Blockchain Papers

Natalya Vitalievna Usova, M.P. Loginov, Elizaveta Makovkina

No abstract is available for this record.

Otabek Bakhromogli Mutalov

AbstractThis article researches the content of the draft Civil Code ofthe Republic of Uzbekistan and the issue of smart contracts. The study also analyzes the issue of defining smart contracts as a written form of agreement and contract. The disadvantages of concluding a will agreement through smartcontracts are justified. The article explores the basics of using smart contracts as a way to fulfill an obligation.

T.S. Hudima, Р.А. Джабраілов, O. S. Chernykh

Purpose of the article is to assess legal possibilities of using cryptocurrencies by the Russian Federation in order to evade international economic sanctions and formulate appropriate proposals.Research methods.The paper is executed by applying the general research and special methods of scientific cognition.Results.The article is devoted to the legal assessment of the possibilities of using cryptocurrencies by the Russian Federation in order to evade international economic sanctions with further substantiation of relevant proposals.It is proved that the cryptocurrency market cannot fully replace classical financial mechanisms for the Russian Federation, as the aggressor country.Therefore, we can talk about individual cases of withdrawal by residents of the Russian Federation of their own assets out of sanctions in the form of cryptocurrency with their subsequent conversion into fiat currencies.It is noted that legal operators of the virtual assets market, as well as professional participants involved in the chain of transactions with virtual assets, carry out their activities in accordance with the requirements of FATF and national legislation on prevention of funds laundering and combating terrorism.At the same time, it is established that the use of decentralized cryptocurrency exchange (DEX) and technologies increasing the anonymity of transactions (in particular, bitcoin mixer (tumbler), private, decentralized cryptocurrency (Monero), shadow banking), creates grounds to evade the norms of prevention and counteraction money laundering, terrorist financing and financing of the proliferation of weapons of mass destruction, and negate the effect of international economic sanctions.Conclusions.International initiatives regarding the legal regulation of stablecoins create risks for the Decentralized Finance industry and for using the decentralized crypto-asset market for fraud, including circumventing sanctions, but, at the same time, do not fully mitigate the risks associated with the circulation of stablecoins.Accordingly, the arguments in favor of taking appropriate international legal measures aimed at combating shadow banking and organizing the circulation of virtual assets are expressed.Thus, only cryptocurrencies, which are secured by currency values, securities or derivative financial instruments at the moment of their introduction and during the whole period of their stay in circulation, should be subject to conversion into fiat currencies.

Vladimir V. Popov, Дина Павловна Стригунова

No abstract is available for this record.

Isabelle Campoli Cazarim, Kauê Henrique Neto

No abstract is available for this record.

Ekaterina P. Volos

The article is devoted to the features of protection the weak party in the situation when the parties to the banking agreement use the “smart contract” technology from the point of view of Russian and foreign doctrine. The author proposes particular changes and additions to the current regulation and the established judicial practice, while the general principles of legislation remain unchanged.

Roberto Soprano

No abstract is available for this record.

A. A. Shpakova

Introduction: smart contracts helps solve the problems of intercorporate interaction by providing the possibility of fast and secure automatic transactions. However, the development and application of this digital technology are prevented by a number of factors. Their analysis from the viewpoint of diffusion of innovation theory will allow developing a strategy for managing the growth of this technology. Objectives: to determine the state policy directions in the field of regulation and use of smart contracts based on the systematization of factors that prevent their wide diffusion, and assessment of the influence of key actors associated with the development of this technology. Methods: meta-analysis of studies, survey of 170 Russian companies, comparative analysis, statics and dynamics method, formal-logical method. Results: the article defines the position of smart contracts on the diffusion curve for Russian companies, and systematizes the factors that prevent the wide diffusion of smart contracts by taking into account the characteristics of innovations. Further, the influence of key actors on the diffusion process has been assessed. The state policy directions in the field of regulation and use of smart contracts are determined. Conclusions: in Russia, the only users of smart contracts tend to be innovators and early adopters, while the key factors for diffusion are the characteristics of relative advantage, organizational and institutional compatibility, and risks related to using the technology. The average level of influence of technology developers, the regulator (state authorities) and companies on the diffusion process is approximately the same. The priorities of state policy in the field of regulation and use of smart contracts should be to provide conditions for organizational and institutional compatibility of innovation, reduce the legal risks of using this digital technology, and train personnel.

