Tokenization — a global trend transforming the financial market and payment infrastructure. The use of distributed ledger technology enables the digitization and conversion of asset rights into a machine-readable format, storing information about them and transactions in information systems. In our country, products designed with tokenization technology in mind are already being actively developed — these include digital financial assets, utilitarian digital rights, hybrid digital rights, and the digital ruble; the use of digital currency is also expanding. Despite this, Russian legislation lacks comprehensive definitions for the terms “tokenization” and “token”, and the existing definitions or mentions of these terms carry different meanings. This article presents the results of an analysis of the use of these terms in acts, documents of the Bank of Russia and the Russian Ministry of Finance, as well as existing practice: in the rules of information system operators for issuing digital financial assets and operators of digital financial asset exchange.
Abstract: This paper examines how national cryptocurrency regulations affect cross-country Bitcoin price segmentation, local prices, and traded volumes. Using daily data for 22 countries since 2013, we apply a dynamic fixed effects framework to deviations from the law of one price (LOP), controlling for country-specific barriers and global shocks. We distinguish between regulatory frameworks that enhance market functioning (e.g., securities laws, payment system integration, regulatory sandboxes), pro-innovation policies, restrictive measures (e.g., banking bans), and anti-money laundering/countering the financing of terrorism (AML/CFT) rules. Our results show that comprehensive and pro-innovation frameworks reduce price deviations from the USD benchmark, lower local prices, and increase traded volumes, while banking bans fragment markets, depress prices, and reduce volumes. AML/CFT laws exert a consistent downward effect on prices regardless of global conditions. Threshold Auto-Regressive (TAR) models further reveal that highly regulated countries—whether supportive or restrictive—are more sensitive to macro-financial factors such as capital account openness, inflation, relative traded volumes, and remittances, indicating tighter links to the broader financial system. These findings suggest that regulation not only shapes domestic market conditions but also alters the transmission of global and macro-financial shocks into cryptocurrency markets.
The civil law consequences of the use of non-fungible tokens (NFTs) in mass multiplayer online role-playing games (MMORPGs) as a special type of multimedia products are studied. The analysis focuses on the social relations arising from the tokenization of in-game objects, the issuance, circulation, acquisition, and use of NFTs within the gaming environment, as well as the determination of the rights of participants in these relations. Special attention is given to the delineation of rights to the token itself as a record in a distributed ledger, rights to the associated digital object, exclusive rights to elements of the multimedia product, and the obligations of users resulting from licensing and user agreements. The study also addresses the place of NFTs in the system of property rights, their relationships with digital rights, virtual assets, and other civil law constructs. Method, methodology of the research. The formal-legal, systemic, comparative-legal, and doctrinal methods have been employed. Provisions of the Civil Code of the Russian Federation, regulations on digital financial assets, academic literature, user agreements of gaming projects, and foreign approaches have been analyzed. Special attention has been paid to licensing constructs and the differentiation of obligation and intellectual rights. It is advanced by the author that NFTs within MMORPGs should not be automatically classified as digital rights in the sense of Article 141.1 of the Civil Code of the Russian Federation, nor as digital financial assets, nor as things in the classical sense. It is proposed by the author to regard them as a special virtual asset— a unique record in a distributed ledger, certifying control over the token by a particular entity and capable of being linked with a digital object or a contractually defined scope of possibilities for its use. It is shown that acquiring an NFT does not in itself lead to the transfer of exclusive rights to the associated content, and the scope of user rights is primarily determined by user and licensing agreements. The results can be used for the legal qualification of in-game digital assets, the preparation of contractual models, judicial arguments, scientific qualification of similar objects, and the improvement of multimedia product regulation.
