Maria A. Egorova, V. V. Grib, L. G. Efimova, О. В. Кожевина · 6 authors
The article deals with the national practicies of direct and indirect taxation of income from cryptoassets in some countries of the world, including Russia, France, Italy, USA, Great Britain, etc. The authors study various approaches to the concept of cryptocurrency for the purposes of fiscal management: macroeconomic, cost, accounting, legal and institutional approaches. According to the authors position cryptocurrencies for tax reasons should be treated as a property and means of payment. Therefore, any income in cryptocurrencies received by taxpayers should be subject to personal income tax or corporate income tax, respectively. The recognition of cryptocurrencies as a means of payment (that is, private money) leads to the need to exempt taxpayers from paying value added tax in cases where cryptocurrencies perform these monetary functions in transactions performed by taxpayers, in particular, they perform the function of a means of payment. Payment of taxes on income of taxpayers received in cryptocurrencies can be carried out both in cryptocurrencies and in national (fiat) currencies. It is permissible to establish a tax declaration of transactions for cryptocurrency. The foundations of the legal regime of taxation of digital currencies in the Russian Federation have been formed. The problems of introducing effective taxation of cryptocurrency transactions in the Russian Federation are identified, as well as changes to tax legislation are proposed, in particular, clarification of the range of objects that can be classified as “digital currency”, synchronization with the law on digital financial assets, determining the tax base and implementing tax control of transactions with cryptocurrency. As the study showed, the approaches to indirect taxation are the most unified. Tax regulation is a potential incentive to reduce the speculative interest of participants in transactions with cryptocurrencies and increase the transparency of taxation of cryptocurrencies.
The article provides information on the state of the issue in the field of standardization of development and application of distributed ledger technology and blockchain. The current state in the development of normative documents, including documents on standardization, is analyzed. The international experience in the development of documents on standardization is reflected on the example of the International Organization for Standardization and the International Telecommunication Union, as well as the experience of developing documents in the national standardization system on the example of technical committees for standardization. Possible scenarios for the use of distributed registry technology and blockchain in the national standardization system are considered, taking into account international experience and trends in the development, development and use of national standards in digital formats, as well as promising interaction with other information technologies that are already standardized at the international and national levels.
When implementing the expressed last will of the testator on the disposal of digital currency (cryptocurrency), one of the main problems that arises for a notary conducting an inheritance case is the problem of proving that the digital currency belongs to the testator, and, accordingly, the inclusion of digital currency in the estate. The article discusses the legal features of the difference between digital currency and cryptocurrency.
Jannik Woxholth, Dirk Andreas Zetzsche, Ross P. Buckley, Douglas W. Arner
Abstract At the height of the ‘crypto winter’, with several crypto intermediaries filing for insolvency and subjected to schemes of arrangement, who owns what and who has a claim on what becomes all important. At the same time, distributed ledger technologies are frequently presented as a digital solution to these perennial problems of competing claims to the same asset. This article makes two contributions to the literature. First, we show that neither current technology nor law solves the competing claims issue. Second, we suggest policy solutions based on a comparative legal analysis. In essence, the law must: (i) recognize property rights in crypto-assets; (ii) protect bona fide purchasers that receive crypto-assets from a transferor who exerts control over private keys; and (iii) facilitate the enforcement of titles in crypto-assets by the interplay of private and financial law. While full harmonization of national private laws is out of reach, some level of international consensus around these three principles would strengthen the impact of private law in the proper ordering and enforcement of claims to crypto-assets.
Vladimir. V. Velikorossov, Aleksandr K. Zakharov, Yulia S. Filina, Aleksei Zh. Yakushev
The article analyses the possibilities of creating and implementing digital financial instruments that contribute to the sustainable development of the monetary and financial system of Russia. The methods used are: structural-system, formal-logical, analysis and synthesis, legal, technical, systematic, comparative, historical and grammatical, the method of unity of theory and practice. An attempt has been made to explore a number of digital financial instruments, the key and most promising of which is a smart contract. The main directions of blockchain and mining development in Russia are analysed, including the adoption of the necessary legal acts, the views of specialists, legislative innovations in the field of digital assets, etc. It is shown that the development of blockchain is one of the global trends of the coming years, which will have an impact on different sectors of the economy and business processes of companies. It is concluded that in order to implement the proposed measures for the development of smart contracts and the blockchain system, it is necessary to create a centralized risk management system.
