The development of modern technologies has led to the creation of a new way to conclude agreements through automated systems — smart contracts, the emergence of which was largely due to the development of distributed ledger technology (Blockchain). The advantage of the system of “smart contracts” is the ability to make transactions directly with counterparties, without resorting to the services of banks, payment system operators and other transaction operators, which, in turn, reduces costs. Smart contracts can also be used during remote electronic voting, allowing you to solve problems related to security, reliability of data and their protection. Many states have managed to assess the advantages of this technology, having decided to implement it in the digital economy. But before implementing the achievements of scientific and technological progress, it is necessary to understand their technical and legal nature in order to form proper legislation regulating their application. Within the framework of this work, the technical and legal features of smart contract technology are considered in comparison with the traditional form of concluding contracts, and it is also proposed to use it in economic turnover within a special platform.
The problem of legal regulation of cross-border private law relations in the field of intellectual property implemented through blockchain technologies requires thorough scrutiny on behalf of both legal theorists and practitioners. The use of blockchain technologies is relevant for both copyright and industrial property issues. A practical method to establish a technological basis for the protection of intellectual property rights that is used for their storing and for other purposes provides for implementation of so-called blockchain ledgers. At the same time, the main function of blockchain ledgers is to protect the rights of copyright holders and to provide them with an opportunity to use results of their intellectual activity simultaneously in several jurisdictions. In this respect, the use of distributed ledger technologies should be regulated by a system of rules established by the participants of legal relations within the framework of implementation of certain cross-border private law relations. This article considers, inter alia , lex registrum as a system of rules regulating relations under consideration.
Cryptocurrencies are a new technology that has given impetus to the modernization of the entire economy. Already, a huge number of people use cryptocoins for payment, participate in their production and earn on market volatility.To date, cryptocurrencies are at the stage of formation and improved versions are released annually, which try to eliminate the shortcomings in the technology. But it is already obvious to many experts that cryptocurrencies are the money of the future with great potential for development.
Recoding Reality:The Rise of Digital Authoritarianism The SAIS Review Editorial Board The 2020s thus far have been defined by a pandemic, economic and physical insecurity, looming climate disaster, and violent conflicts around the world. The culmination of these dire circumstances has led to movements in all forms calling for fundamental change in existing political, economic, and social structures. Technology has been a bulwark and democratizing force in enabling masses of people to express themselves in a transparent and far-reaching manner. Amid these inspiring scenes lingers a more sobering reality. The global shocks already experienced in this decade have exacerbated the fading and inconsistent presence of major democracies on the international stage. State actors responded with repression, state-sponsored violence, and heavy jail sentences levied against prominent dissidents. Alarmingly, technology's potential as a democratizing force is equal if not less than its potential as a tool of repression. As China, Russia, and other one-party states begin to export this form of governance, an analysis of this emerging form of government is crucial. Digital authoritarianism's present threat to democracy is the product of 16 consecutive years of decline in global freedom. As this decade unfolds, allowing this form of governance to take root without critical analysis may be the death nail on democracy itself. This edition of The SAIS Review of International Affairs will address the ways in which state and nonstate actors stifle dissent with digital authoritarianism, defined as the use of information technology by regimes to manipulate, repress, and surveil domestic and international populations. Recoding Reality: The Emergence of Digital Authoritarianism seeks to not only explore this emerging phenomenon, but to juxtapose the emergence of digital authoritarianism with the declining relative influence of major democracies in the face of immense global challenges. The issue begins with an article by Ahmed Abozaid that highlights the growing concern surrounding Egypt's antiterrorism laws, which do not necessarily tackle the state's war against terror, but instead serves the interests of groups such as the armed forces, neoliberal elites, and the old regime. Dr. Abozaid argues that these laws complement other legislation that restrict journalists and reporters from freely expressing themselves online and offline. Egyptian authorities employ cyber and digital counterterrorism measures as [End Page 1] part of their "cyber Baltaga" (digital thuggery) strategy to demonstrate their way of preserving and advancing their domination of the public and cyber spheres. Years of repression