The inheritance of distributed ledger technology (DLT)-based digital assets – such as cryptocurrencies, non-fungible tokens (NFTs) and tokenized claims – poses a formidable challenge to traditional civil law succession frameworks. Unlike conventional property, these digital assets are characterized by decentralization, pseudonymity, immutability and self-custody, features that complicate both their legal classification and their practical transmission upon death. This article critically examines whether and how European civil law systems can adapt to the inheritance of such assets. The study begins by defining DLT-based digital assets and situating them within the broader spectrum of digital property, before turning to their unique technological features and implications for patrimonial law. Two core succession modalities – testate and intestate inheritance – are assessed, revealing both structural limitations and procedural blind spots in dealing with blockchain-based assets. Traditional wills often fail to provide adequate access instructions, while smart contracts and blockchain-based estate planning mechanisms remain legally unrecognized and technologically immature. The article also evaluates the limits of current EU regulation, particularly Markets in Crypto-Assets Regulation (MiCAR), which, despite offering robust oversight for crypto-asset services, remains silent on inheritance, leaving the issue to divergent national regimes. Ultimately, the article calls for doctrinal and regulatory recalibration to align succession law with the operational realities of decentralized technology, ensuring digital patrimony can be effectively transmitted in the 21st century Résumé: L’héritage des actifs numériques fondés sur la technologie des registres distribués (DLT) – tels que les cryptomonnaies, les NFT et les droits tokenisés – pose un défi majeur aux cadres traditionnels du droit civil de la succession. Contrairement aux biens conventionnels, ces actifs se caractérisent par leur décentralization, leur pseudonymat, leur immutabilité et leur autodétention, autant de traits qui compliquent à la fois leur qualification juridique et leur transmission effective au décès du titulaire. Cet article examine de manière critique si, et comment, les systèmes de droit civil européens peuvent s’adapter à la transmission de tels actifs. L’étude débute par une définition des actifs numériques basés sur la DLT et les situe dans le spectre plus large des biens numériques, avant d’analyser leurs caractéristiques technologiques spécifiques et leurs implications pour le droit patrimonial. Les deux modalités principales de succession – testamentaire et ab intestat – sont analysées, révélant des limites structurelles et des angles morts procéduraux face aux actifs blockchainisés. Les testaments traditionnels omettent souvent de fournir les informations nécessaires à l’accès, tandis que les contrats intelligents et autres dispositifs successoraux numériques demeurent juridiquement non reconnus et technologiquement immatures. L’article évalue également les limites de la réglementation européenne actuelle, en particulier MiCAR, qui, bien qu’elle encadre rigoureusement les services liés aux crypto-actifs, reste silencieuse sur la question successorale, la renvoyant aux régimes nationaux. En conclu l’étude appelle à une révision doctrinale et réglementaire afin d’aligner le droit des successions sur les réalités opérationnelles des technologies décentralisées, et de garantir la transmissibilité effective du patrimoine numérique au XXIᵉ siècle. Zusammenfassung: Die Vererbung von digitalen Vermögenswerten auf Basis von Distributed-Ledger-Technologie (DLT) – wie Kryptowährungen, NFTs und