N.A. LYSENKO, V.A. BURYAK

PERSPECTIVESOF“SMARTCONTRACTS”APPLYINGINRUSSIANLEGISLATURE The article is devoted to the perspectives of “smart contracts” application. The notion of ‘smart contracts’ and its general approaches are examined. Several legal issues concerning practical application of ‘smart contracts’ are mentioned. The author suggests amendments to the current legislature necessary for using smart contract in practice.

Anatolii Movchan, Vasyl Kozii

No abstract is available for this record.

ALES KONTSEVOY

The article examines the economic and legal nature of cryptocurrency as an object of civil rights. The article analyzes the current problems of the civil law mechanism for fulfilling obligations in the sphere of digital rights turnover. The system of characteristic features of the cryptocurrency is revealed. To clarify and integrate doctrinal, legislative and law enforcement approaches, the author proposes a definition of cryptocurrency based on its qualifying features. The author defines cryptocurrency as a transferable complex thing within a given specific digital system, which is characterized by both material signs of money, currency values and information, and legally significant qualities of the property, digital and intellectual rights, and intangible benefits (business reputation). Currently, it is necessary to sыolve the problem with the lack of theoretical, legislative, and law enforcement approach to the concept of cryptocurrency and the systematization of its qualifying features. The legal definition of cryptocurrency will serve as a methodological basis for the effective legal regulation of relations both in the specialized market of digital financial instruments and relations in the rapidly developing sphere of digital rights, which is necessary for economic growth and serves as an institutional basis for the digital economy and the state.

I.S. Mitryaev, E.S. Lysenko, A.F. Ostryakova

No abstract is available for this record.

P.B. Rukobratskiy, N.O. Kozyreva

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Nipun Agarwal

Digital asset prices have been highly volatile, and it is hard to understand their fair value as you would with traditional assets. There has been some research to consider how cryptocurrencies and digital assets can be valued. However, there are no mainstream valuation theories that have still been developed. This paper undertakes a survey of some of the methods utilised to perform this valuation in practice at present. Though, as cryptocurrencies have a significant technology component, as a result, the existing valuation models being used in the industry are different to the traditional valuation models. This paper intends to review traditional asset valuation models like the CAPM and APT. When reviewing industry-based models that are used to value digital assets, we notice that neither of these models provides a simplistic way of analysing the fair value of digital assets. Therefore, this paper develops the volatility-based digital asset model to show how traditional and digital assets can be valued using a standard model.

A.V. Generalov

The purpose of the article was to study the approaches of foreign countries inrelationtothelegalregulation and circulation of cryptocurrencies. To achieve this goal, the method of chronological researchwasused, during which an analysis of the legislative framework of a number of foreign countries, their methodologyfor developing laws, policies and legal frameworks in relation to cryptocurrencies was carriedout. Thepeculiarities of the development of the ecosystem of cryptocurrencies and startups in the use of cryptocurrenciesontheterritory of a particular country, as well as the relationships that arise between intermediaries, startupsandinvestors in these countries, are studied. The opinions of experts, politicians, scientists concerningthefutureprospectsof cryptocurrencies in the legal field of foreign countries are noted. Complementing this withanassessment oftherisks and prospects in the use and integration of such a new "technological phenomenon". It is concludedthatcryptocurrencies will be able to become part of the global system if aspects of the licensingactivitiesof exchanges, as well as the administration, issuance of virtual currencies, storage and management of thirdpartiesbecomeacoordinated and controlled process.

Lyudmila Maslennikova, Alevtina Yambarysheva, Anastasia Mitryaikina

No abstract is available for this record.

