The rise of distributed ledger technology and the growth of the crypto-economy has led to the evolution of non fungible tokens from digital image rights authentication to utility solutions that allow consumers to benefit from the possession of rights in the community. The legal analysis of utilitarian non-fungible tokens leads to the need to apply the provisions of the law on utilitarian digital rights to tokenisation services. However, possessing the features of digital rights, utilitarian NFTs cannot always be the object of investment, which requires the exclusion of such tokens from the scope of regulation of the law on crowdfunding.
최근 블록체인 기반 스마트계약 기술의 개발로 국제물품매매계약의 발전이 기대되고 있다. 그러나 스마트계약에 대한 통일된 정의가 아직 정립되어 있지 않고, 스마트계약에 대한 국제무역법규의 적용 여부 또한 불분명하다. 본 논문에서는 스마트계약의 정의를 제안하였으며, 이를 활용한 새로운 형태의 국제물품매매계약, 즉 스마트무역계약의 성립에 대한 국제무역규칙의 적용을 검토하고 이와 관련한 쟁점 및 해결방안을 제시하였다.
Smart contract is one of the most developing digital technologies in the field of civil turnover. The question of the legal nature of smart contracts in civil law is debatable. At the same time, it is already necessary to determine the legal possibility of introducing smart contracts in relation to an employment contract. The article analyzes the positive aspects of a smart contract, the potential of which could be revealed in the field of labor. A number of legal obstacles to the conclusion of an employment contract in the form of a smart contract are identified. It is concluded that relations between digital labor platforms and platform workers could be formed in this form today.
The article provides an analysis of German legislation on the legal regulation of blockchain, bitcoin and other crypto-assets, which is one of the new means of payment. It also cites Germany's official position on digitization and its elements. It was emphasized that in order to make the most effective use of digital technologies in various spheres of public life, the legislation should find a compromise between public interests, economic needs and technological opportunities.
The Communications website, https://cacm.acm.org, features more than a dozen bloggers in the BLOG@CACM community. In each issue of Communications , we'll publish selected posts or excerpts. twitter Follow us on Twitter at http://twitter.com/blogCACM https://cacm.acm.org/blogs/blog-cacm Carlos Baquero investigates cryptocurrencies and non-fungible tokens.
Objective : to research the existing problems and promising directions of the legal regulation of digital financial assets as a relatively new tool of the modern digital economy. Methods : the methodological basis of the work is the set of scientific cognition methods such as theoretical analysis, research, comparison, synthesis, and summarization of scientific literature. Results : the work analyzes the existing approaches to legal regulation of digital financial assets in the Russian Federation and some foreign countries, reveals the existing gaps in the Russian legislation in the field of circulation of digital financial assets, gives estimation to the prospects of development of the legal regulation of these tools and forms proposals for its improving. Also, during the research, the approaches to legal regulation of digital currencies and digital financial assets, adopted in certain foreign countries, were analyzed, the trends were considered, and the positive and negative aspects of using cryptographic algorithms for the goals in economic and juridical spheres of the global economy were reflected. Scientific novelty : within the work, the topical issues of legislative regulation of such a relatively new notion as digital financial assets are considered. The positions of Russian and foreign jurist are considered concerning the existing problems and risks associated with “tokenization” and “blockachainization” of private law. Besides, the author comes to a conclusion about the existence of significant gaps in the current approach to legal regulation of digital financial assets, indicates them and proposes certain mechanisms to solve these problems. Practical significance : is due to the imperfect current legislation in the sphere of relations occurring when using the technologies based of distributed ledger, including digital financial assets. Research of these problems allows evaluating the risks, considering the existing ways of overcoming and solving the emerging disputable questions. Also, the conclusions obtained can be used to improve the Russian legislation, as well as in the academic literature devoted to the topical issues of developing the digital legislation.
