Blockchain Papers

Trajanova, Viktorija

No abstract is available for this record.

К.И. Артемьев

В статье рассмотрены отношения, которые складываются в процессе покупки и продажи децентрализованных валют в правовом аспекте. В настоящее время криптовалюта уже набрала большую актуальность, в том числе среди простых граждан, однако в различных странах государственные органы по-разному относятся к новой интернет - валюте. Криптовалюта является ключевой причиной растущего спроса на глобальную социально - политическую революцию. Нельзя не подчеркнуть, что быстрое развитие новых технологий изменяют старые «классические» формы как экономической, так и социальной организации. В последнее время феномен криптовалюты, который действует как денежные средства вызывает противоречивые отклики у специалистов в разных сферах. Актуальным остается вопрос возможности неправомерного использования данных платежных систем и острым встает вопрос о необходимости создания эффективного правового поля регулирования. При рассмотрении данного вопроса в статье были использованы различные частно - научные методы исследования, такие как: сравнительно - правовой, системно - структурный, формально - логический и др. The article considers the relations that develop in the process of buying and selling decentralized currencies in the legal aspect. Currently, the cryptocurrency has already gained great relevance, including among ordinary citizens, but in different countries, government authorities have different attitudes to the new Internet currency. Cryptocurrency is a key reason for the growing demand for a global socio - political revolution. It should be emphasized that the rapid development of new technologies is changing the old "classical" forms of both economic and social organization. Recently, the phenomenon of cryptocurrency, which acts as money, has caused contradictory responses from specialists in different fields. The issue of the possibility of illegal use of these payment systems remains relevant and the question of the need to create an effective legal framework for regulation is acute. When considering this issue, the article used various private scientific research methods, such as: comparative legal, system-structural, formal-logical, etc.

Aida Wijaya, Obsatar Sinaga, Mohd Haizam Mohd Saudi

This paper aimed to open eyes for the many functions of the blockchain technology which was the underlying program of the cryptocurrency. The cryptocurrency itself could not be that magical if not based on the blockchain technology. Recent developments had revealed how this technology could completely change the future. The boundaries of today’s nations would be replaced by another kind of kingdom resided in the realm of the cryptocurrency and its blockchain technology. The paper also discussed the effort of Indonesian government to step into this area.

S. Sinitsyn, Maria O. Diakonova, Tatyana Chursina

This article has been prepared for the research purpose of identifying, disclosing, and justifying certain trends in the development of civil law and procedures in the context of the spread of smart contract practices and the expansion of their spheres of application. At the moment, there is no uniform approach to choosing an optimal form for the legal regulation of smart contracts within the system of contract law in modern legal systems or international law; meanwhile, globalization and the digitalization of the economy imply the growth of cross-border transactions. The emergence of smart contracts is due to the development of e-commerce, in which the parties’ interactions are carried out electronically instead of in physical exchanges or direct physical contact. Smart contracts gaining popularity in circulation are based on two interrelated elements: firstly, they eliminate a person’s direct participation in some or all cases of executing the agreement using an automated code designed for execution without reference to the intentions of the contracting parties after publication; secondly, they make use of decentralized blockchain technology, and also provide automatic code execution without any party’s potential intervention, so as to eliminate or reduce the self-control and third-party control of the commitment. This study examines the content, conclusion, validity, protection of rights and legitimate interests of the parties, interpretation, and legal nature of smart contracts. The research materials used foreign experience in resolving disputes from smart contracts on digital platforms (Kleros, JUR, Aragon Network Justice, OpenCourt, OpenBazaar), as well as domestic and foreign literature on smart contracts. This research has been prepared based on general (deduction, dialectical analysis, intersectoral relations of objects) and specialized (comparative-legal, economic-legal) methods of scientific experimentation. The authors conclude that there are no grounds for considering a smart contract as a new classification element of the system of contractual regulation (type or kind of contract). In addition, the analysis shows that the resolution of smart contract disputes through digital platforms remains radically uncertain, and currently is not creating obvious advantages in comparison with traditional judicial proceedings.

