This study examines the transformation of property rights amid rapid digital innovation, focusing on how legal systems are adapting to address the inheritance of virtual assets alongside traditional physical property. The rise of digital assets, including cryptocurrencies, non-fungible tokens (NFTs), digital accounts, and online intellectual property, has created significant gaps in existing inheritance laws. Using doctrinal and comparative legal analysis, the study reviews national and international frameworks to identify inconsistencies, accountability deficits, and equity concerns. The findings reveal that most jurisdictions lack specific legislation governing digital inheritance, creating systemic disadvantages for heirs. The study concludes by recommending harmonized legal standards, mandatory digital estate-planning mechanisms, and proactive regulatory reforms to ensure equal inheritance rights regardless of asset type.
Este trabalho propõe-se a discutir a proteção dos Direitos Autorais em uma nova forma de adquirir e investir em arte digital: a criptoarte. Utilizando-se do método hipotético-dedutivo, o problema de pesquisa ao qual o presente trabalho pretende responder é se a criptoarte encontra-se dentro do campo de incidência do Direito Autoral. Parte-se da hipótese inicial afirmativa, de que a criptoarte é passível de proteção pelo Direito Autoral, estando portando, dentro do campo de incidência do Direito Autoral, dado que a regra geral é o reconhecimento da paternidade da obra e consequente remuneração do autor. Observou-se que a arte digital em si não é novidade, mas a possibilidade de comercialização e comprovação de autenticidade e unicidade ocorre graças às tecnologias da criptografia e da blockchain e aos non-fungible tokens (NFTs) que ficam permanentemente vinculados à obra. Considerando que a criptoarte trata-se de uma obra com finalidades estéticas, e não uma obra utilitária, que possui um autor pessoa física, e que a regra é a proteção da obra e consequente remuneração dos autores e/ou titulares, tais obras encontram proteção no instituto do Direito Autoral. Não obstante, considerando que a lei de Direitos Autorais (Lei nº 9.610/98) possui três campos distintos, de incidência, de isenção e de imunidade, verifica-se por fim, corroborada a hipótese inicial, de que a criptoarte perfaz os requisitos necessários para estar no campo da incidência.
Abstract This chapter examines non-fungible tokens (NFTs) that purportedly embody rights in creative works, revealing a fundamental disconnect between marketing claims and legal reality. It traces the evolution of NFTs from technical experiments through speculative fervor, collapse, and resurgence, establishing the economic and social context for legal analysis. The chapter identifies two dominant issuance models: the standardized approach using platforms like OpenSea and Mintable, and the bespoke approach employed by major issuers, including Yuga Labs and Dapper Labs. For standardized issuances, an examination of the terms of service reveals that while claiming to be passive facilitators, platforms retain substantial control and explicitly deny any property link between NFTs and underlying creative works. For bespoke issuers, the analysis demonstrates a mischaracterization of property law, including claims that ownership is “mediated” by blockchain technology, attempts to condition property rights through contractual terms, and intellectual property licensing frameworks that are indeterminate and potentially invalid across jurisdictions. Nevertheless, the chapter argues that NFTs possess genuine commercial potential, which could be unlocked if they were structured in a manner consistent with established private law frameworks rather than attempting to circumvent them, as is the case in the present landscape. It concludes by proposing legitimate commercial applications, including pure digital collectibles, access-gated services, and digital certificates of authenticity that embrace legal frameworks while delivering meaningful market value.
William Fernando Martínez Luna, Ana María Moreno Ballesteros, Edgar José Ruiz Dorantes
Non-fungible tokens (NFTs) are transforming the commercialisation of digital art by establishing unique blockchain identifiers that ensure authenticity and certify subsequent transactions. However, the transfer of control over an NFT does not automatically include the transfer of the associated copyrights, thereby creating legal uncertainty as to what rights are actually acquired. This interdisciplinary project between engineering and law proposes the design of a smart contract, based on the ERC-721 standard, to manage the transfer of property rights linked to digital artworks represented as NFTs. The accompanying legal contract incorporates essential clauses covering the identification of the parties, a description of the artwork and its link to the token, pricing, royalties, and the terms of rights transfer. The proposal seeks to integrate blockchain technology with existing legal frameworks, offering an innovative solution that strengthens legal certainty in the transfer of copyright within digital environments.
