This article examines the legal status of smart contracts across different jurisdictions through a comparative legal methodology, analyzing regulatory approaches in the United States, European Union, Switzerland, Singapore, and Uzbekistan. The research identifies key challenges in integrating self-executing agreements into existing legal frameworks, including issues of contract formation, enforceability, dispute resolution, and data protection compliance. Using doctrinal analysis and comparative law methods, this study evaluates how different legal systems address the fundamental question of whether code-based agreements satisfy traditional contract formation requirements. The findings reveal a spectrum of regulatory responses ranging from explicit statutory recognition to application of existing contract law principles. The article concludes with recommendations for developing comprehensive legal frameworks that balance innovation with consumer protection and legal certainty.
Статья рассматривает невзаимозаменяемые токены как новый тип цифровых объектов, чья экономическая значимость опережает формирование устойчивых юридических конструкций, пригодных для их квалификации и защиты в трансграничном обороте. Показано, что NFT в большинстве случаев функционирует как уникальная запись в распределенном реестре с метаданными, отсылающими к цифровому или физическому объекту, вследствие чего возникает систематическое расхождение между ожиданиями приобретателя и реальным объемом приобретаемых прав: контроль над токеном не тождествен обладанию исключительными правами на связанный контент и обычно сопровождается лишь ограниченными лицензионными возможностями, заданными пользовательскими соглашениями и логикой смарт-контрактов. Сопоставление подходов ключевых юрисдикций выявляет конкурирующие модели: в США акцент переносится на защиту товарных знаков и квалификацию отдельных выпусков через критерии инвестиционного контракта; в Великобритании и Сингапуре развивается признание токенов объектом собственности, что расширяет арсенал обеспечительных мер и средств реституции даже при неопределенности личности нарушителя; в ЕС наблюдается нормативная асимметрия вследствие исключения уникальных токенов из общеевропейского режима, что стимулирует национальные эксперименты и риск фрагментации; в Китае оборот допускается в формате «цифровых коллекционных предметов» при запрете криптовалютных расчетов и жестком ограничении вторичного рынка; в России сохраняется неопределенность квалификации, что приводит к обращению к категориям «иное имущество» и к точечной практике включения токенов в конкурсную массу без проработки их гражданско-правовой природы. Отдельно анализируются коллизионные сложности из-за невозможности привязки цифрового актива к классическим критериям местонахождения, а также совокупность рисков, связанных с нарушениями интеллектуальных прав при минтинге, ограниченной эффективностью удаления контента, конфликтом автоматического исполнения кода с институтами недействительности и расторжения, вариативностью налоговой квалификации, уязвимостью рынка к легализации доходов через фиктивные сделки, регуляторными последствиями дробных NFT и проблематикой наследования при утрате приватных ключей. В качестве сквозного вывода прослеживается необходимость технологически нейтральной гармонизации и разработки минимальных стандартов раскрытия информации, коллизионных привязок и механизмов ответственности посредников, учитывающих гибридную природу токена как объекта контроля над записью и совокупности договорных прав доступа к связанному содержанию. The article examines non-fungible tokens as a new type of digital objects whose economic significance outpaces the formation of stable legal constructions suitable for their qualification and protection in cross-border circulation. It is shown that in most cases an NFT functions as a unique entry in a distributed ledger with metadata referring to a digital or physical object, as a result of which a systematic discrepancy arises between the purchaser’s expectations and the actual scope of rights acquired: control over the token is not identical to ownership of exclusive rights to the associated content and is usually accompanied only by limited licensing opportunities defined by user agreements and the logic of smart contracts. A comparison of the approaches of key jurisdictions reveals competing models: in the United States, the emphasis is placed on trademark protection and the qualification of certain issuances through the criteria of an investment contract; in the United Kingdom and Singapore, recognition of tokens as objects of property is developing, which expands the arsenal of security measures and remedies of restitution even when the identity of the infringer is uncertain; in the EU, regulatory asymmetry is observed due to the exclusion of unique tokens from the pan-European regime, which stimulates national experiments and the risk of fragmentation; in China, circulation is permitted in the format of “digital collectibles” with a ban on cryptocurrency settlements and strict restrictions on the secondary market; in Russia, uncertainty of qualification persists, leading to recourse to the category of “other property” and to isolated practice of including tokens in the bankruptcy estate without elaboration of their civil-law nature. Particular attention is paid to conflict-of-laws difficulties caused by the impossibility of linking a digital asset to classical criteria of location, as well as to a set of risks associated with infringements of intellectual property rights during minting, the limited effectiveness of content removal, the conflict between automatic code execution and the institutions of invalidity and termination, the variability of tax qualification, the vulnerability of the market to money laundering through fictitious transactions, the regulatory consequences of fractional NFTs, and the problems of inheritance in the event of loss of private keys. As a cross-cutting conclusion, the need for technologically neutral harmonization and the development of minimum standards for information disclosure, conflict-of-laws connecting factors, and mechanisms of intermediary liability is identified, taking into account the hybrid nature of the token as an object of control over a record and a set of contractual rights of access to the associated content.