En 2021, le sujet des <i>Non Fungible Tokens</i> (NFTs) et de la <i>blockchain</i> a connu une grande impulsion. À titre d’exemple, le célèbre cas de la vente aux enchères organisée par Christie’s d’une œuvre d’art numérique réalisée par l’artiste Beeple peut être cité. Par ailleurs, ce travail s’appuie fortement sur ce cas et plus précisément sur les conditions générales de Christie’s. L’objet de cette analyse se concentre non seulement sur les <i>smart contracts</i> et leur validité juridique au regard du droit suisse, mais également sur les aspects liés au transfert des droits relatifs à une œuvre d’art numérique, notamment en ce qui concerne la propriété matérielle et les droits d’auteur. L’analyse se conclut par la possibilité d’adapter le droit de suite, habituellement appliqué aux œuvres d’art physiques, aux œuvres d’art numériques, grâce à l’efficacité que les technologies de la <i>blockchain</i> et des <i>smart contracts</i> offrent. Bien que l’intérêt médiatique pour les NFTs et l’art numérique semble s’atténuer depuis quelques années, les questions juridiques qui en découlent demeurent très intéressantes, ouvrant la voie à de futures évolutions dans ce domaine en plein essor.
Metaverse, Non-Fungible Tokens (NFTs), Cryptocurrencies, Blockchain, Artificial Intelligence (AI), Service Robots etc. are a rapidly expanding field with an ever-increasing number of terms and community-specific jargon. A new term is not always accompanied by something truly novel. In addition to verbal „pseudo-innuendos“ and „crypto-slang“ introduced with the intent of attracting attention quickly, there are several significant new developments. The issue with this development is that the risk of „Babylonian language confusion“ is growing exponentially. Our observations indicate that this risk is particularly prevalent in the dialogue between science and practice. This book hopes to contribute to the clarification with quick access to all key terms. Obviously, many online marketplaces, platforms, encyclopedias, and glossaries already exist. However, our pre-book analysis has revealed that neither is even close to completion, sometimes with imprecise language and often with contradictory definitions and explanations. This glossary provides quick access for managers, students, and professors alike who are faced with the topics in their daily work. Students may keep track of the web 3.0‘s numerous terms as they study it. Instructors, teachers, and professors may use it as a guide for a consistent use of Metaverse, NFT, Cryptocurrency, and Blockchain terminology. Although, the more than 1,300 explanations of the individual terms are scientifically based, the focus is on easy understanding of the terms. The authors have made an effort to provide clear and concise definitions, an application-focused perspective, and simple language.
NTF copyright protection issues Abstract This thesis examines the new emergent phenomenon of non-fungible tokens known as "NFT". NFT reflects the direction in which today's society is moving, that is toward digitalization. Although this phenomenon crosses multiple branches of law, this thesis examines its role in the context of copyright law, with some intersection into other branches which are directly related to it. In particular, the aim of the thesis was to examine the relationship between the NFT, its underlaying material and various aspects of intellectual property rights, in particular the copyright law sector. Whether the application of these legal rules is relevant and the consequences the phenomenon will bring in the future. Last but not least, this thesis seeks to explain the potential that is behind the universality of possible use of NFTs. The challenging aspect has been the under-explored field in which the NFT is found, which offers possibilities of free reflection and speculation. Because of the lack of legal regulation, one of the main methods used in this thesis has been the analogy of legal norms that can be reasonably applied. The process of comparison with other digital assets and their placement in the context of the law also helped in understanding the role and function of NFTs. In...
The article considers some aspects of legal regulation of smart contracts, which are becoming more and more relevant with the development of information technologies. The legislation and legal experience of foreign countries on conclusion and execution of "smart contracts" are studied in detail. As is known, currently there are several ways of integrating smart contract into transactions. The most relevant model of smart contract conclusion is the mixed model, the positive sides of using this form are analysed in the relevant provisions of the article. In its turn, the very legal nature of this type of contracts causes lively disputes in the civilistic environment, which is demonstrated by various opinions given in the article on the topic under consideration. There is no doubt that the widespread development of smart contracts in the near future can significantly help to reduce risks for the parties to the contract, exclude unscrupulous performers and suppliers from the market, as well as show a number of other advantages.