have led to Egypt being ranked as one of the world's worst jailers of journalists. Russia's invasion of Ukraine in February 2022 has dominated conversations for the past year, causing many to reassess long held beliefs about power and conflicts, particularly in the digital space. This issue includes two articles focusing on the conflict, each approaching the impacts of Russian digital authoritarianism in different ways. Fabian Burkhardt and Mariëlle Wijermars discuss the ways in which externally imposed sanctions have disrupted Russia's digital mechanisms of control. States' reliance on foreign platforms and technology is a byproduct of the integrated nature of the digital sphere. Dr. Burkhardt and Dr. Wijermars argue that this reliance shapes the regime's ability to control and suppress domestically, focusing on the changes to Russia's repressive capabilities as these foreign technologies are restricted by sanctions. In examining the period from February to September of 2022, they find that while Russia has demonstrated enhanced capacity for digital authoritarianism in response to these sanctions, the conflict also threatens the future of the digital infrastructures necessary for repression. Where the prior article looked at the impact of external forces on Russia's capacity for digital repression, Jackie Kerr examines Russian internal digital dynamics. In tracing the relationship between the state and Runet (the Russian Internet), Kerr examines how the conflicts, contradictions, and communities formed as Runet developed affect the regime's actions, both domestically and internationally. She contrasts the Kremlin's repressive efforts with the digital communities that have evolved in response, offering insight into the future of Russian, and perhaps global, internet freedom. Hugh Harsono writes about the potential that Web3 provides for decentralizing the internet and the People's Republic of China's (PRC) attempts to manipulate its...
The article represents the current state of the use of non-fungible tokens as blockchain-enabled cryptographic assets that represent proof of ownership of digital objects. Their great potential is substantiated as a means of protecting various types of information, capable of ensuring its confidentiality, integrity and availability. The problems of ensuring the security of non-fungible tokens are highlighted and ways to solve them are proposed.
Based on a systematic analysis of the general provisions of civil law on the forms of transactions, contracts and methods of performance of obligations, and doctrinal points of view on the essence of the smart contract as a product of digitalization conclusions are made that the smart contract has a complex and ambiguous legal nature, allowing to define it as a kind of electronic contract, a separate form of written transaction (contract), a way to fulfill an obligation. In the absence of its legal concept, it does not replace the traditional civil law contract. The subject composition and content of the smart contract is mediated by the scope of its application. We should not exaggerate the role and importance of smart contracts and expand the scope of their application outside of civil turnover.
Although the term “digital rights” and their kinds are now stipulated in the Civil Code of the Russian Federation and other federal laws, the concept of a smart contract and its legal issues arising with its use are not reflected in the current legislation. In our view, it is a drawback since digital rights are transferred from the one to another person in an information system with the use of a smart contract. Smart contract is deemed to be a contract which is concluded and performed in a special information system being decentralized and distributed (like blockchain) and enabling making transactions of digital rights. The peculiarities of a smart contract enhance stability of civil turnover and promote due performance of obligations. It is argued to be possible to transit digital rights in virtue of law on such lawful grounds as a court decision, hereditary succession in case of presenting a certificate of inheritance, where an operator of an information system makes an appropriate record in accordance with the rules of such information system. The lack of legal regulation of a smart contract restrains the broader use of digital rights as well as implementation of accrual of digital rights on the basis of decisions of law enforcement bodies.
The crypto industry has exploded in recent years, and authorities in different countries have been reacting in very different ways. Some have banned cryptocurrencies, while others are embracing them to varying degrees. Some are working hard to align their anti-money laundering regulations with FATF standards, while others are turning a blind eye. A few countries have confiscated huge quantities of crypto assets linked to crime and money laundering. Others are at square one in terms of enforcement, risking becoming a hub for crypto crime and money laundering and posing a serious vulnerability in the world’s financial system.
 This Working Paper draws on a detailed analysis of how selected countries are addressing legal, regulatory and enforcement issues around cryptocurrencies and other virtual assets. The analysis is focused on Asia, but set in the context of global trends in crypto law, regulation and enforcement. It explores critical questions that will shape policies around virtual assets at the corporate, national and international levels:
 
 What is working in terms of crypto regulation and enforcement?