Volodymyr Cherniei, Serhii Cherniavskyi, Viktoria Babanina, Оlena Tykho

The article examines the features of criminal liability for transactions related to the circulation of cryptocurrencies. In order to determine the specifics of criminal violations in the field of cryptocurrency circulation, the legal nature of cryptocurrencies is studied. It is concluded that in order to properly qualify criminal offenses related to the circulation of cryptocurrencies, it is advisable to recognize cryptocurrencies as a type of property or money. The article analyzes the global approaches to the legal regulation of relations related to the circulation of cryptocurrencies. Based on the results of this analysis, it is concluded that relations regarding cryptocurrencies in most countries of the world are insufficiently regulated and are still outside of the legal field. This complicates, inter alia, the establishment of criminal liability for transactions involving the circulation of cryptocurrencies. A significant part of the article is devoted directly to the study of criminal liability for transactions involving the circulation of cryptocurrencies in different countries. The norms of the Criminal Codes, which establish liability for criminal violations in the field of cryptocurrency circulation, are analyzed. The measures that need to be implemented to ensure the control of government agencies over the circulation of cryptocurrencies and the security of all operations related to cryptocurrencies are identified.

Lê Trung Kiên, Nguyễn Huy Bình

The present paper analyses the aspects of investigations of crime involving cryptocurrencies as a payment instrument. Ever since their emergence, cryptocurrencies have come to be actively used by criminals in all types of illegal activities, such as drug trafficking, money laundering, illegal arms trade, payments for criminal services and many other crimes. The paper aims to establish the methods of crime investigation to track data on cryptocurrency transactions and identify and show up the participants of illegal operations. The author shows that the development of computer and digital information technologies and the Internet has brought about the ever-increasing prevalence of cryptocurrencies in all social domains, including the shadow sector, i. e., the criminal world. Figures are provided illustrating the overall circulation of cryptocurrencies in the world and its illegal segment. Explaining the attractiveness of cryptocurrencies for criminal structures, the author points at its anonymity and inadequate regulation of various aspects in laws. An analysis is provided of the practice of countries where cryptocurrency circulation is not only permitted but regulated to a maximum possible extent. The impact of such regulation for the state of the shadow cryptocurrency market is shown. The research further concerns the potential for bringing international expertise to the Socialist Republic of Vietnam. Potential methods of crime investigation concerning shadow cryptocurrency transactions are outlined, helping to identify and show up the participants involved. Forecasts are provided as to the development of modern forensics and the emergence of new forensic methods helping to uncover cryptocurrency-related crime; proposals are drawn for amending criminal and criminal procedure laws to facilitate investigations in the new context.

Olesya O. Izbash

The article examines the modern view of art in the digital space and the regulation of intellectual property in connection with this phenomenon. The author reveals the concept of blockchain and non-fungible token, their development and impact on the rights of creators. There are many challenges for digital artists today. One of them is that digital art objects can be easily copied as many times as you want. Yes, many will say that you can just save a picture and such saved copies would not differ from the original. But there is one nuance, or rather the opportunity provided by NFT – it’s the right to own the original version of the work. It is like having an original painting on display at the Louvre, and other reproductions and copies outside it will only promote and increase the value of this work, as it will become more recognizable. Therefore, NFT allows you to capture your intellectual property rights, which are confirmed in the blockchain. The use of NFT can be a new tool in the field of intellectual property management, creating new opportunities for the market and its participants, making it more convenient, because transactions with tokens are cheap, simple and faster than transactions with real objects to which they are tied. It is worth noting that the hype surrounding the use of NFT does not revolutionize art, computer games, or intellectual property itself, but it does offer significant new opportunities that deserve attention.

Authors unavailable

Headline CHINA: Ban will greatly curtail cryptocurrencies

Olga I. Miroshnichenko, Tamara G. Okminskaya

Cryptocurrency is a new economic phenomenon, a product of globalization, which from a historical point of view is characterized by the authors as a completely natural phenomenon of some obvious trends in digitalization. The authors analyze the impact of the 2019-2020 pandemic on the innovation of social, economic and even political spheres of life. It is stated that coronavirus pandemic of 2020 has shown how important it is to have a strong state in today’s world and how important its organizational-administrative and social functions may be, with the state simply being irreplaceable in this area for now. People’s expectations of the state in the current climate of global threats and emergencies are quite high, with everybody interested in a strong state and waiting for some active action on its part. In a crisis, a strong state has to be financially and organizationally powerful, which may require utilizing all available mechanisms. The current situation suggests the possibility of the traditional institutional state coexisting with the decentralized cryptocurrency market. It is concluded that a strong state in a crisis should have financial and organizational strength, which can be achieved only by using all available resources of the state. However, this thesis does not call for" headlong " legalizing potentially useful tools, but rather cautiously assessing the prospects for introducing innovations.