tokenisierten Forderungen – stellt eine erhebliche Herausforderung für die traditionellen zivilrechtlichen Erbrechtsordnungen dar. Anders als konventionelles Eigentum zeichnen sich diese digitalen Vermögenswerte durch Dezentralisierung, Pseudonymität, Unveränderlichkeit und Selbstverwahrung aus – Eigenschaften, die sowohl ihre rechtliche Einordnung als auch ihre praktische Übertragbarkeit im Todesfall erschweren. Dieser Beitrag untersucht kritisch, ob und wie sich die zivilrechtlichen Systeme Europas an die Vererbung solcher Vermögenswerte anpassen können. Die Analyse beginnt mit einer Definition DLT-basierter digitaler Vermögenswerte und ordnet sie in das weitere Spektrum digitaler Eigentumsformen ein, bevor sie deren technologische Besonderheiten und deren Auswirkungen auf das Vermögensrecht beleuchtet. Die zwei zentralen Erbformen – testamentarische und gesetzliche Erbfolge – werden analysiert und offenbaren sowohl strukturelle Schwächen als auch verfahrensrechtliche Defizite im Umgang mit blockchainbasierten Vermögenswerten. Herkömmliche Testamente bieten oft keine hinreichenden Zugangsanweisungen, während Smart Contracts und blockchainbasierte Nachlassmechanismen rechtlich nicht anerkannt und technisch noch unreif sind. Der Beitrag beleuchtet zudem die Grenzen der aktuellen EURegulierung, insbesondere MiCAR, die zwar robuste Aufsichtsstrukturen für KryptoDienstleistungen etabliert, aber zur Erbfolge schweigt und die Problematik nationalen Regelungen überlässt. Abschließend plädiert der Beitrag für eine dogmatische und regulatorische Neuausrichtung des Erbrechts, um den Anforderungen dezentraler Technologien gerecht zu werden und die effektive Übertragbarkeit digitalen Vermögens im 21. Jahrhundert sicherzustellen Resumen: La herencia de los activos digitales basados en tecnología de registros distribuidos (DLT), como las criptomonedas, los NFT y los derechos tokenizados, plantea un desafío formidable para los marcos tradicionales del derecho sucesorio civil. A diferencia de los bienes convencionales, estos activos digitales se caracterizan por la descentralización, la seudonimidad, la inmutabilidad y la autocustodia, rasgos que complican tanto su clasificación jurídica como su transmisión práctica tras el fallecimiento. Este artículo examina críticamente si, y de qué manera, los sistemas de derecho civil europeos pueden adaptarse a la herencia de tales activos. El estudio comienza definiendo los activos digitales basados en DLT y situándolos dentro del espectro más amplio de la propiedad digital, para luego analizar sus características tecnológicas únicas y sus implicaciones para el derecho patrimonial. Se evalúan dos modalidades sucesorias fundamentales – la sucesión testada y la intestada—, que revelan limitaciones estructurales y vacíos procedimentales en el tratamiento de los activos basados en blockchain. Los testamentos tradicionales a menudo no proporcionan instrucciones de acceso adecuadas, mientras que los contratos inteligentes y otros mecanismos de planificación sucesoria basados en blockchain siguen sin reconocimiento jurídico y se encuentran en una etapa tecnológica inmadura. El artículo también analiza los límites de la regulación vigente de la Unión Europea, en particular el Reglamento MiCAR, que, a pesar de ofrecer una supervisión sólida de los servicios de criptoactivos, guarda silencio respecto a la herencia, dejando la cuestión en manos de regímenes nacionales divergentes. En última instancia, el artículo aboga por una recalibración doctrinal y regulatoria que alinee el derecho sucesorio con las realidades operativas de la tecnología descentralizada, garantizando que el patrimonio digital pueda transmitirse de manera efectiva en el siglo XXI.