This study examines the latent common volatility factor in cryptocurrency markets using daily data for ten major cryptocurrencies from January 2018 to September 2025. It estimates the common volatility factor (COVOL) within the factor-volatility framework of Engle and Campos-Martins (2023) and it identifies its determinants using machine learning and SHAP analysis. Results reveal a statistically significant common volatility factor that intensifies during major macroeconomic events and crypto-specific shocks. Bitcoin exhibits the highest exposure, while global financial stress and investor sentiment are found to be the primary drivers. This paper provides the first direct estimation of a common volatility factor in cryptocurrency markets, demonstrating their increasing integration with global financial conditions and offering important implications for risk management and portfolio diversification.
The introduction of Central Bank Digital Currency (CBDC) is a game-changer in the world of global money. Given the digital realm reforming monetary systems, central banks are getting keen on CBDCs to offer a state-backed alternative to private digital currencies and payment systems. This paper aims at carrying out a brief analysis of CBDCs and their impact on monetary sovereignty in view of globalization, technological disruption and rising decentralized finance. Central Bank Digital Currencies (CBDCs) hold promise for bolstering the state’s monetary policy. However, they also pose various challenges to the financial stability of states and cross-border payments involving CBDCs. The study also mentions the changing character of the role of central banks such as the Reserve Bank of India and compares international approaches like the digital yuan of China and the digital euro of the European Union. The paper concludes that CBDCs represent an instrument to strengthen monetary sovereignty as well as a catalyst to redefine monetary sovereignty in the digital age. INTRODUCTION The Money has changed from bartering to metallic coins, paper currency, and now digital currency. Cryptocurrencies like bitcoin have been rising in value at a rapid rate in recent years. As a result, the dollar value and stock markets have been challenged. Decentralized digital currencies trade without a central authority which threatens to undermine the sovereignty of money. #Centralization In this context, countries’ central banks around the world have started to investigate the Central Bank Digital Currency (CBDC). It is a digital form of the sovereign currency that the state issues and regulates. CBDCs are regulated by an authority unlike cryptocurrencies which are decentralized and do not have a backing of a central authority over them. In a rapidly digitalizing economy, states are striving to gain more control over the monetary and financial system.At the heart of this debate surrounding the eurozone members and their exceptional trade ties with Europe lies monetary sovereignty. The emergence of digital currencies private and state raises questions of the future of this sovereignty.The study aims to critically analyze the interrelationship between CBDCs and monetary sovereignty. The implementation of CBDCs allow the central banks to strengthen their control over the monetary authority and also reveal the risks it carry.
The proliferation of digital assets has catalyzed a profound decoupling between intangible property and traditional inheritance jurisprudence. Under the existing legal framework in Taiwan, practitioners must rely on the testamentary forms prescribed in Article 1189 of the Civil Code, which are fundamentally ill equipped to handle cryptographic assets. Specifically, Notarized Wills (Article 1191) necessitate full disclosure to a notary, creating a “Privacy–Security Paradox” where revealing private keys exposes assets to misappropriation. Conversely, while Sealed Wills (Article 1192) offer confidentiality, they are plagued by risks of physical degradation and technical non-executability. This study proposes zkWill, an EVM-compatible decentralized testamentary framework designed to bridge these structural gaps. By leveraging Zero-Knowledge Proofs (ZKPs), zkWill achieves a state of “blind compliance,” verifying that a sealed will meets the statutory requirements of the Civil Code without disclosing its underlying content. The system integrates the Permit2 protocol for secure asset migration and combines AES-256 encryption with IPFS to immunize testaments against centralized storage failures. Unlike conventional services that demand custodial trust, zkWill employs decentralized oracles to trigger automated execution, ensuring legacy distribution without compromising wallet private keys. Empirical data from the Arbitrum Sepolia testnet confirms that the framework maintains constant verification efficiency and a judicially resilient audit trail, providing a paradigm that harmonizes legal pragmatism with cryptographic security for digital inheritance.