Nurettin Menteş, İlyas Yolbaş, Mahmut Bulut

Aim: Cryptocurrency trading is similar to problematic gambling behavior, with its high-risk factors and its methods of use. In this sense, it can become addictive. The aim of this study is to develop a valid and reliable scale to measure Problematic Cryptocurrency Trading among individuals who trade cryptocurrency. Method: ) goodness of fit criteria were used. The Amos 23 software package was used for the data analysis. Results: As a result of the exploratory factor analysis, a two-factor structure was obtained. For the total scores of the scale, Cronbach's alpha reliability value was found to be 0.913, and for the sub-factors, Cronbach's alpha values were found to be 0.897 and 0.866. The factor loadings of items varied between 0.786 and 0.597 for the first sub-factor and between 0.869 and 0.683 for the second sub-factor. The confirmatory factor analysis confirmed the two-factor structure of the scale, and the goodness of fit criteria were found to be at acceptable levels. Conclusion: It was determined that the Problematic Cryptocurrency Trading Scale is a valid and reliable scale.

A. M. Pankrukhina

The appearance of cryptocurrency has become a high-profile event, around which disputes still persist. Some see it as a direct threat to the security of national economy, some as a long-awaited triumph of market principles of self-regulation. The necessity, expediency and the most effective model of regulating the cryptocurrency market are burning issues. The relevance of these issues in the context of Russian reality is proved at least by the fact that Russia is one of the leading countries in the use of digital currency, and the number of crypto wallets opened by Russians has exceeded 8 million. The aim of this article is to review the currently existing opinions and accumulated experience in solving the problem of regulating the digital currency market.

Javier De Andrés, Pedro Tedde de Lorca

The use of smart contracts has grown exponentially over the last few years. This is a phenomenon associated with the development of other technologies, such as the blockchain and the Internet of Things (IoT). Smart contracts run in a decentralized way on the blockchain and are self- executing. This is a source of advantages in business operations, but there are also some limitations and drawbacks. Regulatory issues are also of key importance, as the legal frameworks differ across countries. Smart contracts are likely to have an impact on external auditing, as external auditors will have to adapt their capabilities and procedures to an environment where many companies use this technology. But smart contracts may also be used to define a framework which ensures continuous audit reports and direct access of authorized stakeholders to the results of audit procedures. Conversely, internal auditing will also experiment changes, both caused by a series of new risks that will have to be adequately addressed and new tools to monitor business operations. In addition, some promising research opportunities arise, both in the IT, the Legal and the Business field.

Eugen Florea, Elena S. Pustelnik

The study is dedicated to various jurisdictions’ approaches to cryptocurrency relations regulation. The digital assets'legal status in the European Union is analyzed both at the central level as well at the level of such EU members as Malta, Romania, Germany. Among the countries that geographically belong to Europe, but are not members of the European Union, Switzerland and the United Kingdom are considered in this aspect. The authors also reviewed the most important issues of cryptocurrency regulation in the largest economy in the world - the United States. The Asian region is represented in the study by the jurisdictions where digital assets are most widespread (China and Japan). The main conclusion is that the Republic of Moldova should develop the balanced approach to legalizing the new sphere of socio-economic relations by taking into consideration both positive and negative experience as well as the best legal practices of other states in this field.

Vasilii A. DADALKO, Vladimir V. NIKOLAEVSKII, Andrei D. NEKRASOV, Dar’ya S. SHERSTNEVA

Subject. The article considers smart contracts as digital financial instruments, their financial and economic essence, which is defined as digital instruments for the settlement of financial relations. Objectives. The aim is to introduce into scientific use such a system concept as digital financial instruments and mechanisms based on the consideration of their economic, legal and financial essence. Methods. The study rests on systems approach that enables to present a smart contract from a technological, economic, legal and financial position as a set of elements with their specific functions defining its complex concept. Results. We reveal the nature of financial relations, arising at the time when bilateral or multilateral transactions are concluded and smart contracts are presented as ways to automatically settle them. Completion of a smart contract is a confirmation of the completion of the transaction and the moment of termination of financial relationship. The article shows the fundamental possibility of using smart contracts in the system of budget relations as a tool for the settlement of a multilateral transaction. Conclusions. Currently, smart contracts are an essential element of a new stage in the development of financial technologies. Specialists in the financial and banking sector recognize the emerging opportunities for their use in the system of financial relations. The paper shows an example of possible use of smart contracts in the settlement of budget relations and in improving the utilization efficiency of budget funds.