The paper examines the legal status and treatment of crypto assets in the context of contractual obligations. The analysis begins by considering the evolution from cryptocurrencies to crypto-goods, with special reference to definitions and terms used in the context of private law transactions. Then, the author focuses on the contractual parties under the EU Regulation on Markets in Crypto Asset (MiCa, 2023) and the Serbian Digital Assets Act (DA Act, 2020), where crypto-assets are predominantly treated as investment assets. Special attention is given to e-money tokens in the context of monetary obligations, as well as to Non-fungible tokens (NFTs) that have not yet been covered by regulations. The paper also refers to the contracting of crypto services, exploring how contractual relationships are formed and regulated, and elaborating on legal transactions based on contracts within the blockchain environment and tokenization. In conclusion, the paper draws attention to the problematic terminology used in the Serbian Digital Assets Act (2020), stating that the term "digital asset" (srb. "digitalna imovina") is too broad and inadequate, and proposes the term "crypto asset" (srb. "kripto dobro") which is defined through two key elements: the private nature of the good and the use of cryptography within the Digital Ledger Technology (DLT). This paper correlates the general theory of contract law and nominate contracts when the contractor's performance is in crypto.
Emergence of non-fungible tokens (NFTs) has led to considerable changes in the creative industries markets associated with the emergence of fundamentally new opportunities for the transfer and protection of intellectual property rights. The explosive growth of the NFT market has led to close attention of both regulators and market participants to the problems of legal regulation of the turnover of these digital assets. The lack of a legal definition gives rise to problems related to the delimitation of NFTs from other digital assets named in the legislation. This article examines the legal nature of NFTs, distinguishes them from securities, digital rights, digital financial assets, digital currencies and utilitarian digital rights. The author analyses the draft law on NFT and draws conclusions about the prospects for legal regulation with special emphasis on the legal problems of acquiring NFTs. Based on the study, the author concludes that it is possible to classify NFT as &quot;other property&quot; and that it is necessary to develop a special legal regime.
New financial tools, like as cryptocurrencies, NFTs (Non-Fungible Tokens), and metaverse, have emerged in the 5.0 era of investing.Investors from around the world, including those from Indonesia, have started to show interest in this new investment product.There are legal issues that surface behind the hope for investment success in the 5.0 age.NFTs and the metaverse are not covered by Indonesian laws and regulations, which solely govern bitcoin market activities as commodity assets.One of the problems that occurs is the existence of different thoughts or concepts betweentr the government and the public in interpreting the essence of the three digital assets.In order to give actors engaged in investing in digital assets legal certainty, this study aims to examine and evaluate the effectiveness of the application of laws and regulations.It also aims to serve as a guide for legislators as to the substance of laws and regulations pertaining to investing in digital assets.In order to support this research, this study employs a qualitative research design with a juridical-normative approach.Finding a concept for legislation that can control digital asset investment activities in line with the stated goals of developing the law is the outcome of this research.Find the issue with the efficiency of current regulations next.
This article addresses the lack of comprehensive studies on Web3 technologies, primarily due to lawyers' reluctance to explore technical intricacies. Understanding the underlying technological foundations is crucial to enhance the credibility of legal opinions. This article aims to illuminate these foundations, debunk myths, and concentrate on determining the legal status of crypto-assets in the context of property rights within the distributed economy. In addition, this article notes that the intangible nature of crypto-assets that derive value from distributed registries, and their resistance to deletion, makes crypto-assets more akin to the autonomy of intellectual property than physical media. The article presents illustrative examples from common law (United States, United Kingdom, New Zealand) and civil law (Germany, Austria, Poland) systems. Proposing a universal solution, it advocates a comprehensive framework safeguarding digital property - data ownership - extending beyond the confines of Web3. This article presents a comprehensive, multi-layered approach to the analysis of tokens as digital content and virtual goods. The approach, universally applicable to various of such goods, scrutinizes property on three distinct layers: first, the rights to the virtual good itself; second, the rights to the assets linked to the virtual good; and third, the rights to the intellectual property intricately associated with the token. Additionally, the paper provides concise analysis of the conflict of laws rules applicable to virtual goods. It also delves into issues concerning formal requirements for the transfer of intellectual property rights, licensing, the first sale (exhaustion) doctrine, the concept of the lawful acquirer, and other crucial aspects of intellectual property in the realm of virtual goods, particularly within the emerging metaverse.
Decentralized finance (DeFi) is a novel financial model, that uses the distributed ledger technology. It aims to offer financial services such as trading, investing, peer-to-peer borrowing and lending, access to fiat currencies, transfer of money globally, and managing insurance and credit services. Further, these services are offered without relying upon intermediaries like banks or other financial institutions. This leads to, both lower costs and entry barriers. On the other hand, as of today, there is no safety net for such activities. Therefore, its benefits should be balanced with its associated risks.
