Olะตks, ra Nestertsova-Sobakar, Vitaliy Prymachenko, Valentyn Liudvik ยท 6 authors
The article presents an analytical review of existing legal instruments for regulating the market of cryptocurrencies and ethical relations in terms of their circulation in the European Union (EU). The genesis of law and regulatory instruments in the field of virtual currencies within the EU were presented. The mechanism of legal interaction of the main EU institutions and regulators on the cryptocurrency market was presented, and the main problems and shortcomings of legal support for the functioning of the cryptocurrency at the current stage of development of the EU legal system were identified.
Guillermo Martรญnez Cons, Alondra Guadalupe Mora Hernรกndez
Technological advances have resulted in better strategic business planning and new and innovative ways of doing business. However, not all industries adapt immediately to these transformations that, even when they have innovated with the disruptive technologies that they introduce, they have also brought with them irreversible consequences in the way in which we relate. The fourth industrial revolution that we are witnessing today shows a panorama where scientific advances are increasingly challenging traditional jobs and careers to adapt and the social sciences are no exception. In the particular case of law, new challenges are presented in those that it is essential to frame in a normative all those conducts that derive in a human connection including those that are carried out by means until recently considered unconventional, such as digital platforms and electronic encryptions that nowadays are practiced in innumerable areas, one of the most relevant ones: economic transactions.
Digitalization of public relations allows right holders to achieve maximum protection of their rights and legitimate interests in the network. At the same time, platforms are being actively developed to meet the right holders and potential users who wish to use the results of intellectual property. In modern conditions, the development of technology blockchain network can provide not only the fixation of the protected object, but also the transfer of the exclusive right to it under the contract. The so-called smart contracts allow to carry out calculations and control the use of intellectual property under license agreements. At the same time, the gaps in legislation related, in particular, to the written form of contracts in the field of intellectual property have been identified.
Although many people equate blockchain with bitcoin, cryptocurrency, and smart contracts, the technology also has the potential to transform the way companies look at governance and enterprise risk management, and to assist governments and businesses in mitigating human rights impacts. This Article will discuss how state and non-state actors use the technology outside of the realm of cryptocurrency. Part I will provide an overview of blockchain technology. Part II will briefly describe how public and private actors use blockchain today to track food, address land grabs, protect refugee identity rights, combat bribery and corruption, eliminate voter fraud, and facilitate financial transactions for those without access to banks. Part III will discuss key corporate governance, compliance, and social responsibility initiatives that currently utilize blockchain or are exploring the possibilities for shareholder communications, internal audit, and cyber security. Part IV will delve into the business and human rights landscape and examine how blockchain can facilitate compliance.
Specifically, we will focus on one of the more promising uses of distributed ledger technology โ eliminating barriers to transparency in the human rights arena thereby satisfying various mandatory disclosure regimes and shareholder requests. Part V will pose questions that board members should ask when considering adopting the technology and will recommend that governments, rating agencies, sustainable stock exchanges, and institutional investors provide incentives for companies to invest in the technology, when appropriate. Given the increasing widespread use of the technology by both state and non-state actors and the potential disruptive capabilities, we conclude that firms that do not explore blockchainโs impact risk obsolescence or increased regulation.
La comparsa di nuovi fenomeni, sociali, politici ed economici interessa da vicino il mondo del diritto ed e` per tale ragione che i suoi studiosi si sono sempre confrontati con questi mutamenti, sforzandosi di comprenderli e interpretarli, tentando, ove possibile, di ricondurli nellโambito dellโapparato giuridico gia` esistente. In particolare, una delle sfide piu` interessanti per il giurista, non solo dei nostri giorni (1), si e` sempre rivelata essere quella posta dallโavvento delle nuove tecnologie e dagli effetti che esse hanno sullโattivita` umana. Lโincessante evoluzione del settore tecnologico, difatti, ha costantemente trasformato il nostro modo di (nascere) vivere (e morire) (2). Un evento senza precedenti, che ha trasformato la nostra in una societa` interconnessa e ha avuto un enorme impatto, tanto sui modelli imprenditoriali e industriali quanto sui diritti e le liberta` fondamentali, e` rappresentato dalla nascita della rete informatica, che ha prodotto e continua a produrre enormi cambiamenti nelle dinamiche dei rapporti umani a livello tecnologico, culturale, sociale e giuridico.