 What are the implications of different policy choices on crypto assets – for the industry, for the countries themselves and for global financial integrity as a whole?
 What would the crypto wave possibly bring next?
 
 The Paper also highlights broader developments needed to bring light and clarity to laws, policies and practices around the crypto industry, such as collaboration between both market players and governments.
 Jurisdictions touched upon in this Working Paper alphabetically include Bhutan, Central African Republic, El Salvador, Hong Kong SAR, India, Indonesia, Japan, Kazakhstan, Malaysia, Myanmar, Russia, Singapore, South Korea, the Philippines, the People’s Republic of China, Thailand, Ukraine and Vietnam.
 A list of key terms and abbreviations have been prepared in the Annex to this Working Paper for the readers’ easy reference.
 About this Working Paper
 This Working Paper is a collaboration between Dorothy Siron, Co-Managing Partner, Zhong Lun Law Firm LLP and Federico Paesano, Senior Financial Investigation Specialist, Basel Institute on Governance.
 Dorothy Siron provided the bulk of the analysis and discussion, while Federico Paesano provided a selection of case studies and was co-author of the seven recommendations contained in section 4. The collaboration was facilitated by the International Academy of Financial Crime Litigators, an independent, non-partisan global centre that shapes and advances financial crime litigation practices for the future.
The proliferation of cryptocurrency transactions and the increase in their value raises the question of the need for a final solution to the problem of legal regulation of their circulation. The urgency of this task is exacerbated by the fact that leaving cryptoassets out of the legal field promotes their use in illegal activities and deprives the state of significant revenues from their proper taxation. The purpose of this article is to study the approaches to the legal regulation of the circulation of cryptoassets, which are recently formed in the world, to determine the positive experience and opportunities to borrow successful legislative decisions. The article analyzes approaches to the regulation of relations arising from cryptocurrencies in the United States, Canada, Great Britain, Germany, Austria, Estonia, China, Singapore and Australia. Particular attention is paid to the analysis of the European unified approach to the regulation of cryptocurrencies for all European countries, as well as cryptocurrency services. According to the results of the study, it is concluded that today the attitude to cryptocurrencies differs depending on the level of development of the country. However, recently there has been a tendency to focus efforts on the implementation of cryptoassets in the legal field and ensure legal regulation of their circulation. In general, 2020, the year of the pandemic and the transfer of life to the online format, was marked by special attention to the development of legal regulation of cryptocurrency circulation. Of particular concern to the authorities are features of cryptocurrencies such as decentralization and anonymity, which allow these assets to be used to launder criminal proceeds and finance terrorism. It is in this direction that government regulation of cryptocurrency circulation has been moving recently. Most countries in the world of cryptocurrency regulation focus on licensing cryptocurrency exchanges, identifying their users, taxing, and countering money laundering and terrorist financing. These principles are the basis of the unified approach to the regulation of cryptocurrency activities for all European countries proposed by the European Commission. It is noteworthy that both in the European unified approach to the regulation of cryptoassets and in their legal regulation in some European countries and the United States, it is proposed to classify cryptocurrencies and divide them into several categories depending on the functions they perform. These approaches to the classification of cryptoassets should be considered when determining the legal framework for regulating the circulation of cryptoassets (virtual assets) in Ukraine.
This chapter analyses the current means of regulating cryptocurrencies, prior to an evaluation and analysis of this existing regulatory framework (up to January 2021). With this in mind, the chapter firstly presents an overview of international and regional regulatory responses to cryptocurrencies. The organisations included in this analysis are the International Monetary Fund (IMF), the G20 and the Financial Stability Board (FSB), the Organisation for Economic Co-operation and Development (OECD), the Financial Action Task Force (FATF), the Bank for International Settlements (BIS), the International Organization of Securities Commissions (IOSCO), and the various organisations within the European Union (EU). This is followed by an overview of national regulatory responses to cryptocurrencies. This section categorises regulations as having either no regulation, or restrictive, neutral, or promotive jurisdictions. The chapter then provides some concluding remarks on the current state of global cryptocurrency regulation.