This scientific article discusses the issues of legal status of such terms as blockchain, blockchain technologies, as well as crypto assets, stable coins and tokens. The article reveals the issues of legal regulation of relations arising in course of cryptocurrency transactions and the use of blockchain technologies, which also include the activity of crypto exchanges, the use of smart contracts and the processes of buying and selling tokens. The author provides examples of countries where crypto assets are legalized, and conducts a comparative analysis of the legislation of the Republic of Uzbekistan, the Federal Republic of Germany and the Czech Republic regarding the mechanisms for carrying out cryptocurrency transactions and the use of blockchain technologies. When studying the legislation of Uzbekistan, attention is paid to the latest ongoing reforms in the field of digitalization and the development of the electronic economy and government in our country. When analyzing the legislation of countries such as Germany and the Czech Republic, relevant situations and examples of court decisions are given in order to determine the effectiveness of law enforcement in the field of blockchain technologies and cryptocurrency and identify existing problems in this area. At the end of the article, the relevant conclusions of the author and proposals for improving the legislation of the Republic of Uzbekistan are given.
Today, a crypto economy is actively developing throughout the globe based on the use of cryptographic technologies for the creation of new digital products, including the issuance of digital financial instruments. The topic of regulation of digital financial assets (hereinafter referred to as DFA) is relevant in the world: since 2019, some countries, including Russia, began to introduce legal norms regarding the issuance of DFA, as well as the sale and turnover of such assets on the market. This article compares approaches to the regulation of DFA in Russia and globally, including the issue of determining financial instruments that will be related to these assets, aspects of the procedure for issuing, storing, and trading them, including the basic rights and obligations of issuers and investors in such assets, and the features of the operation of trading floors and platforms for issuing DFA. In general, two approaches to the regulation of DFA can be distinguished. The first approach is the application of existing rules to tokenized assets (for example, laws on securities and financial instruments); this approach is used in the United States. The second is regulation through the introduction of a new framework for the application of distributed ledger technology in financial services, for example, in Russia, Germany, Luxembourg, the European Union (EU), and Switzerland. This article examines the second approach, which is currently implemented in Russia, to identify differences with foreign regulation, for example, the use of custodian institution for accounting and storing digital assets, converting DFA into traditional financial assets, and creating rules for trading digital financial assets.
Статья посвящена теме криптовалют. Описываются возможности использования, хранения, передачи цифровой валюты. Рассмотрены риски российских пользователей и пути их избежания. The article is devoted to the topic of cryptocurrencies. The possibilities of using, storing, and transferring digital currency are described. The risks of Russian users and ways to avoid them are considered.
The importance of legal protection and ensuring the prevention of criminal offenses related to the use of cryptocurrency was noted. The history of legal regulation of the use of cryptocurrency in Ukraine is briefly analyzed. An analysis of the Law of Ukraine "On Virtual Assets" was carried out and some of its shortcomings were identified. Cryptocurrency is proposed to be considered one of the types of virtual assets, namely digital currency (electronic funds), the emission and accounting of which is based on asymmetric encryption, the use of cryptographic protection methods. It is indicated that activities to prevent crimes related to the use of cryptocurrency should be extremely diverse, taking into account the fact that violations of the circulation of cryptocurrency will eventually penetrate into all major spheres of public life, and will require adequate measures. The concept and main types of general social principles for the prevention of offenses related to the use of cryptocurrency in Ukraine are defined. It is indicated that such preventive activity is a humane means of maintaining the country's security and law and order. These include verification of state regulation of the virtual assets market, control over the activities of participants in the virtual assets market, identification of criminogenic factors in legal entities where offenses related to the use of cryptocurrency are most often committed; development of rules for the use of cryptocurrency typical for all participants of the virtual assets market and others. The implementation of general social principles for the prevention of offenses related to the use of cryptocurrency in Ukraine, along with the protection of society from these offenses, protects offenders from committing more serious offenses, and thus saves them from severe criminal punishment. Special criminological measures to prevent crimes related to the use of cryptocurrency are analyzed. It is emphasized that such measures involve the creation of an optimal system for detecting the facts of these offenses and identifying persons who commit such actions. For this, it is necessary to reach a situation where the maximum possible number of sources of information regarding offenses related to the use of cryptocurrency will function. Individual approaches to the prevention of offenses related to the use of cryptocurrency involve the work of authorized bodies with individual individuals. Forms of individual prevention include studying the identity of potential offenders, interviewing individuals, surveillance and other measures. An important measure of individual prevention of offenses related to the use of cryptocurrency is the creation of a data bank on persons who have committed offenses in the specified or related areas.