Objective : tokenization of creativity, alongside with cryptoeconomy and Web3 network infrastructure, is a notable trend in the development of modern society in the third decade of the 21st century. The objective of this article is to explore the risks and prospects emerging in the process of disposition of the creative labor results in the form of non-fungible tokens. Methods : the research methodology is based on analysis of varied viewpoints on the problem, including diametrically opposing concepts. The opposing views of the observers manifest their attitude to tokenization of creative products as a speculative scheme, on the one hand, and a promising tool of creative industries development, on the other. Results : the probable negative consequences of tokenization of intellectual activity results are identified; author’s recommendations on managing these risks are given. Another result of this publication is analysis of economiclegal prospects stemming from tokenization of the objects of copyright and neighboring rights by the example of musical pieces. Scientific novelty : it consists in presenting and substantiating a hypothesis that the relations formed in the musical industry under the modern sociocultural and technological realities will be reproduced in other creative industries. Also, scientific novelty consists in the analysis of prospects of tokenization of such results of intellectual activity as gaming artifacts, works of traditional and digital visual arts, patents and scientific achievements. The use of nonfungible tokens the ecosystem of network computer games will allow gamers to buy and sell rights to game pieces autonomously from game publishers. Tokenization of industrial property objects and individualization means will ensure protection of intellectual rights of their authors while waiting for the issuance of a state protection document. In the modern society, there will be many of those wishing to become an owner of a token for a scientific work, as the popularity of science and innovations is constantly growing in developed countries. Ownership of a token for a scientific work will be regarded a moral investment, increasing the prestige and status of its owner. Tokens for scientific works have a high potential as a means of measuring value in a post-economic society. Practical significance : it consists in the description of innovative means of using creative products and business models based on tokenization of the results of intellectual activity, ready to be implemented in practice.
The research paper investigates the profound impact that cryptocurrencies have exerted on traditional financial systems since the emergence of Bitcoin in 2009. The rapid growth of cryptocurrency market and its increasing integration in global economics have raised significant questions about the future coexistence and potential transformation of traditional financial structures. The study employs a multidisciplinary approach, combining economic analysis, regulatory examination and technological insights to explore the multifaceted implications of cryptocurrencies.
The past year has witnessed significant growth in the size, and mainstream profile, of financial markets built on distributed ledger technology (“DLT”), in particular “blockchain”. In February 2021, the market capitalisation of the cryptoasset Bitcoin, which is built on the first operational blockchain, topped USD 1 trillion. So-called decentralised finance (“DeFi”), built mostly on the Ethereum blockchain, grew from less than USD 1 billion to over USD 80 billion in May 2021. Even if one adopts a sceptical posture towards these developments, “crypto” markets cannot be ignored by scholars or practitioners of financial and monetary law.
Andrey A. Tymoshenko, Vadim R. Feyzov, Igor Chernov
The paper is devoted to the study of state regulation in the sphere of cryptocurrencies in the Russian Federation (RF). In the course of the study a scenario-cognitive model of the subject area is developed, as well as scenarios of possible options for the implementation of the management of socio-economic systems are obtained. The purpose of modeling is to assess the impact of cryptocurrency on social stability. A number of modifications of the model took into account the proposals of the regulatory authorities of the Russian Federation and the possible directions of legal regulation.
Like any other major legal institutions in international law, international sanctions were created to face the challenges of the analogue world, not those of the digital world. Today, when international sanctions are in the foreground, due to the war of aggression in Ukraine, it is necessary to investigate to what extent financial sanctions (as a type of international sanctions) are also applied to cryptoassets and cryptocurrencies. These two blockchain based assets and currencies represent a way to evade the financial sanctions regime imposed by United Nations, European Union, United States of America, United Kingdom and any other states or entities? Providing examples from the recent practice of the states, through the case study method, and studying the legal doctrine in the field, the article analyses the effects that the absence of an international regulation of cryptocurrencies can have on the efficiency and effectiveness of financial sanctions regimes and tries to find some solutions possible.
The paper discusses one of the most promising and widespread digital innovations in FinTech, the so-called smart contracts, which have the potential to increase the financial stability of the economy and entrepreneurship based on the digital modernization of other industries, including digital law. Methods. Based on the IMD statistics, a profile of the development of smart contracts in the Russian Federation in 2021 has been compiled. A factor analysis of the development of smart contracts in the Russian Federation in 2013–2021 has been carried out using the regression analysis method. Results. A forecast has been made and alternative scenarios for the development of smart contracts in Russia have been identified. It is proved that in Russia the current (as of 2021) level of development of smart contracts is moderate. A set of practical recommendations has been proposed to improve it. Conclusions. The key conclusion based on the results of the study is that the basis of the organization of smart contracts is the use of machine code and security protocols. The most common technology for securing smart contracts is blockchain. The results of modeling, forecasting and the proposed authors’ recommendations have identified significant prospects for the development of smart contracts in the financial sector in Russia.

 The 21st century is known for its strong technological advancements, where blockchain technology and a cutting-edge product built on it like cryptocurrencies are evolving daily. According to recent research, bitcoin is particularly appealing to both experienced and novice investors. Numerous individuals and legal entities around the world accept cryptocurrencies as payment. Cryptocurrency can be used to purchase both products and services. As a result, the need for legal regulation of cryptocurrency is high on the priority list.