إن التقدم التقني المعاصر، وما أحدثه من تقدمٍ في شتى المجالات غير خافٍ على أحد حيث تبع هذا التقدم الكثير من الابتكارات التقنية التي انتشرت بسرعةٍ رهيبةٍ، ومن هذه الابتكارات ما يُعْرف بالرموز الرقمية غير القابلة للاستبدال التي هي عبارة عن أصولٍ رقميةٍ تستخدم لإثبات الملكية الخاصة بالمحتويات الرقمية كمقاطع الفيديو والتغريدات والصور وغيرها، وتمتاز هذه الرموز بكونها غير قابلةٍ للاستبدال، فلا يمكن استبدال رمزٍ منها بآخر نظرًا لندرتها، كما تتمتع بالشفافية والأمان؛ لاعتمادها على تقنية البلوك تشين مما يمنحها قدرًا كبيرًا من الثقة، وقد تناولتُ في هذه البحث التعريف بالرموز الرقمية غير القابلة للاستبدال، وخصائصها، ومجالات استخدامها، ثم تحدثت عن التكييف الفقهي لهذه الرموز، من حيث كونها حقاً معنوياً، والأثر المترتب على هذا التكييف من حيث اعتبارها مالاً، أو عدم اعتبارها مالاً، ومن ثم حكم بيعها بصفةٍ عامةٍ، وبيعها إذا كان البيع بغرض استعمالها استعمالاً محرمًا، أو تكييفها باعتبارها وثيقةً لإثبات الملكية الرقمية، والأثر المترتب على هذا التكييف، ثم ذيلت البحث بخاتمةٍ بينتُ أهم النتائج والتوصيات التي توصلت إليها. The contemporary technological advancements and their impact on various fields are undeniable. This progress has been accompanied by numerous technological innovations that have spread rapidly. Among these innovations are non-fungible digital tokens, which are digital assets used to prove ownership of digital content such as videos, tweets, images, and more. These tokens are characterized by their non-fungibility; one token cannot be replaced by another due to their scarcity. They also possess transparency and security. Because it relies on blockchain technology, which grants it a high degree of trust, this research addresses the definition of non-fungible digital tokens, their characteristics, and their applications. It then discusses the jurisprudential classification of these tokens, considering them as intangible rights and the implications of this classification in terms of whether they are considered property or not. Consequently, it examines the ruling on their sale in general, and specifically the ruling on selling them for the purpose of using them in a prohibited manner. It also addresses their classification as a document for proving digital ownership and the implications of this classification. Finally, the research concludes with a summary of the most important findings and recommendations.
The rapid development of blockchain technology has led to the emergence of NFT-based (non-fungible token) digital collectibles, which are becoming a new direction within the digital economy and the cultural industry. NFT technology enables the uniqueness of digital assets, verification of ownership, and transparency of transactions. However, this phenomenon also generates a number of complex legal issues. In particular, the uncertain legal status of NFT assets, risks of intellectual property infringement, and the lack of clearly defined mechanisms for platform liability and user rights protection pose significant challenges to existing legal systems. Therefore, a comprehensive academic analysis of the legal protection of NFT digital collectibles is of particular relevance. The purpose of the study is to determine the legal nature of NFT digital collectibles, analyze the main theoretical approaches to their legal status, and substantiate regulatory mechanisms aimed at reducing legal risks in the NFT market. The study applies the method of literature analysis. Relevant domestic and international academic publications on NFT technology, digital asset law, and intellectual property were examined, alongside an analysis of current legislation and judicial practice. In addition, practical legal disputes and real cases related to the functioning of the NFT market were reviewed. The research identifies two main legal characteristics of NFT digital collectibles. First, NFT certificates recorded on blockchain platforms possess the legal status of data-based property rights. Second, the underlying digital content associated with NFTs should be considered a form of virtual property. Furthermore, the study substantiates the need to classify NFT trading platforms, depending on their business models, as either technical service providers or content service providers. It also demonstrates the necessity of proportionally allocating legal responsibilities to platforms based on their control capabilities and the extent of economic benefits they derive. The proposed approaches contribute to improving the legal regulatory framework for NFT digital collectibles, strengthening intellectual property protection, and clarifying legal relations between platforms and users. The findings may serve as a theoretical foundation for developing effective governance mechanisms for the digital asset market and ensuring its sustainable and secure development.