Authors unavailable

No abstract is available for this record.

Vladimir Troitskiy

Blockchain's usage is increasing, and the number of possible implications that have been explored and created is mind-boggling. This paper would look at some other potential blockchain implementations in the legal sector, especially in the sense of social regulation. The blockchain-based social regulator, which is neither created nor supported by any government or governmental institution, has the potential to transform the planet or its components into something known as a Decentralized Autonomous Organization (DAO). These assumptions are most likely too broad. The presented research focuses on a key and practical overview of regulations in a blockchain DAO that could be framed in the future and has the potential to affect current legal essentials. The study applies comparative method, using international public law and Lex Mercatoria as primary juxtaposition.

Olga I. Lyutova, Irina D. Fialkovskaya

The article is devoted to the problems of improving the tax legislation of Russia at the stage of active implementation of blockchain technology, which is characterized by contradictory trends in the legal regulation of digital technologies. The relevance of the study of application of blockchain in tax relations is due to the need to assess the tax consequences of transactions using digital financial assets, as well as emergence of new directions for improving tax control based on blockchain technology. The purpose of the study is to analyze the provisions of Russian and foreign tax legislation, as well as doctrinal sources on improving legal regulation of tax relations in regard to blockchain technology. The study shows efficacy of the blockchain analysis for the purposes of tax and legal regulation carried out by developing concepts related to applying such technological solution as a tool in conducting cryptocurrency transactions. The theoretical significance of the study lies in the authors definition of the concept of blockchain technology for tax purposes, as well as in proving the value of legal regulation of tax relations applying blockchain. The practical implication is connected with voicing the need to develop legal regulation of applying blockchain technology when creating a system of transactional (automatic) taxation and levying the so-called smart taxes while fulfilling tax obligations in the context of introducing a goods traceability mechanism. This will also contribute to minimizing tax reporting. The research methodology are general and private scientific methods of knowledge: formal-legal, analysis, comparative-legal, and forecasting and modeling. The last two are often applied in tax law in light of digitalization and globalization.

irina viktorovna ermakova

The subject of the research is legal norms aimed at regulating by law relations in the field of concluding and executing smart contracts, including issues of protecting the rights of the parties to such contracts, including consumers. The object of the research is social relations arising in the process of creating, concluding and executing of smart contracts. Particular attention is paid to the theoretical and practical aspects of the definition of the concept of “smart contract” and its essence, as well as its legal status. In addition, the article considers approaches to defining the essence of institutions that are closely related to the category of “smart contract”, such as “cryptocurrency”, “digital ruble”, “mining”. The aspects of the protection of fundamental rights of the parties involved in the considered legal relationship, including consumers, are also analyzed. Examples of court decisions regarding the corresponding category of cases are given. The novelty of the research lies in determining the current approaches in relation to the essence, concept and legal status of smart contracts, including the current position of law enforcement practice in relation to this issue. In addition, the novelty of the study lies in considering the practical aspects of the conclusion and execution of smart contracts, including, indicating examples of blockchain platforms on the basis of which smart contracts can function. Ultimately, the study led to the development by the author of some proposals in order to improve the relevant legislation. In particular, the author proposed to consolidate at the legislative level the legal definition of the concept of “smart contract”, indicating the appropriate wording.

Dino Gliha, Sandra Marković

Over the last decade, the application of digital technologies has been a special matter of interest in the legal profession. Smart contracts and blockchain technology are among the most interesting and potent developments encountered by the legal system. There are many potential applications of smart contracts. After much research conducted in that field, the law of obligations aspects of smart contracts seems clear. Smart contracts are not legally binding contracts per se. However, smart contracts may be legally binding if they fulfil obligations law requirements. Also, smart contracts may be used as an effective tool for contract enforcement. There is no need for special regulation but improvement of the general understanding of smart contracts and blockchain technology is necessary, especially among lawyers. However, an important issue that is yet undiscussed is the human rights aspect of smart contracts. The application of smart contracts raises concerns about potential violations of human rights and fundamental freedoms.