 The purpose of this article is to evaluate the legal status of cryptocurrencies, namely what its legal character is and whether it is conceivable to treat cryptographic currency as an object of private law, as property, as electronic money, or as virtual cash. Is it better than traditional currencies, and if so, what are they? All of the foregoing will be reviewed in light of the suggestions of the United States of America, Australia, Argentina, Brazil, Germany, Zealand, Japan, South Korea, China, Georgia, and the European Central Bank.
Introduction. This scientific article dedicated to certain aspects of such virtual benefits/assets as the NFT token (non-fungible token) and place of them in the obligations relationship. The legal framework and legal practice regarding non- non-fungible token is currently absent, which is a characteristic situation not only for domestic jurisprudence, but also for the world. In view of the above, there is a need to investigate the nature of this phenomenon. Summary. The article analyzes the proposed legislative definition of "virtual asset" in relation to the NFT token. The study of individual features of this phenomenon makes it necessary to turn to its displayed technical characteristics at the current stage. Yes, it is determined that the NFT token performs an authentication function and cannot exist independently without its attachment to another object of civil rights. Without such a combination, exclusively as a code (a set of signs), the token cannot be regarded as an intangible (virtual) benefits, since the token certifies a subjective right to another object of civil rights, and therefore should be considered precisely as an asset (benefits), which has a providing nature. Attention is focused on the fact that one of the main problems of legal uncertainty in this category is the question of what exactly individuals acquire when buying an NFT token, since in fact the token is usually associated with another object, which gives it a real value. The relationship between the non-fungible token and the start-contract was analyzed and the possible legal consequences of their interaction determined. Conclusions. Non-fungible tokens exist in a decentralized system and are closely related to the smart contract already at the stage of their creation, therefore, provided there are no imperative requirements from the law, the latter can be considered as a type of civil law contract, which, in turn, due to constant interaction the connection between them makes it possible to single out certain features of the binding nature of this phenomenon.
Mohamed Imran Zacky, Syahri Helmi, Isadora Della Cella
Since the invention of Bitcoin, blockchain technology has expanded to include more than just digital money. Because it was quickly developed and widely adopted, the blockchain allows users to perform secure transactions in an unreliable environment. One of the most critical components of real-world blockchain applications is the smart contract. In addition to being integrated into well-known blockchain-based development platforms like Ethereum and Hyperledger, smart contracts have in the digital economy and in the intelligent industries, there are a variety of potential application situations, including, among others, management, healthcare, the Internet of Things, and financial services. This paper's main objective is to present a comprehensive analysis of the research on smart contracts, including information on their inner workings, basic architecture, use cases, challenges, most recent developments, and possible future paths. Though they are still in their infancy, smart contracts have significant technical difficulties like security and privacy concerns that require more investigation. Before proposing a study of a framework based on a for smart contracts revolutionary architecture with six layers, the technique first described the workings and popular platforms of blockchain-enabled smart contracts. Second, a list of the current state of the research is provided, together with the technical and legal difficulties. In the third place, we provided several typical application examples. We talked about the several directions that smart contracts could take at the end. The purpose of this document is to serve as a useful guide and source for future research projects.
This paper presents arguments about a need to study a new phenomenon in cyberspace - non-fungible tokens (NFT) as an object of legal relations and an object of accounting. A brief essential characteristic of these objects is given; the market of their turnover, Russian legal norms and accounting standards were studied. The objects of accounting from the Russian Federal Law No. 402-FZ "On Accounting", the criteria of referring to these objects in relation to NFT are considered. Afterward, we outlined the legal and accounting problems associated with the emergence of a new object and the ways for further research. Keywords: assets, expenses, business transaction, digital assets, copyrights, intellectual property, cyberspace, digital product, token.