This article provides a doctrinal, technological, and prospective analysis of the Global Code of Digital Enforcement, adopted by the International Union of Judicial Officers (UIHJ) in 2021 as a soft law instrument intended to guide the enforcement of judicial decisions in the context of the digital transformation of justice. Building on the 2015 Global Code of Enforcement, the digital version responds to the dematerialisation of procedures, the expansion of electronic registries, the emergence of digital assets, and the increasing use of artificial intelligence in enforcement processes. From a doctrinal perspective, the study examines the internal coherence, principles, and normative scope of the Code, emphasising its effort to reconcile the effectiveness of enforcement with fundamental rights, due process, data protection, and the principle of proportionality. Particular attention is given to the continued role of judicial oversight and to the ethical governance of automated systems. From a technological standpoint, the article analyses how the Code addresses issues such as access to digital data, interoperability of registries, cybersecurity, and the seizure of intangible assets, including crypto-assets, non-fungible tokens (NFTs), and domain names. Finally, adopting a prospective perspective, the article evaluates the Code’s potential influence on national and European legal systems. Recent case law relating to the seizure of NFTs in the Netherlands and domain names in Belgium is examined to illustrate the growing practical relevance of the standards promoted by the Code in contemporary enforcement practice.
Under the influence of Industry 4.0, numerous scientific breakthroughs have emerged, including "cryptocurrencies and virtual currencies." Globally, various types of crypto-assets such as Ethereum, Litecoin, Bitcoin, Swisscoin, and Zcash have gained prominence, with regulatory approaches ranging from outright bans to formal authorization. This article examines the legal framework governing virtual currencies in Canada—a pioneer in establishing such regulations—to derive critical lessons for Vietnam in refining its legal framework for assets currently being drafted in the Law on Digital Technology Industry
Purpose: This study analyzed Smart contracts based on Distributed Ledger Technology (DLT), which offer new possibilities for automating and decentralizing the entire dispute resolution process—from filing and evidence preservation to arbitrator selection and the enforcement of awards. Research design, data, and methodology: These developments simultaneously introduce critical challenges in private international law, including determining the governing law, establishing the seat of arbitration, and ensuring the legal validity of awards within crossborder distributed networks. Results: This study classified and analyzed the types and technical characteristics of blockchain-based ODR. It evaluated the applicability and limitations of the Korean Arbitration Act (as amended in 2016) regarding transnational commercial disputes. Conclusions: This paper proposes legislative directions for the refinement of the Korean Arbitration Act and related frameworks through a comparative legal analysis of international norms—including the UNCITRAL Technical Notes (2017), the Hague Principles (2015), and EU ODR Regulations.
The article examines the nature and multidimensional classification of digital financial assets (DFAs) as an emerging element of the modern financial system. It demonstrates that the rapid expansion of tokenisation has created a new class of instruments that combine the legal features of conventional financial rights with the technological advantages of distributed ledgers. Internationally, DFAs represent tokenised claims on cash flows, equity, debt, or other assets recorded in distributed or hybrid registers. In Russia, DFAs operate within permissioned information systems (OIS) and are mainly used for short-term debt issuance serving corporate and banking funding needs. The purpose of the research is to provide a holistic understanding of DFAs and to propose a multi-axis classification based on their economic function, underlying asset, holder’s rights, and circulation regime. The study employs analytical and comparative-legal methods, referencing international standards (MiCA, FATF) and industry datasets (DeFiLlama, RWA.xyz) together with official statistics of the Bank of Russia (ORFR). The findings refine the economic and legal definition of DFAs and highlight global and national market trends. It is concluded that the proposed classification enhances data comparability and provides a methodological framework for risk and performance analysis of DFAs. The results may serve as a foundation for the development of regulatory calibration and for aligning Russian market practices with international approaches.
The article discusses the controversial issues of the legal nature of self-executing transactions. It is proved that a smart contract is an algorithm that automates the execution of legally signifi cant and actual actions, subject to constant monitoring in accordance with the agreement of the parties and the regulatory requirements embedded in the program code. The use of digital tools for recording expressions of will, including software algorithms that create convincing evidence of the validity of an agreement, is being investigated. The authors conclude that a smart contract cannot be considered an independent form of contract, as a special algorithm, it helps automate the fulfillment of obligations under constant control and in strict accordance with the terms of the agreement embedded in the program code.