This paper presents a review of the current status and development trends of the non-fungible tokens’ technology (NFT), which are digital rights to unique objects recorded in the blockchain. The object of the study is the non-interchangeable token technology. The subject of the study is the fields of practical application of NFT. The method is an analytical review of scientific publications. The current state and socio-cultural sources of the NFT market related to works of art and media objects are analysed. The technological and legal problems preventing the wide spread of NFT in the business environment are identified. The prospects for the use of non-fungible tokens in the field of protection and commercialization of patent law objects are considered.
The year 2021 was a turning point in the development of digital art. The widespread use of a non-fungible tokens (NFT) in the art industry has revolutionized the modern understanding of intellectual property rights (hereinafter — IPR) and the transfer of IPR. The role of agents as intermediaries between artists and art connoisseurs lost its importance, and so did the role of streaming services. Blockchain technology rewards creators for the sales of works on the secondary market and their subsequent use. Today everyone heard of NFT. Nevertheless, what we know about NFT now is just the tip of the iceberg. The potential market for NFT is enormous: it goes far beyond the visual arts. It will only be a few years before we realize all the possibilities that NFT brings to the table. The importance of an excellent legal framework for NFT is apparent. However, as it may seem, Russian legislation bypasses this aspect. Hence, is it possible to work with NFT in Russia? The answer to this question is significant for many who wish to be part of the international NFT market, such as museums, galleries, artists, musicians, entrepreneurs. The purpose of the work is to substantiate the possibility of working with NFT in Russia in the absence of special legal regulation. The authors, using systematic, deductive and comparative research methods, designate the place of NFT in the system of legislative regulation of digital assets. Using an empirical method, the authors demonstrate the feasibility of overcoming the legal hardships of NFT transactions in Russia on the examples of successful projects of tokenization of masterpieces of the State Hermitage Museum, works of other museums, private collections, and creations by young Russian artists. The result of the work is the justification of the feasibility of working with NFT in Russia in the absence of special legal regulation and the formation of such a model for structuring transactions with NFT, which fully complies with the requirements of Russian legislation. The materials of the research used domestic and foreign experience of tokenization of digital art objects, as well as domestic and foreign literature on legal problems of NFT.
В статье авторами исследованы особенности этапов становления финтеха и возможностей технологии smart-контракта («умный» контракт) в системе финтеха, включая особенности данной технологии; осуществлен SWOP-анализ технологии smart-контрактов для системы финтеха; обоснованы перспективы развития в условиях современных вызовов. In the article, the author examines the features of the stages of fintech formation and the possibilities of smart contract technology in the fintech system, including the features of this technology; a SWOP analysis of smart contract technology for the fintech system is carried out; the prospects for development in the conditions of modern challenges are substantiated.
Apr 13, 2022·Aplikacija industrije 4.0 – prilika za novi iskorak u svim industrijskim granama / Application of Industry 4.0 – an opportunity for a new step forward in all industrial branches
The aim of this paper is to elaborate in more detail, through a brief explanation of the basic elements, the essence of the functioning of blockchain technology, which is a prerequisite and basis for the emergence and functioning of smart contracts, as a modern alternative to using conventional contracts. The nature of the connection between these two concepts points out the differences between conventional and smart contracts, defines the advantages that smart contracts have over the conventional ones, and thus contributes to a more complete understanding of the concept of smart contracts. In this paper we will try to explain how to use the benefits of block chain technology in many other areas of human activity, such as creating and exchanging crypto currencies, exchanging securities, things, documents, real estate, gems or other goods, on the example of smart contracts. In general, these advantages relate to the elimination of the need for intermediaries (in this case, lawyers and notaries), the reduction of the possibility of fraud and increasing the level of security in performing various types of legal transactions as well as acquiring full confidence in the accuracy and correctness of various types of records due to inability to change once stored and from a large number of equal partners, verified transactions.
This article describes the main provisions of the rapid law concept the idea of introducing blank norms into legislation, the content of which is possible by accessing special databases designed to consider the threats posed by the free circulation of cryptocurrency assets to the greatest extent. These conclusions are based on the analysis of the dangers of using cryptocurrencies by broad segments of the population, the lack of effective mechanisms for controlling their turnover, including the acquisition and exchange for other financial assets. The concept of fast law can also be used in other areas, such as in the regulation of industrial or transport securities.