The paper examines the distinctive features of the criminal-legal qualification of the unlawful use of means of product individualization (trademarks), regulated by Article 180 of the Criminal Code of the Russian Federation (CC RF), concerning the issuance (minting) and circulation of virtual assets (Non-Fungible Tokens, or NFTs) within decentralized environments. The objective of this research is the investigation and subsequent development of conceptually substantiated proposals aimed at resolving systemic legal conflicts that arise when applying the norms of substantive criminal law to acts involving the infringement of exclusive trademark rights within the context of the transboundary, anonymous, and speculative digital economy of the metaverse. As key findings, the study puts forward reasoned solutions that seek to adapt both the principle of jurisdiction and the corpus delicti to the realities governing the circulation of NFTs. Firstly, concerning the determination of the place where the crime was committed, it is proposed to abandon the practice of basing jurisdiction on the physical location of the perpetrator's device. Instead, the principle of jurisdiction by effect should be applied, whereby the territory of the Russian Federation is recognized as the place of the crime if the rights holder who incurred major damage is registered in Russia. Secondly, for the qualification of the repetition element, the mass minting of NFTs accomplished through a single smart contract is proposed to be qualified as a single continuous offense. Thirdly, regarding the calculation of major damage, the necessity of excluding the speculative market value of the NFT is substantiated. Consequently, the damage should be definitively calculated as the aggregate sum of the potential licensing remuneration (royalty) and the documented costs associated with suppressing the infringement. As an alternative de lege ferenda proposal, it is suggested that the legislative provision «major damage» within the disposition of the article 180 CC RF be substituted with «extraction of illicit income in a large amount».
The article discusses the issue of confiscation of property in relation to criminally discovered digital assets (cryptocurrencies, tokens, NFT (Non-fungible token) and other electronic digital rights). Digital assets are a symbol of economic development, security and transparency, investment, and financial democracy. The article analyzes the role of digital assets in the legalization of proceeds from crime. The international The Financial Action Task Force (FATF) standards, of which the Republic of Kazakhstan is a member, are analyzed. One of the urgent legal problems today is the creation of a mechanism for the confiscation of digital assets. The article highlights the importance of creating this mechanism. Examples and cases from practice are analyzed, as well as samples from foreign countries, and the effectiveness of their application in the Republic of Kazakhstan is analyzed. The legal differentiation of the process of preservation and further effective use of digital assets after the mechanism of confiscation is carried out. The effectiveness and legality of storing confiscated digital assets on the Binance Kazakhstan digital asset exchange and the use of cryptocurrencies by law enforcement agencies in crypto exchanges are analyzed. The article explains the importance of secure storage of confiscated digital assets, transparency of information about stored digital assets, and the creation of mechanisms to regulate the emergence of full control over confiscated digital assets in the state. The article defines the significance for the Republic of Kazakhstan of the use of the institution of confiscation (non-conviction based confession) without a court verdict. A legal assessment is given of the conformity of the institution of confiscation of property without conviction with the presumption of innocence and inviolability of property rights.
the paper examines the phenomenon of decentralized finance (DeFi) as one of the most promising and at the same time controversial areas of the digital economy. DeFi is defined as an ecosystem of protocols and applications based on blockchain and smart contracts that allows financial transactions to be carried out without the intermediation of traditional institutions. It is noted that the key advantages of the technology are transparency, automation, reduction of transaction costs, and expansion of the accessibility of financial services. Simultaneously, risks associated with the lack of unified regulatory approaches, high vulnerability of smart contracts, the use of DeFi for unlawful purposes, and the uncertainty of legal liability are emphasized. Particular attention is paid to AML/KYC problems, as well as the use of DeFi platforms for money laundering of criminal proceeds.
This technical dossier presents the comprehensive software architecture for implementing Ternary Moral Logic (TML) as a deterministic enforcement layer on EVM-compatible blockchain platforms. Unlike traditional "Code is Law" models, TML introduces a "Logic is Constitution" paradigm, where ethical axioms (Prohibit -1, Pause 0, Permit +1) are embedded directly into the execution bytecode. This dataset contains three technical specifications: 01_TML_System_Architecture_and_Ecosystem.pdf: Defines the high-level ecosystem, including the "Lantern Signal" (proof of hesitation), the "Hybrid Shield" (cross-chain redundancy), and the "Goukassian Promise." 02_TML_Technical_Specification_and_FSM.pdf: Details the rigorous Finite State Machine (FSM) logic, Solidity interfaces (ITMLEnforcer), and the "Sacred Zero" epistemic hold mechanism. 03_TML_Security_Audit_and_Adversarial_Analysis.pdf: Provides a deep adversarial analysis and mathematical verification of the "No God Mode" principle, proving that no administrative key can override a constitutional integrity freeze. Status: Released for educational review and technical standardization.