This paper examines the most common smart contracts security issues included in the OWASP Smart Contract Top 10. The purpose of the study is to synthesize a set of recommendations that can help eliminate these key weaknesses or mitigate associated risks. The relevance of this research stems from the rapid development of Web3 technologies, particularly the expanding use of smart contracts. According to various estimates, this market is expected to grow at a CAGR of approximately 25% in the medium term. Furthermore, another factor contributing to the relevance of this topic in Russia is the lack of comprehensive regulation for this class of instruments, especially concerning security requirements and compliance verification. This paper proposes a smart contracts lifecycle model best suited to the research context, describing each stage with particular attention to its impact on security. Existing security weaknesses classifiers specific to smart contracts are identified, with a detailed review of the ten most common vulnerability classes. Based on this review, recommendations are provided to prevent these vulnerabilities or mitigate their associated risks. The findings can be applied by both smart contract developers and security auditors. Additionally, the presented materials contribute to the development of a methodological framework for addressing regulatory issues in the industry.
Abstract The 21st century digital transformation and rapid development of blockchain technology create fundamentally new challenges for legal regulation. The increasing popularity and economic significance of cryptocurrency as a digital asset makes its legal qualification and, consequently, regulation within the framework of inheritance law relevant. The global cryptocurrency market capitalization already reaches trillions of dollars, and millions of individuals and legal entities use crypto assets as an investment instrument, payment method, and value storage mechanism. From this reality, critical legal questions arise about inheritance in cases of cryptocurrency holders’ death. The complexity of the problem is determined by the unique characteristics of cryptocurrency: decentralized nature, cryptographic protection, private key system, and high degree of anonymity create specific difficulties for heirs’ access to and identification of these assets. This research analyzes the current state of cryptocurrency inheritance legal regulation using comparative legal methods, identifies existing problems, and develops recommendations for improving legal regulation based on international experience from the USA, Germany, Japan, South Korea, and Australia.
The development of blockchain technology has introduced smart contracts as a new form of automated commercial agreement. Smart contracts are self-executing programs that perform contractual obligations when predetermined conditions are met, reducing the need for intermediaries and increasing efficiency in commercial transactions. Their growing use raises important legal questions regarding their validity and enforceability under existing legal systems, particularly under U.S. commercial law. This article examines the legal nature and enforceability of smart contracts within the framework of United States commercial law. It analyzes whether smart contracts satisfy the essential elements of contract formation, including offer, acceptance, consideration, and mutual assent. The article also explores the applicability of the Uniform Commercial Code (UCC) and its role in recognizing electronic and automated agreements. The article concludes that smart contracts can be legally enforceable under U.S. commercial law if they meet traditional contract requirements. Existing legal principles are flexible enough to accommodate smart contracts, making them a reliable tool for modern digital commerce.
This chapter examines the applicability of international investment law to emerging digital asset classes such as data packages, cryptocurrencies, and non-fungible tokens (NFTs). These assets, now mainstream investments, raise unique issues in terms of their protection under investment treaties. The chapter explores whether digital assets qualify as ’investments’ under traditional treaty definitions, and the application of the common protections offered under investment treaties to such assets. It assesses digital assets against criteria often applied by investment treaty tribunals to argue that digital assets can broadly be classified as investments. The chapter also analyses the key questions arising from the application of the fair and equitable treatment (FET) standard and protection against expropriation to digital assets, especially given the current relative lack of regulation in this area. Valuation complexities, including market volatility and the absence of benchmarks, are addressed, emphasising the need for close consideration of these issues in the context of investment treaty claims. Lastly, the chapter addresses structuring investments via corporate vehicles to enhance treaty protections and mitigate risks. It concludes that, while investment law can accommodate digital assets, careful structuring and awareness of treaty terms are vital for investor protection within an uncertain and ever-evolving regulatory environment.