The decentralized finance (DeFi) ecosystem is a complex and ever-evolving system composed of various protocols. One of these protocols is lending, which has seen significant growth in recent times. However, the motivations behind investors’ interest in this area remain largely unknown. Lending protocols operate on predefined algorithms that automatically provide loans to users, allowing them to actively participate in DeFi lending platforms on public blockchain networks. The adaptation of these algorithms to a blockchain network within the framework of state legislation has not been explored in depth. This determines the importance of the study. The object of the study is to compare lending in a blockchain network with traditional forms; the subject is to identify the factors that influence decentralized lending and its relationship with traditional finance. The aim of this study is to develop a model architecture that can be used to create decentralized credit applications within a consortium blockchain network that uses a native currency, such as a central bank digital currency (CBDC). The main objectives of this study are:1) using data on transactions from the Aave lending protocol, one of the leading decentralized finance (DeFi) ecosystems in terms of market capitalization, to identify the motivations that drive participants to engage in DeFi lending activities; 2) based on research into the DeFi token ecosystem and its market, as well as analogues of traditional financial lending models, to develop a mathematical model and an architectural diagram for a decentralized lending system built on a consortium blockchain with a Central Bank Digital Currency (CBDC) as the native currency. The results of the study are presented in the form of a mathematical model and a diagram of the architecture for a decentralized lending system based on a consortium blockchain network using a consortium with a native cryptocurrency, known as CBDC.
The scientific article is devoted to a comprehensive study of the legal nature of non-fungible tokens (NFTs) as objects of civil rights under the legislation of Ukraine. The relevance of the research is обусловed by the rapid development of the NFT market, the absence of specific legislative regulation, and the necessity of adapting Ukrainian civil legislation to the challenges of the digital economy. The paper analyzes the technical nature of NFTs as a prerequisite for their proper legal qualification. It examines the functioning of blockchain technology as a distributed ledger, the minting process, the role of smart contracts in automating the performance of contractual terms, and the distinctions between the ERC-721 and ERC-1155 standards. The article substantiates a critical thesis: an NFT does not constitute the digital object itself but rather represents a digital certificate of authenticity confirming ownership of the token as a digital asset. The position of NFTs within the system of objects of civil rights of Ukraine is determined. The study demonstrates the impossibility of qualifying NFTs as “things” in the classical sense or as securities, due to the absence of issuer obligations and the absolute uniqueness (non-fungibility) of tokens, or their limited fungibility exclusively within a single series governed by a unified smart contract. The most accurate legal qualification is recognized as a combination of the concepts of a “digital thing” (Article 179¹ of the Civil Code of Ukraine) and a “secured virtual asset” within the meaning of the Law of Ukraine “On Virtual Assets” (not yet in force), as NFTs meet the criteria of an intangible asset, constitute objects of civil rights, possess economic value, and are expressed as a set of data in electronic form. It is further established that a smart contract may be regarded as a civil law agreement in relation to an NFT token. Particular emphasis is placed on the fundamental distinction between ownership of an NFT and copyright in the underlying work. It is established that the acquisition of a token does not automatically entail the transfer of economic copyright. The transfer of such rights requires the conclusion of a separate written agreement in compliance with copyright legislation. The article also analyzes international regulatory approaches to NFTs, in particular the provisions of the Markets in Crypto-Assets Regulation (MiCA) of the European Union. It is proposed to consider blockchain-based registration systems as evidence of the fact of creation of a work and the emergence of copyright. Finally, proposals are formulated for improving Ukrainian legislation in the field of NFT regulation.
The scientific article is devoted to a comprehensive study of the legal nature of non-fungible tokens (NFTs) as objects of civil rights under the legislation of Ukraine. The relevance of the research is обусловed by the rapid development of the NFT market, the absence of specific legislative regulation, and the necessity of adapting Ukrainian civil legislation to the challenges of the digital economy. The paper analyzes the technical nature of NFTs as a prerequisite for their proper legal qualification. It examines the functioning of blockchain technology as a distributed ledger, the minting process, the role of smart contracts in automating the performance of contractual terms, and the distinctions between the ERC-721 and ERC-1155 standards. The article substantiates a critical thesis: an NFT does not constitute the digital object itself but rather represents a digital certificate of authenticity confirming ownership of the token as a digital asset. The position of NFTs within the system of objects of civil rights of Ukraine is determined. The study demonstrates the impossibility of qualifying NFTs as “things” in the classical sense or as securities, due to the absence of issuer obligations and the absolute uniqueness (non-fungibility) of tokens, or their limited fungibility exclusively within a single series governed by a unified smart contract. The most accurate legal qualification is recognized as a combination of the concepts of a “digital thing” (Article 179¹ of the Civil Code of Ukraine) and a “secured virtual asset” within the meaning of the Law of Ukraine “On Virtual Assets” (not yet in force), as NFTs meet the criteria of an intangible asset, constitute objects of civil rights, possess economic value, and are expressed as a set of data in electronic form. It is further established that a smart contract may be regarded as a civil law agreement in relation to an NFT token. Particular emphasis is placed on the fundamental distinction between ownership of an NFT and copyright in the underlying work. It is established that the acquisition of a token does not automatically entail the transfer of economic copyright. The transfer of such rights requires the conclusion of a separate written agreement in compliance with copyright legislation. The article also analyzes international regulatory approaches to NFTs, in particular the provisions of the Markets in Crypto-Assets Regulation (MiCA) of the European Union. It is proposed to consider blockchain-based registration systems as evidence of the fact of creation of a work and the emergence of copyright. Finally, proposals are formulated for improving Ukrainian legislation in the field of NFT regulation.