The subject of the research is the study of mining, cryptocurrency, crypto assets in the legislation of the Kyrgyz Republic. Relevance . The relevance of the article is due to the presence of gaps in the field of mining, cryptocurrency, crypto assets in the legislation of the Kyrgyz Republic. The objectives of the article are to analyze the areas of mining, cryptocurrency, crypto assets and identify legal problems, as well as make proposals for improving the national legislation of the Kyrgyz Republic. Methodology . The authors use scientific methods: general methods (analysis, synthesis, induction, deduction, comparison); special methods (legal, comparative legal). Main results. Problems were identified, such as: lack of legal status of crypto assets, cryptocurrencies; lack of legal status of a cryptocurrency exchange operator; the system of risk management in the field of cryptocurrency is not indicated; lack of detailed study of the legal status of mining; subjects of mining, mining objects, classification of mining, standards for conducting financial transactions are not defined; lack of understanding of the nature of cryptocurrencies, crypto assets and virtual assets; lack of licensing and permitting activities in the field of mining, cryptocurrency, crypto assets; the absence of the category of mining, cryptocurrencies, crypto assets in the State Classifier of Economic Activities; lack of legal status of blockchain in the format of a regulatory legal act and etc. Relevant proposals were given: to finalize and adopt a single regulatory legal act (in the form of a law) in the field of crypto assets, cryptocurrencies, since they are interconnected; establish the legal status of a cryptocurrency exchange operator and introduce licensing and permitting activities (obtaining a license from the National Bank of the Kyrgyz Republic); develop and adopt a regulatory legal act (in the form of a law) on mining, with a detailed designation of what mining is, its classification, mining object, mining subjects; understand the nature of cryptocurrencies, crypto assets, virtual assets and understand what they can be attributed to, in particular, to money, a product, a medium of exchange, a universal service or other activity; Enshrine in civil law the concepts of cryptocurrency, crypto assets, virtual assets, including the rights and obligations arising from them; add to the Law of the Kyrgyz Republic "On licensing and permitting activities of the system in the Kyrgyz Republic" paragraph 61 of Article 15 - the activity of mining, cryptocurrency, crypto assets; add a category to the State Classifier of Economic Activities - mining, cryptocurrencies, crypto assets; form a working group at the level of the Cabinet of Ministers of the Kyrgyz Republic to study blockchain technology with areas of application, both in the private sector and in the public sector, including smart contracts and etc. Conclusion. Introduce legal regulators in the field of mining, cryptocurrency, crypto assets in the Kyrgyz Republic in order to avoid possible legal gaps that can lead to negative consequences in relation to the state, ranging from various shadow schemes in the economy that can slow down the digital transformation of the country.
The subject . The paper considers the legal status of non-fungible tokens – a technology that allows to secure and confirm the possession of a certificate that refers to a specific digital object, based on a distributed ledger (blockchain). The purpose of the article is to research the current state of the legal status of NFTs in the Russian Federation, as well as to determine the applicability of the current Russian legislation to NFTs. The research methodology is based on the application of methods of systemic and structural analysis, formal logic, as well as methods of legal forecasting and interpretation of legal norms. The results. There is a lack of comprehensive studies on this issue in legal science. The value of NFT is substantiated through the categories of "rivalrousness" and "scarcity". The process of creating NFT - "mint", that is, the tokenization of a digital object, is described. The legal status of NFT is investigated, as a result of which it is concluded that the token is not equivalent to a digital object, but rather acts as a custodian of information about this object. Taking into account, firstly, the independent nature of the NFT, which is not only a digital copy of the original work, secondly, the vast scope of utilitarian application and, thirdly, its independent commercial value, it is indicated that in the perspective of the development of legislation and judicial practice, NFT should be regarded as an independent digital asset, the rights to which are subject to legal protection. Conclusions. At present, Russian legislation does not contain a legal structure suitable for NFTs. The problems of using NFT are highlighted, including the "tokenization" of other people's works, interference in the operation of trading platforms using technical vulnerabilities, as well as fraud. Since NFT can confirm not only the right of ownership, but also represent any subjective right, it is assumed that this technology can be used to maintain decentralized blockchain registries of real estate, shares, members of the society, vote in elections, as well as to verify identity, while simultaneously ensuring the protection of personal data.
Статья посвящена анализу алгоритма применения смарт-контрактов в современных экономических системах. Рассматриваются сферы применения и различные аспекты функционирования смарт-контрактов,обусловленные их высоким техническим потенциалом. Подробно раскрыт механизм использования смарт-контрактов в блокчейн-сети при осуществлении закупок товаров, работ, услуг для обеспечения государственных и муниципальных нужд. Затрагивается проблематика максимально эффективного использования возможностей смарт-контрактов посредством автоматизации не только закупочных процедур,но и контроля над соблюдением принципов добросовестной конкуренции. The article is devoted to the analysis of the algorithm for the use of smart contracts in modern economic systems. The areas of application and various aspects of the functioning of smart contracts, due to their high technical potential, are considered. The mechanism for using smart contracts in the blockchain network in the procurement of goods, works, and services to meet state and municipal needs is disclosed in detail. The issue of the most efficient use of the possibilities of smart contracts through the automation of not only procurement procedures, but also control over compliance with the principles of fair competition, is touched upon.