The article examines digital payment tokens circulating in decentralized finance. The aim of the study is to de-velop a typology of digital payment tokens for their subsequent adaptation to the cross-border payment infra-structure as a specific payment token type that meets the necessary economic characteristics. The objectives of the study include an overview of the key innovations that led to the emergence and spread of decentralized finance, an analysis of the capabilities and advantages of smart contracts for creating digital tokens, a systema-tization of approaches to the regulatory framework for unsecured cryptocurrencies and stablecoins, and the selection of the optimal type of digital payment token for use in a cross-border payment infrastructure based on distributed ledger technology. The results of the study include a developed typology of digital payment tokens based on their suitability for use in a cross-border payment system. The study concludes that, in order to elimi-nate the fragmentation of national legislation that hinders the use of digital payment tokens in cross-border payment infrastructure, it is advisable for national regulators in countries participating in the unified cross-border payment space to focus their attention on the development and implementation of harmonized regula-tion of stablecoins.
Shashikumar Bhambhani Shailak Jani, ,Anju Gakhar, Purvi Dipen Derashri, Hiren Harsora Younis Malik
Blockchain and smart contracts are bringing a technological transformation to banking and financial service industry. This scholarly article evaluates the revolutionary nature of smart contracts in reinventing the concepts of trust, efficiency, and automation in transactions of diverse financial sectors. By using a qualitative and explorative methodology that uses secondary resources, the research integrates the know-how of academic publications, white papers, policy-related pieces, and case studies published since the year 2020. The results show that smart contracts are increasingly being used in trade finance, cross border payment, insurance claim settlement, credit release as well as compliance with regulations. Such applications have resulted in cost efficiency, transparency, auditability, and speed of operation being strengthened tremendously. Nevertheless, the paper also reveals some of the existing problems such as the lack of legal clarity, weaknesses in the coding of contracts, scalability of the blockchain technology used, regulatory compliance, and privacy. In practice, being used by institutions like JPMorgan and Santander and in DeFi platforms like Aave and Compound, smart contracts are increasingly becoming institutionally friendly. Also, legal and compliance agencies in different jurisdictions, such as European Union, India and United States, are developing infantile legal regimes that plan to control such innovations. This paper provides the conclusion that smart contracts have a potential to become the backbone of an automated, decentralized, and trusted financial world. To achieve successful integration, there must be a coordination between regulators, technologists, the financial institutions, and policymakers. The paper adds value to the academic discussion by offering a clear, detailed, practice-oriented view on the topic of how smart contract is changing future of banking and finance.
This chapter explores the core challenge that blockchain-based decentralization presents to traditional legal frameworks. Legal systems rely on the identification of subjects – whether natural persons, legal entities, or State authorities – to whom rights, obligations, and consequences can be assigned. This principle of attribution is foundational to nearly every facet of law, including criminal responsibility, contractual obligations, property rights, and regulatory enforcement. However, blockchain technology and autonomous decentralized systems fundamentally undermine this assumption by operating without identifiable centres of accountable authority. Decentralized Autonomous Organisations and Decentralized Finance protocols function autonomously, transcending territorial boundaries and human intermediaries, yet they typically fall under State jurisdictional structures. The argument is made that the fundamental operations of law – determining applicable rules, adjudicating disputes, and enforcing judgments – are predicated on the existence of ‘centres of attribution.’ This situation creates a fundamental tension between the aspirations of decentralization and the operational requirements of law, raising the question of whether the challenges posed by Blockchain can be reconciled with the essential principles of legal order. Keywords: blockchain technology, decentralization, smart contracts, legal accountability, jurisdiction, lex cryptographia, DAO, constitutional law, regulatory frameworks, legal personality.