The digital art blistering phenomenon has transformed the manner in which art is produced and contextualized in the art markets in the world, though it has occasioned concerns that border issues of ownership, authenticity and provenance which are horrifyingly questioned. Easy reproduction, editing and re transmission, and proving the authorship and protecting of the artists is difficult in digital art. The provided paper explores the possibility of the blockchain technology being a secure and open method of controlling the ownership of the digital art object and enhancing the authenticity records. Blockchain helps in the creation of verifiable histories of digital assets that cannot be changed and this is done by allowing decentralized ledger keeping, cryptographic hash and smart contracts to be used to create the records. The article also involves the research of blockchain-based systems in particular with the involvement of Non-Fungible Tokens (NFTs) as the embodiment of a unique digital piece of art. It proposes a theoretical model that entails artist registration, tokenization of artwork, ownership tracking, and verifications to ensure the safety of provenance and authenticity. The implementation plan will outline the process of the implementation of a blockchain-based tool, namely, the decentralized storage and the automation of smart contracts, which will allow facilitating an effective transaction and the payment of royalty. Furthermore, a comparison of the advantages of introducing blockchain-based systems over traditional models of art ownership is described in terms of the security, transparency, and accessibility. The paper does list such problems as scalability, regulatory uncertainty and environmental issues, despite these advantages. Based on the findings, it can be concluded that blockchain technology can change the digital art ecosystems which provide a reliable platform of ownership verification and empowering artists, and also emphasize the need to conduct further research and sustainable development.
Although the digital media ecosystem has changed creation and sharing of content, existing copyright management systems suffer from inefficiencies, such as slow payment of royalties, a lack of transparency about how much an artist is owed, high administrative costs and difficulties in tracking cross-border use. One of the most promising methods for addressing these shortcomings is the use of smart contracts, which are self-executing applications that work off a public distributed ledger called a blockchain to automatically pay royalties at the time of use, based on preconfigured conditions that are based on a predetermined number of streams, downloads or views. Current study explores the technological architecture, relevant legal issues and practical implications for automated payment of royalties to content creators through the use of smart contracts in the context of music services, audiovisual works and digital publishing. The smart contracts allow peer-to-peer transactions without a third party, based on elements of the blockchain, like the principles of decentralized consensus and immutability (integrity). The legal issues related to smart contracts using code as a contract include whether smart contracts will be legally enforceable across different jurisdictions, whether a smart contract's code can be considered enforceable with moral rights, and concentration on complying with different data privacy laws, e.g., the General Data Protection Regulation (GDPR) in countries where blockchain is essentially immutable. While smart contracts can address a number of the core pain points associated with these areas (i.e., transparency gaps, fragmented ownership data, transactional friction), they must overcome various challenges to achieve broad acceptance. These challenges include scalability; the reliability of oracles for off-chain data; interoperability across disparate blockchains; regulatory uncertainty related to anti-money laundering/know-your-customer regulations, and taxation; and a lack of statutory recognition of smart contracts, standardized metadata for ownership rights, on/off-chain hybrid models, and international harmonization via treaties.
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.