Oleh Kreminskyi, Olena Kuzmenko, Anastasiia Antoniuk, Olha Smahlo

The cross-border nature of transactions with virtual currencies and the use of anonymity technologies exacerbates the difficulties in investigating economic crimes. The purpose of the article was to study the effects of international cooperation in the investigation of economic crimes related to the circulation of cryptocurrency. The research methodology is based on the method of content analysis of reports, recommendations and standards of the FATF (Financial Action Task Force) for 2012-2020, as a leading international organization for the prevention and development of policies for the regulation of economic crimes related to the circulation of cryptocurrencies. The results demonstrate the following effects of international cooperation in the investigation of economic crimes related to cryptocurrency: 1) the need to use a risk-oriented approach of the international community at the global level, coordination of government efforts to prevent economic crimes; 2) formation of a network of organizations that provides an effective balance between existing threats and opportunities for cryptocurrency circulation; 3) the development of free, decentralized management networks at the global level, which is an innovative and effective way to combat criminal activity, compared to traditional centralized forms of coercion in an era of rapid and unpredictable technological change. The considered experience of the absence of regulatory acts of cryptocurrency circulation and taxation of virtual assets on the principle of traditional assets indicates the absence of concern about illegal activities and possible economic crimes in this area. At the same time, decentralized and quasi-autonomous virtual assets could potentially threaten years of global anti-money laundering efforts. There is a “race” in the international community for leadership in combating economic crime. However, such efforts to establish legitimate jurisdictions that meet the requirements of the AML (Anti-Money Laundering) provide few measures in practice to counter and limit the opportunities for money laundering in other jurisdictions.

Filippo Annunziata

The core issues that Blockchain and distributed ledger technologies raise, in the context of the regulation of finance, lie in the impact of decentralization. Being it a bank, a provider of markets infrastructures services, an investment fund, a trading venue, an entity that collects resources from the public etc., financial markets legislation always targets an entity that provides services or carries out certain activities. In the context of Blockchain, decentralization challenges this approach and shows its shortcomings, making it difficult to understand which rules, if any, should apply; how they should apply and how those rules should be enforced. In this chapter, some implications of crypto-assets will be discussed with particular regard to the current EU financial markets regulation.

Mehmet Ilker Genc, Aslı Pelin Gürgün

Recent technological developments are gradually causing changes and transformations in the existing global money and payment systems. The worldwide interest in electronically created cryptocurrencies as an alternative payment system is growing day by day. As a natural result of this interest, the payment system has been receiving attention with the potential to integrate into project processes as an alternative to traditional payment methods. The construction industry is one of the sectors, where cryptocurrencies could be integrated into several processes including money transactions. In this study, the awareness of cryptocurrencies among construction professionals and the possibility of their use in the future projects are investigated. For this purpose, a survey was prepared and administered to 284 professionals working in construction companies in Turkey. The collected results showed that the awareness of cryptocurrency among construction professionals changed based on firm size by revenue and having international or national operations. In general, it could be stated that cryptocurrencies would be considered as an alternative payment tool in the construction projects as the awareness increases.

Г.Ф. Абрамов, Т.Д. Абрамова

В статье делается попытка определения юрисдикционного статуса и полномочий Комиссии по торговле товарными фьючерсами (CFTC). Статья состоит из трёх частей. В первой кратко рассказывается о сущности криптовалютного рынка, поскольку важным шагом в формулировании компетенций CFTC является чёткое понимание основных характеристик криптовалют и ключевых рисков, связанных с ними. Затем делается попытка определить статус криптовалюты на основании данных Комиссии. В последнем разделе рассматриваются первые шаги и будущие планы CFTC в качестве регулятора криптовалютного рынка. The article attempts to determine the jurisdictional status and powers of the Commodity Futures Trading Commission (CFTC). The article consists of three parts. The first section briefly describes the essence of the cryptocurrency market, since an important step in formulating the CFTC's competencies is a clear understanding of the main characteristics of cryptocurrencies and the key risks associated with them. Then an attempt is made to determine the status of the cryptocurrency based on the Commission data. The last section discusses the CFTC's first and future steps as a cryptocurrency market regulator.

Authors unavailable

Headline KAZAKHSTAN: Law targets cryptocurrency miners