Alexandra Andhov, Stéphane Blémus, Omry Ross, Johannes Rude Jensen
Denmark is among the European countries with the highest digital growth indicators, largest shares of online sales and most widespread use of digital platforms for banking and various public purposes. Furthermore, Denmark is an important blockchain hub in the Nordics and Europe. Denmark has a long tradition of recognized blockchain companies, innovative startups, skilled IT specialists and leading research institutions that actively contribute to a vibrant ecosystem. In addition, the Financial Supervisory Authority (FSA) has established a working group for blockchain and decentralized finance, which intends to support the FSA's ongoing work and knowledge of blockchain and its application across the financial industry.
On June 15, 2021, in Decision 942/QD-TTg, the Government assigned the State Bank of Vietnam to be the unit in charge of researching and piloting cryptocurrency based on blockchain technology (hereinafter referred to as cryptocurrency), the implementation period is from 2021 to 2023. According to the general trend, this type is expected to bring many advantages for payment activities compared to legal paper money, but it will certainly pose many challenges to the monetary policy of each country. Through the article, the authors focus on researching legal aspects of cryptocurrency and cryptocurrency management in the world and Vietnam, thereby making recommendations and suggestions to develop and improve the law on the management of cryptocurrency in Vietnam in the coming period. To ensure consistency, within the framework of this study, the cryptocurrency based on blockchain technology is studied as a cryptocurrency, not extended to others concepts.
Blockchain and its practical realization as cryptocurrency in particular, is the subject of serious discussions both in the world of computer technology and in the financial industry. People who have been able to access the basic aspects of blockchain networking principles are quite quick to conclude that the origin and subsequent development of this technology could significantly change the picture of the modern world. A document created by Satoshi Nakamoto in 2008 what's more, the Bitcoin project was the first practical implementation, based on blockchain technology, which turned out to be unnoticed by the world at that time. However, during this period, there were still people who paid their attention to it, it was also because they had a professional interest. However after some time when the society noticed how fast the price of one Bitcoin was rising and reached thousands of dollars they realized that it was not funny and on the contrary had a great future1 . The real representation of interest in blockchain projects started in the first half of 20162 From this period Georgia joins this project and the Public Registry is one of the first to start the land registration through blockchain3 .
Subject. This article discusses the issues of using the capabilities of non-fungible tokens (NFT) to tokenize copyright objects, and regulation of authorship and ownership of NFT objects on existing Internet platforms. Objectives. The article aims to describe the main opportunities and complexities of tokenization of assets using non-fungible tokens in Russia and abroad, and substantiate the need for legal changes in NFT regulation. Methods. For the study, I used the methods of comparison, observation, classification, and analysis of statistical data from leading analytical platforms and blockchain explorers, and Russian and foreign research materials. Results. Based on the assessment of the legal status of non-fungible tokens in Russia and abroad, the article presents legal initiatives to regulate non-fungible tokens both in Russia and abroad. Relevance. The presented NFT tools can be useful for analysts, researchers, specialists in blockchain technology, journalism, film industry, business, mass events, as well as developers, artists, musicians, art historians and ordinary users in establishing the authenticity of art objects and collectibles, implementing applications, patents, certificates and licenses for the product, tokenizing digital goods to prevent fraud and plagiarism, and monitor the execution of financial transactions.
