evolutionary direction of the asymmetric regulatory framework.
The rapid expansion of the digital financial assets (DFA) market in Russia offers new opportunities for market participants while simultaneously creating fresh challenges and risks of financial crimes. The author examines the economic and legal nature of digital rights within the context of Federal Law No. 259-FZ and assesses the effectiveness of current regulations. An analysis of recent judicial and market practices reveals specific predicate and direct risks to the anti-money laundering system, including “controlled defaults” by issuers, fraud, and the emergence of Ponzi schemes. The article also highlights the lack of standardized smart contracts in this market, which complicates the verification of distributed ledger algorithms. Current threats associated with the use of generative artificial intelligence for creating “money mules” and synthetic identity fraud are identified. Based on a comparison of Russian experience with the regulatory approaches of the USA and Thailand, the necessity of forming a proactive legal environment is justified. Recommendations include the need to align regulatory regimes for traditional and digital financial assets and to enhance the professional qualifications of the judiciary.
This study aims to examine how Non-Fungible Tokens (NFTs), based on blockchain technology, are creating new digital cultural values in the field of photography in the era of digital transformation, as well as to analyze their legal regulation and practical applications. The research employs qualitative methodologies, including document analysis, comparative analysis, and case study approaches. Within the framework of Mongolia’s Law on Intellectual Property and Law on Virtual Asset Service Providers, the legal status of NFTs is examined, alongside an analysis of the operations of domestic platforms such as “Mongol NFT” and “Complex.” The findings reveal that NFTs technologically reconstruct the “digital aura” and uniqueness of photography, enabling what can be described as “digital permanence” whereby cultural heritage can be archived immutably. Legal analysis indicates that blockchain-based records have the potential to be recognized as “electronic evidence” within the Mongolian judicial system. However, a key challenge remains in the ambiguous distinction between ownership rights and copyright. Furthermore, the study identifies environmental concerns associated with the NFT minting process, estimating an average carbon footprint of approximately 20 kg of CO₂ per NFT, thereby highlighting ecological risks. While NFTs present new opportunities for photographers to protect and monetize their intellectual property, the study concludes that enhanced technological literacy, market stability, and more refined legal regulation are essential for sustainable development in this domain. Гэрэл зургийн NFT дижитал соёлын үнэт зүйлийн тээгч болох нь Энэхүү судалгааны ажил нь дижитал шилжилтийн эрин үед блокчэйн технологид суурилсан NFT (Non-Fungible Token) нь гэрэл зургийн салбарт хэрхэн дижитал соёлын шинэ үнэт зүйлийг бий болгож буйг тодорхойлох, түүний эрх зүйн зохицуулалт болон практик хэрэглээнд дүн шинжилгээ хийхийг зорьсон болно. Ингэхдээ чанарын судалгааны арга, баримт бичгийн шинжилгээ, харьцуулсан шинжилгээ болон кэйс шинжилгээний аргуудыг ашиглалаа. Монгол Улсын "Оюуны өмчийн тухай хууль", "Виртуал хөрөнгийн үйлчилгээ үзүүлэгчийн тухай хууль"-ийн хүрээнд NFT-ийн эрх зүйн статусыг шинжлэн, "Mongol NFT", "Complex" зэрэг дотоодын платформуудын үйл ажиллагаанд дүн шинжилгээ хийсэн. Судалгаагаар NFT нь гэрэл зургийн "дижитал аура" болон ховор шинж чанарыг технологийн аргаар нөхөн сэргээж, "дижитал мөнхлөл" (digital permanence) буюу соёлын өвийг өөрчлөгдөшгүйгээр архивлах боломжийг олгож байгааг тогтоов. Эрх зүйн дүн шинжилгээгээр блокчэйн дээрх бүртгэл нь Монгол Улсын шүүхийн шатанд "цахим нотлох баримт" болон үнэлэгдэх боломжтойг баталсан боловч өмчлөх эрх ба зохиогчийн эрхийн зааг ялгаа тодорхойгүй байгаа нь гол сорилт болж байна. Мөн NFT-ийг "mint" хийх үйл явц нь байгаль орчинд нүүрстөрөгчийн ул мөр үлдээж буйг (нэгж NFT тутамд дунджаар 20 кг ) тооцооллоор гаргаж, экологийн эрсдэлийг тодорхойлов. NFT нь гэрэл зурагчдын оюуны өмчийг хамгаалах, эдийн засгийн эргэлтэд оруулах шинэ гарц мөн боловч технологийн мэдлэг, зах зээлийн тогтвортой байдал болон эрх зүйн нарийвчилсан зохицуулалт зайлшгүй шаардлагатай байна. Түлхүүр үг: Блокчэйн технологи, Гэрэл зургийн архив, Дижитал өмчлөл, Ухаалаг гэрээ, Метаверс, Зохиогчийн эрх
The emergence of Non-Fungible Tokens (NFTs) as a novel digital asset class has precipitated significant legal uncertainty across multiple jurisdictions. Unlike fungible cryptocurrencies, NFTs encode uniqueness and provenance on distributed ledger technology, yet existing legal frameworks — conceived for tangible property, intellectual creations, and financial instruments — have proven inadequate in determining their precise legal character. This article engages in a rigorous comparative legal analysis of the legal status of NFTs in Uzbekistan, the European Union, and the United States of America, examining how each jurisdiction has — or has failed to — accommodate NFTs within property law, intellectual property law, securities regulation, and consumer protection frameworks. A central concern of the article is the application of alternative dispute resolution (ADR) mechanisms — including arbitration, mediation, and online dispute resolution (ODR) — to NFT-related conflicts. The article identifies critical lacunae in domestic and international legal frameworks and proposes concrete legislative reforms tailored to the Uzbek legal context, while drawing on best practices from comparator jurisdictions. The study concludes that regulatory clarity, combined with adaptable ADR infrastructure, is essential to foster a secure and equitable digital economy in the Republic of Uzbekistan and beyond.
The rapid expansion of cryptocurrency markets has fundamentally transformed the global financial system and challenged traditional approaches to financial regulation. Cryptocurrency exchanges have emerged as key intermediaries facilitating the purchase, sale, transfer, and storage of digital assets across jurisdictions. However, the borderless and decentralized nature of cryptocurrencies has generated significant legal concerns relating to anti-money laundering compliance, counter-terrorist financing measures, consumer protection, taxation, cybersecurity, market manipulation, and regulatory enforcement. This article examines international legal frameworks governing cryptocurrency exchanges, analyzes regulatory approaches adopted by leading jurisdictions, including the European Union and the United States, and evaluates major enforcement actions involving Binance and FTX. The study further explores emerging challenges associated with decentralized finance (DeFi) and proposes recommendations aimed at strengthening international cooperation and harmonizing legal standards for digital asset regulation.