The society is constantly looking for the fastest and most convenient way to make transfers and payments that are necessary for the development of economic relations. Currently a variety of forms of remittances is used. Most of them initially had a paper form, then with the development of technology they acquired an electronic form. The introduction of new financial technologies contributes to the transition to the digital form of their implementation. One of such financial technologies is the blockchain technology, which operates on the basis of protocols (rules) of accounting for operations with "cryptocurrency". The name "cryptocurrency" or "cryptographic currency" comes from the encryption technology "cryptography", so this name can be considered as a technological one. For the development of approaches to legal regulation, the priority, according to the author, is to determine the essence of the definition of โcryptocurrencyโ, i.e. establishing its scope and content, indicating the distinctive features.
ะ. ะ. ะะฐะฝะพะฒะฐ, Yuliia Leheza, A. V. Ivanytsia, Volodymyr Marchenko ยท 13 authors
The article considers the complex issue of the existence of national cryptocurrency markets and their legal regulation and ethics of use. The article provides an analytical review of leading models of legal regulation of cryptocurrency circulation in different countries of the world. The study was carried out in the methodological field: the development of the national cryptocurrency market, the legal interpretation of the cryptocurrency, the legal basis of circulation, ethics and the cryptocurrency exchange platforms, the directions of development of the national model of legal regulation and support.
"Smart contracts...guarantee a very specific set of outcomes. There's never any confusion and there's never any need for litigation." ~JeffGarzik "If the blockchain promise comes to a reality...most goods, labor and capital will be allocated through decentralized global platforms. Disputes will certainly arise." ~ Clรฉment Lesaege and Federico Ast Blockchain-based "smart" contracts may characterize much of the future of exchange as they expand the scope of potentially efficient bargains through restructuring and reducing transaction costs relative to traditional contracts. This Article analyzes the changes in transaction costs and execution efficiencies as contractual "distance"-the number of intermediaries required to make an exchange, weighted by the rational level of actual agreement between parties-increases between bespoke contracts, template contracts, contracts of adhesion, and algorithmic contracts housed on platforms like Ethereum and arbitrated on platforms such as Kleros. This framework shows that smart contracts have the potential to lower the contractual distance required to make an exchange by (1) overcoming trust issues that require intermediaries, (2) lowering the incentive to write certain kinds of boilerplate, and (3) increasing the incentive to understand contractual terms. As a result, wide implementation of smart contracts may return contract law closer to the legal ideal of mutual understanding as the basis for exchange. At the same time, these auto-executing agreements risk making the future of contract law a return to the era of sealed instruments, enforcing themselves regardless of impossibility, fraud, and other legal safeguards. As examples of these costs and benefits, the Article focuses on smart contracts in two industries: the environmental public goods sector and the film industry. These industries illustrate the potential for smart contracts as well as steps that can be taken to ensure that as code becomes law, it will retain the doctrinal wisdom applied to contracts before they became "smart."
Abstract:at the beginning of 2018, considerable attention of lawyers attracted the case of a citizenโs bankruptcy with the decision to include cryptocurrency in the bankruptcy estate. This case exposed a number of problems associated with legal uncertainty regarding new technology products. What is cryptocurrency? To what objects of civil rights should it be attributed? What is the foreign practice and has the global tendency of regulating such relations formed? It is these issues that have become key to this article and determine its structure. The history of the issue, which has been going on for more than twenty years, is examined, foreign approaches of the legislator and law enforcer to regulate these relations are examined, the question of the economic nature of cryptocurrency is touched upon and, most importantly, questions are raised that law enforcers and legislators have yet to find answers.