Digital technologies have long been anintegral part ofeconomic and social relations. For example, its difficult toimagine modern society without various alternative means ofpayment. The widespread distribution oftokens and the development ofcryptocurrency markets have significantly influenced the further development ofthe economy and law. Many loyal jurisdictions for the development ofcrypto business, such asthe Swiss Confederation, inaneffort togain influence onthe crypto asset market, adapt legislation regarding the regulatory regulation ofdigital (virtual) assets. The purpose ofthe study istoconsider the current trends inthe legal regulation oftokens inSwitzerland under the influence ofglobal trends inthe crypto market, taking into account classification approaches. Asaresult ofthe conducted research, itbecame obvious that Switzerland, asthe so-called European crypto valley, seeks toprovide asolid legal basis for the effective use ofdistributed registry technology and the widespread use ofcrypto assets. However, despite the constant development oflegislation interms ofregulating the circulation ofcrypto assets and ensuring law enforcement practice inthis area, the Swiss Confederation iscurrently still inthe process offorming aholistic legal regulation ofasset tokenization, since the adopted regulations regulate only certain aspects ofthe circulation ofcrypto assets and ICO.
Before a good can be purchased, it must be understood who has the authority to sell it, and once a purchase has been made, ownership must be transferred from the seller to the purchaser. The solution provided by NFTs allows parties to agree on a common agreement i.e., smart contract of what constitutes ownership. Digital artists truly faced many problems in the ownership and credit of their artworks in fast growing digital world. They are worried about conducting online exhibitions of their artworks because it can be easily forged or replicated by someone. The same problems apply to real-world works of art, although things are a bit simpler when it comes to determining their authenticity. Blockchain is a revolutionary technology and will have great positive effects in our business environment soon. NFT stands for Non-Fungible Token. An NFT can be considered just a digital form of real-world entities. They are traded online, generally with different types of cryptocurrencies.
Южно-Российский институт управления – филиал Российской академии народного хозяйства и государственной службы при Президенте РФ, Ростов-на-Дону, Россия, Шатковская Татьяна Владимировна, Ростовский государственный экономический университет (РИНХ), Ростов-на-Дону, Россия, Евстафьева Алина Александровна · 5 authors
The article is aimed at developing practical recommendations for overcoming the problems of changing and terminating smart contracts due to gaps in their legislative regulation. The authors analyze the possibility of applying the general provisions for changing and terminating the contract, enshrined in Chapter 29 of the Civil Code of the Russian Federation, to a smart contract. The article proposes legal mechanisms for changing and terminating a smart contract. The authors conclude that now, when changing and terminating a smart contract, it is not enough to rely on the general provisions of the Civil Code of the Russian Federation, there is an urgent need to solve this problem both through legislative changes and by developing practical mechanisms for implementing existing grounds and methods.
When one country illegally invades another sovereign country, repeatedly, utilizing the mechanism of sanctions to try and curb the misconduct, has become a favored approach among democratic countries.Russia once again invaded Ukraine in the early part of 2022, defying all international pressure, to refrain from the illegal act.The rapid response from the international community was a litany of sanctions intended to cripple and deter Russia's actions.Sanctions evasions are not a new challenge for sanctioning countries and agencies.A United Nations (UN) report notes that low levels of governmental oversight in the cryptocurrency sector have enabled North Korea to generate income at an alarming rate.The efficacy of financial sanctions in this way is consistently undermined through illicit cryptocurrency transactions.As the cryptocurrency sphere exceeds forty-two million users worldwide, the question on those issuing sanctions remains: If cryptocurrency is left unregulated, will financial sanctions lose their power?This article will outline the use of sanctions as a preferred foreign policy tool and how they work.I look at the various sanctions the United States, European Union, United Nations have levied against the Russian Federation in response to repeated invasions of Ukraine's sovereign territory.I will also analyze cryptocurrency, defining what it is, how it works to lay the groundwork for the analysis of the current cryptocurrency regulations and how this relates to concerns of illicit activity within the cryptocurrency sphere, as a means for sanctions evasion.Several countries including The Russian Federation (Russia), The Bolivarian Republic of Venezuela (Venezuela), The Islamic Republic of Iran (Iran) and The Democratic People's Republic of North Korea (North Korea) are using innovative cybercrimes and other crypto-based efforts to evade economic and financial sanctions.This article will consider the pushback on regulation from the crypto industry as well as illuminating the loopholes that are causing increased concern and current incidences of illicit activity internationally.Finally, I propose a few areas of consideration for creating an international regulatory framework to help combat the evasion of financial sanctions, using cryptocurrencies.