This study provides a comprehensive evaluation of six volatility forecasting models applied to twelve dominant and less dominant cryptocurrencies across multiple time horizons using high-frequency intraday data. The exponential generalized autoregressive conditional heteroskedastic (EGARCH), integrated GARCH (IGARCH), standard GARCH, GJR-GARCH, lagged realized volatility (LRE), and heterogeneous autoregressive (HAR) models are systematically compared using 5 min computed return data from September 2018 to September 2020. Our analysis encompasses three forecast horizons (1-day, 7-day, and 30-day) to assess model performance under varying temporal constraints. Through univariate Mincer–Zarnowitz regressions, encompassing tests, and out-of-sample evaluation using root mean squared error (RMSE) and quasi-likelihood loss (QLIKE) functions, we identify significant performance heterogeneity across models and cryptocurrencies. The HAR model exhibits stronger predictive accuracy at short horizons, while EGARCH exhibits relatively stronger performance at longer horizons, although overall explanatory power declines as forecast horizon increases. Importantly, no single model consistently provides optimal forecasts across all cryptocurrencies. Consistent with prior evidence suggesting model performance varies across assets. Encompassing regressions reveal that combining HAR with EGARCH specifications significantly enhances explanatory power across all temporal frames. Out-of-sample Diebold–Mariano tests indicate that HAR generates the lowest forecast errors for most cryptocurrencies, though EGARCH performs exceptionally well for high-market-capitalization assets. These findings provide regime-conditional insights into horizon- and asset-specific volatility dynamics during the pre-institutionalization phase of cryptocurrency markets. The study contributes to emerging literature by incorporating less-dominant cryptocurrencies and offering robust empirical evidence on the asymmetric and persistent volatility characteristics unique to digital asset markets. These findings should be interpreted within the context of the 2018–2020 sample period, representing a pre-institutionalized phase of cryptocurrency markets, and may not fully generalize to structurally different market regimes characterized by increased institutional participation and regulatory development.
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.
The rapid expansion of the digital ecosystem has introduced pressing challenges surrounding identity, authenticity, trust, and transparency. The ease with which digital content can be duplicated often undermines creators, whose works are distributed without consent or fair compensation. Blockchain technology offers a transformative solution through its decentralized, transparent, and tamper-resistant structure. Among its innovations, non-fungible tokens (NFTs) provide a mechanism to verify the authenticity and ownership of unique digital assets. This study explores the transformative potential of NFTs in strengthening digital ownership and authenticity while identifying critical challenges such as market concentration, interoperability limitations, and security vulnerabilities within public NFT platforms. Employing the extreme programming (XP) methodology, this research proposes a secure framework for NFT creation outside public marketplaces to enhance the protection of smart contracts and user accounts. The findings demonstrate that this approach grants users’ greater control, minimizes exposure to platform-level risks, and promotes trust in decentralized asset management. Overall, this study underscores NFTs’ pivotal role in reshaping digital ownership models and highlights the need for continued innovation to ensure security, transparency, and equitable value distribution in the evolving digital economy.
This analysis examines the role of crypto-assets, particularly Bitcoin, in an investment portfolio. The crypto-asset market, with its rather rapid growth, has begun to attract the interest of a broad range of investors, and despite the uncertainties still existing in the legal framework regulating the sector, international experience shows that the involvement of institutional structures is also growing. The study investigates the impact of including Bitcoin – the largest crypto-asset – within a portfolio of traditional investment assets, focusing on the dynamics of portfolio risk-return indicators to reveal the investment potential of cryptocurrencies. Correlations with other assets were considered, and the possibility of constructing a Markovitz portfolio by including cryptocurrency in a traditional portfolio was considered. Within the framework of portfolio analysis, three scenarios were discussed to see the impact of cryptocurrency inclusion on the portfolio's risk-return indicators, Sharpe ratio. The results of the study generally confirm the hypothesis that cryptocurrencies can serve as a tool to enhance portfolio performance when included in a limited proportion.
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.
Cryptocurrency is a peer-to-peer and decentralised network-based currency. After the introduction in 2009, it faced criticism and favouritism and is still developing and reshaping. So far, it is being evaluated from many aspects like financial, economic, social, political and legal. The legal aspect plays a significant role in implementing any new technology. In the context of the regulation of cryptocurrency, its market is under constant flux, and regulatory authorities engage in monitoring its trade across borders. Fintech services are ironically bridging the gaps in cryptocurrency-related financial and investment services offered by blockchain. This study highlights the cryptocurrency movement across the world, acceptance, analysing the factors that affect its transaction. Scenarios have been explained in brief under the shadow, understanding the regulatory possibilities in Pakistan and the reasons creating hurdles for cryptocurrency regulation.
В статье рассматривается парадигмальный сдвиг от централизованной платформенной модели экономики («надзорный капитализм») к децентрализованной пост-платформенной архитектуре, базирующейся на протоколах Web3, децентрализованных автономных организациях (DAO) и одноранговых (P2P) сетях. На основе статистических данных DeepDAO, Dune Analytics и отчетов Messari за 2024–2026 гг. обосновывается исчерпание потенциала масштабирования супер-приложений. Анализируются механизмы токеномики, меритократического голосования и снижения транзакционных издержек как ключевые факторы формирования новой экономической реальности. Особое внимание уделяется вызовам институциональной адаптации и необходимости формирования «алгоритмического права».
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