In different countries, the approach to the legal status of cryptocurrencies is significantly different - some countries (USA, EU, Canada, Israel, Singapore, Japan, etc.) have recognized the expediency of using them and are working to create a legal framework that enhances the legal status of virtual currencies ( as electronic money, as exchange funds, as a specific type of currency, etc.), and other countries (China, the Russian Federation)-reject cryptocurrencies and prohibit their circulation. China banned the circulation of cryptocurrency within its own territory after the government almost lost control over the circulation of funds in the country due to their significant spread. In the Russian Federation, cryptocurrency circulation was prohibited due to the conservatism of the financial system, which is not able to quickly respond to the introduction of innovative processes and ensure their proper regulation. Despite the ban, cryptocurrencies in individual countries and their circulation in the virtual space continue to grow. The legal prohibition on the use of cryptocurrencies does not stop the processes of their use, but only does not allow the states that resort to such a ban to take part in regulating the processes of using cryptocurrencies, since they are removed from the process of their circulation.
Development of digital technology opens up new opportunities for corporate governance. At the same time, modern law faces a difficult task โ to find a balance between creating conditions for development of technologies including by means of non-interference, and providing the stakeholders in corporate governance with proper legal guarantees. This paper considers the impact of some of the most significant digital technologies on corporate governance, such as distributed ledger technology, smart contracts and artificial intelligence. There are certain legal trends and challenges arising from such innovations including the pursuance of sociability, peer-to-peer and decentralization of corporate governance which in many cases is associated with abolishing of bodies (of a part of bodies) for a corporation management, or transferring their powers (a part of powers) to the corporation members and/or to a computer program (artificial intelligence, algorithm, smart contract). Besides, the paper considers occurrences of new subject of corporate relations โ crypto-assets (tokens) holders as well as the possibility for recognition of the legal personality of computer programs, in particular, decentralized autonomous organizations and artificial intelligence.
The aim of this work is to delve into some key legal issues surrounding Smart Contract applications. In the first and second parts, this paper defines the concept of Smart Contract and how it applies within the blockchain ecosystem. In the third part, this work exposes the functioning of this digital technology and the main advantage that it implies for solving the crucial issues of execution and breach of contracts. In the fourth section, this paper analyzes a set of problematic aspects that arise around Smart Contracts such as the scope and delimitation of them or the validity and certification of blockchain transactions. It also analyzes different issues related to the design of a legislative policy that addresses the design of a supranational and harmonized legal framework.
Whereas Article 22 of the General Data Protection Regulation (โGDPRโ) prohibits solely automated data processing, the precise scope of this qualified prohibition as well as related requirements remain untested and unclear. Examining Article 22 GDPR from the perspective of smart contracts sheds light on the resulting uncertainties and inconsistencies. Smart contracts indeed appear to qualify as a form of solely automated data processing under Article 22(1) GDPR. This implies that they can only be used where they meet the requirements of Article 22(2) and implement the safeguards of Article 22(3) GDPR. Under Article 22(2) GDPR, solely automated data processing can only be used where it (i) is necessary for a contract between the data subject and controller, (ii) authorized by EU or Member State law, or (iii) based on the data subjectโs explicit consent. At first sight, these requirements can be met in the smart contract context just as in others. Yet, the research unveils that even where a smart contract is related to a legal contract, that contract may not be between the data subject and controller. Furthermore, consent may have limited value in this context as under EU data protection law, the data subject must be able to revoke consent, which is difficult where the data processing cannot be halted at the request of the data subject. Where the requirements of Article 22(2) GDPR are met, Article 22(3) requires that data controllers implement safeguarding measures including a right to human intervention by the controller. There are ongoing uncertainties and controversies regarding the scope of this obligation that also permeate the smart contract context. Yet, solutions are already being developed to create forms of smart contracts that may be responsive to these legal obligations, confirming the GDPRโs innovation-shaping function. 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