R Lener

The article provides a first critical exam of the approach taken by EU Regulators and Courts regarding cryptoactivities. The purpose of this analysis is to see if a new European regulation on “encrypted” financial services will really be born. The analysis begins with the definition and regulation of Cryptocurrencies, the best of which are probably found in the opinions of supervisory and regulatory bodies. Italian courts dealing with this difficult subject show uncertainty among assets (beni), money (valuta), and financial products. Today the reflection of both Regulators and Courts is expanding from cryptocurrencies to the wider and even more indefinite area of the so-called crypto-assets. In this regard, the most recent and important element is given by the European Commission Proposal of September 24, 2020, concerning regulation of crypto-asset markets (Regulation on Markets in Crypto-assets, MiCA). The proposed regulation should apply to crypto-asset issuers, as well as to providers of crypto-asset services on the territory of the European Union. Also in this case, the definition of “cryptoasset” is crucial. New rules provide a fairly generic definition as “digital representations of value or rights that can be transferred or stored electronically using distributed ledger or similar technologies”. To obviate the vagueness of the definition, the only possibility seems to be moving by subtraction, i. e., listing a series of “tools” to which the proposed regulation does not apply, even though these may fall, in theory, in the broad definition of “crypto-asset”.

Motika Željka

The paper focuses on the legislative changes from 2021 that the Law on Digital Assets introduced into the legal system of the Republic of Serbia and contextualizes the amendments from the perspective of existing practice. Introductory part evaluates the issue of whether blockchain technology can secure trust and safety in the transactions that are executed via Internet by parties from all over the world, as well as reasons that created the regulatory framework for values that are transferred over distributed ledger technologies infrastructures. Main part of the paper examines in detail the legislative solutions within the Law on Digital Assets as well as key exceptions and terms and their impact on the local economy. The section is followed by an overview of the draft legislation in EU in the field as well as how it may impact Serbian economy as a third country. Aside from concluding remarks on legislative changes domestically, the paper outlines potential upcoming challenges related to blockchain and instruments that may require a different approach in regulation.

Evgeniy A. Zhabin, Anton D. Murzin, Tatyana M. Rogova, Dinara R. Tutaeva · 5 authors

No abstract is available for this record.

Bartolius, S.L. Budylin

<h5 class=annotation lang-ru sigil_not_in_toc>В статье обсуждается английское дело, посвященное компьютерному вымогательству. Однако это не уголовное дело, а гражданско-правовой иск, в котором жертва вымогателей пытается вернуть себе биткоины, уплаченные киберпреступникам в качестве выкупа. В деле решается ряд непростых вопросов гражданского и гражданско-процессуального права, специфичных для споров вокруг криптоактивов. В том числе необычайно важный вопрос о гражданско-правовой квалификации криптовалюты: суд признает, что криптовалюта является «имуществом».</h5>

Aaron Poynton

No abstract is available for this record.

Philipp Sandner, Agata Ferreira, Thomas Dünser

No abstract is available for this record.

Vanda Kociánová

1 Blockchain and copyright Abstract The aim and objective of this Thesis is to introduce the phenomenon of blockchain technology and some of its applications in the field of copyright. The thesis focuses primarily on the areas of databases, NFT and Smart Contracts, and their application in the existing, particularly Czech law. In its first chapter the author defines the blockchain technology, describing the basic terminology, such as node, block, hash, transaction, peer-to-peer network, proof of work. The chapter then explains how blockchain works, describing its key characteristics. The author dwells on three types of blockchain and finally discusses the issue of ethics and privacy protection. The next chapter on copyright summarizes basics of this area of law which has been experiencing fast development of new technologies. A sub-chapter on author's property rights, whereby special attention is paid to the issue of digital reproductions, constitutes an important part the the Thesis. Central chapters deal with Smart Contracts, blockchain, collective rights management and NFT (Non-fungible Tokens). Smart Contracts have the potential to simplify the process of contracts conclusion and to make it more user-friendly. The same applies in the field of copyright, for instance in the form of automatic deduction of...

Vasil Gechev

No abstract is available for this record.