В статье анализируются современные подходы к регулированию криптовалют, включая определение их правового статуса, надзор за криптовалютными посредниками и проблемы регулирования децентрализованных финансов, с учетом стандартов FATF и национальной практики. На основе выявленных ограничений предлагается модель международной организации по регулированию криптовалют и оценивается ее влияние на повышение мировой финансовой стабильности. The article analyzes contemporary approaches to cryptocurrency regulation, including the determination of their legal status, oversight of cryptocurrency intermediaries, and the challenges of regulating decentralized finance, taking into account FATF standards and national practices. Based on the identified limitations, the paper proposes a model of an international organization for cryptocurrency regulation and assesses its potential impact on improving global financial stability is being assessed.
In modern conditions, digitalization represents a complex phenomenon that actively encompasses various spheres of social life. This article examines the implementation of smart contracts, which are changing established approaches to transport services in the context of digital transformation. It is concluded that, despite the presence of the term “contract” in the name “smart contract”, it remains, by its legal nature, a computer program.
The rapid evolution of digital technologies has fundamentally disrupted traditional arbitration processes, introducing new complexities and opportunities at the intersection of blockchain technology, smart contracts, and online arbitration. This study examines the legal and practical challenges arising from the integration of blockchain technology, smart contracts, and online arbitration. The research addresses the problem of adapting traditional dispute resolution frameworks to decentralized automated agreements that transcend national borders. Using doctrinal analysis and comparative review of legal sources, case studies, and real-world platforms, the study identifies key types of smart contracts and evaluates on-chain and off-chain arbitration models. Findings highlight both the efficiency and transparency offered by blockchain-based dispute resolution, as well as persistent issues such as jurisdictional uncertainty, enforceability, technical vulnerabilities, and privacy risks. The results underscore the need for clear legal standards, technical safeguards, and the adoption of advanced technologies. The study recommends promoting interoperability, specifying governing law in smart contracts, and leveraging AI and off-chain execution systems to enhance the robustness and adaptability of digital dispute resolution.
The modern development of decentralized ledger and blockchain technologies has led to the emergence of smart contracts, which are becoming an important tool in the digital economy, transforming existing understandings of the conclusion and fulfillment of obligations in the digital environment. The authors believe that recognizing the objective multi-paradigmatic nature of this phenomenon will not only facilitate the integration of modern technological advances into the legal system but also stimulate the growth of an innovative economy, increase trust in digital platforms, and ensure their adaptation to the rapidly changing conditions of the digital market. The conclusions include proposals for legislative development based on a multi-paradigmatic approach, which assumes a comprehensive understanding of the legal status of smart contracts, taking into account technological, legal, and socioeconomic aspects. This, according to the authors, will help identify the most promising ways to integrate digital contractual instruments into the modern legal system.
Huei-Wen Teng, Wolfgang Karl Härdle, Joerg Osterrieder, Daniel Traian Pele · 31 authors
Digital assets (DAs) such as cryptocurrencies, tokenized securities, stablecoins, non-fungible tokens (NFTs), and central bank digital currencies, are transforming financial markets with new business models, investment opportunities, and transaction efficiencies. Underpinned by blockchain, distributed ledger technology, and smart contracts, digital innovations are reshaping the financial ecosystem. However, their rapid growth introduces substantial risks, including fraud, market manipulation, cybersecurity threats, and regulatory uncertainty. This position paper offers an interdisciplinary and empirically grounded analysis of the DA landscape. We define and classify major asset types, trace their evolution from speculative instruments to functional tools, and assess current adoption trends. Additional technological developments (e.g., decentralized finance and NFT expansion) are examined for their role in accelerating this transformation. We also analyze the global regulatory landscape, highlighting jurisdictional differences, classification challenges, and emerging governance frameworks. To address key risks, we derive mitigation strategies via quantitative analysis and case-based evidence. The risks include balancing innovation with investor protection through adaptive regulatory design, promoting cross-border regulatory harmonization to prevent arbitrage and fragmentation, and supporting experimentation through regulatory sandboxes and innovation hubs. By adopting a forward-looking, evidence-based, and collaborative regulatory approaches, stakeholders can harness the benefits of DAs while managing systemic risks and maintaining market integrity.