The subject and the aim of the study. The article analyzes the approach to smart contract technology, which is reflected in the scientific literature and legislation of Russia and foreign countries, formulates the advantages and disadvantages of a smart contract that affect the implementation and protection of certain constitutional rights, including freedom of contract, the right to protect, the right to manage personal data. Methodology . Guided by formal dogmatic and comparative law methods in research, the author formulates approaches to the concept of a smart contract that has been developed in the practice of foreign countries and deduces how each of the approaches affects the implementation of constitutional human rights. The paper notes that the use of a smart contract based on the federal blockchain does not allow the full implementation of such rights as freedom of contract, the right to self-defense, and the right to manage personal data. In addition, the transnational nature of smart contracts usage, their pseudonymity and failure to unified concept of legal regulation create obstacles to the effective implementation of the right to judicial protection. The main results . The practice of legal regulation of smart contracts in foreign countries, aimed at minimizing the negative consequences of the use of technology is considered. Some countries follow to the concept of recognizing a smart contract as a form of contract (Italy, United States, Republic of Belarus) and a way of guaranteeing fulfilment of obligations (China, Italy, Republic of Belarus, Russian Federation). The second concept is considered as being the most restrictive for digital progress from one side but being able to guarantee protection of human rights such as right to judicial protection or freedom of contract. The first concept which shows smart contract being a type of contract carries additional risks associated with conclusion of a treaty - inconsistency of the smart contract with the actual will of the parties. The third concept considered smart contract as a type of contract is accepted in the Republic of Malta. The Republic of Malta regulated procedure of voluntary certification for smart contracts that allow to eliminate such threats as violation of human rights and the use of smart contracts for criminal purposes. The experience of legal regulation of smart contracts in the Republic of Malta is recognized as reasonable and effective, however, it is concluded that certification will achieve its goals only if it will be implemented in the legal system of wide range of the countries. Conclusions. It is concluded that despite the fact that the smart contract technology has high potential for its implementation in various fields of social and economic life, the effective implementation of smart contract technology in various spheres of society requires the formation of general legal principles for their application, the definition of areas in which the use of smart contracts is prohibited, as well as the development of international standards for their safe execution.
Vasiliy A. Laptev, Sergey Yu. Chucha, Daria Rinatovna Feyzrakhmanova
The subject. Digital technologies have been integrated into all aspects of public life, including politics, law, finance, business, education, science, and society. Yet, digitalization exerts an even greater impact on the economy, which should prompt the State, represented by its legislative and executive bodies, to take timely action to ensure the legal regulation of diverse aspects of the digital economy. Digital transformation of the economy has redefined the approaches to the issues of legal capacity, corporate governance and management of business processes. Traditional management mechanisms are no longer competitive, unless used in conjunction with dynamically developing digital technologies. This article explores the issues related to digital legal personality of a corporation (online registration (e-residency) of corporations and the digital footprint that companies leave in public registers), digital corporate governance, and discuss the operation of digital corporations, including networked and decentralized autonomous organizations. The authors distinguish three types of digital corporate governance: remote management (exercised by human individuals), smart management (based on algorithms designed by human engineers), and artificial intelligence (AI) management (that does not require human involvement). Some tools of digital corporation management are illustrated, replacing traditional forms of management of the human cognitive system. Finally, we provide an overview of the operational characteristics of decentralized autonomous organizations. Purpose of the research . This article is devoted to the transformation of management tools for modern corporations in the digital economy. In order to comply with the Russian corporate legislation of the existing digital reality, it is necessary to develop a comprehensive scientific and legal concept of corporate governance, ensuring the balance and protection of the rights and legitimate interests of all participants in corporate relations and others related to corporate relations, as well as increasing the transparency and efficiency of corporations. Methodology. The methodology of this study was based on the following methods of scientific knowledge: general scientific empirical methods (observation (over the course of development of the use of digital technologies in corporate law), comparison (of the effectiveness of the use of digital technologies in corporate law of different countries)); methods of theoretical knowledge (analysis (of advantages and disadvantages of digitalization of individual institutions of corporate law), formal legal method (in the formulation and research of various concepts, determination of their characteristics and classification), theoretical modeling (of the prospects and areas of possible application of digital technologies in corporate law). The main results . Digitalization of corporate management is bound to increase business profitability and improve competitiveness on the market. We believe that in the coming years science will have to tackle the issues of assessing the implications of the introduction of digital technologies, determining technical, economic and legal prerequisites for their implementation, and identifying their limits. In addition, issues related to professional training / retraining of personnel capable of working with modern technologies are of importance. Conclusions. The authors came to the conclusion that the main direction of improving corporate legislation in the context of digitalization is currently the creation and provision of conditions for effective interaction between corporate actors and persons directly associated with them in the digital environment.