Objective : to critically analyze the possibility of extending the existing spatial criminal law principles to acts committed in the decentralized virtual worlds of the metaverse, and to develop proposals that include updating the approach to establishing jurisdiction over such virtual crimes. Methods : the methodological basis of the research is a set of general scientific methods and approaches of scientific cognition – dialectical, formal logical (analysis and synthesis, induction and deduction), systematic, as well as private scientific methods – formal legal, legal modeling, interpretation. The study relies on an analysis of judicial practice, foreign legislation, technical features of blockchain technologies and decentralized autonomous organizations, which makes it possible to identify gaps in legal regulation and propose conceptually new solutions for determining the crime scene in a virtual environment. Results : the study revealed a limited implementation of the current generally accepted principles of determining jurisdiction in relation to virtual crimes that do not have physical coordinates. The proposed multifactorial jurisdiction model redefines the “crime scene” taking into account factors such as the offender’s digital identity, the nature and location of digital assets, platform management protocols, and the actual damage caused. Assumingly, the immutable and verifiable nature of blockchain transactions can serve as a legal equivalent of a physical presence to establish personal jurisdiction, allowing criminal prosecution to be initiated even in cases where the actual location of the offender remains unknown. Scientific novelty : the paper presents an approach that implies the fundamental transformation of reactive, adaptive legal regulation principles into a proactive, comprehensive framework designed specifically for the unique challenges of the metaverse. A paradigm-changing hypothesis was put forward: that a permanent (stable) digital footprint of the offender in virtual spaces can serve to exercise jurisdiction. The model systematically presents the idea of harm as the most important link between virtual offenses and their consequences in the real world. Practical significance : it is currently impossible to apply legal norms and rules to relations in the metaverse, taking into account their specifics. The main provisions and conclusions of the study can be used to improve the mechanisms of legal regulation of the metaverse and to form international protocols on data exchange and mutual legal assistance for searching and collecting evidence based on blockchain technology. They may help to develop legislative initiatives aimed at creating integrated legal mechanisms that are scalable and resistant to rapid technological changes, characteristic for the digital environment.
Subject. This article analyzes the use of cryptocurrencies in international and domestic settlements. Objectives. The article aims to analyze current approaches to government regulation of cryptocurrencies in various countries, and identify successful practices and risks associated with the lack of regulation. Methods. For the study, I used a comparative analysis, as well as SWOT and PEST analyses. Results. The article reveals the diversity of approaches to cryptocurrency regulation in various countries and identifies the specific features of legal regulation in the Russian Federation, including an analysis of the federal laws adopted in 2024 that legalize mining and permit the use of cryptocurrencies in international settlements within the framework of experimental legal regimes. It systematizes the international experience in cryptocurrency regulation, assesses the current regulatory framework of the Russian Federation, and indicate possible areas for its improvement, taking into account modern economic realities and technological trends. Conclusions. There is the need for a balanced approach to regulating cryptocurrencies that would take into account risks to financial stability and economic development, as well as promote international cooperation and the development of the crypto economy.
Subject. This article discusses the payment system based on the digital ruble in the concept of decentralized finance within the legislative framework of the Russian Federation. Objectives. The article aims to identify the optimal way to implement the payment system based on the digital ruble, and on this basis, present an optimal model of integration of the digital ruble into the blockchain network. Methods. For the study, we used logic, analysis and synthesis, induction and deduction, an object-oriented approach, and modeling. Results. Based on the analysis of consensus mechanisms and methods for integrating the digital ruble into the blockchain network and the legislative framework of the Russian Federation, the article forms and substantiates a scheme for integrating the digital ruble into the blockchain network. Within the framework of the proposed scheme, efficiency is achieved through the use of innovative information technologies in the field of finance based on the concept of decentralized finance. Conclusions and Relevance. The presented concept of integrating the mechanism of the digital ruble module into the Ethereum-based blockchain network is relevant, its implementation has maximum reliability, security and optimal transaction cost. This mechanism makes economic exchange and financial transactions a safe, efficient and prompt payment link in the DeFi ecosystem. The results of the study are intended for the Bank of Russia's projects implementation to introducte the digital ruble and develop decentralized applications.
A. Rehash Rushmi Pavitra, R. Radha, R. Satheesh Kumar, Montater MuhsnHasan · 6 authors
The management of resource sharing agreements is being transformed by the introduction of smart contracts, which, alongside decentralized technologies, provide smoother automation, transparency, and trust amongst different parties. This research examines the role that smart contract management systems play in the design, implementation, and control of resource-sharing agreements in the fields of energy, telecommunications, transportation, and digital services. Conventional contract-based practices are plagued by inefficiencies, potential errors, and delays, which smart contracts aim to address by encoding agreement terms into self-executing code stored within blockchain systems. The study examines key architectural building blocks, consensus models, and security elements, focusing on the real-time execution of automated validation, updates, dispute resolution, and contract performance. Practical applications are presented through case studies on decentralized energy markets, bandwidth leasing, and co-utilization of assets. Other concerns are the lack of interconnected systems, enforcement, and private legal structures. The research develops a smart contract lifecycle management model that regulates contracting processes to help organizations develop adequate, compliant, and collaborative resource distribution solutions designed to be scalable. The economic model of spending changes due to the ability of smart contracts, utilizing Blockchain, to share resources, thereby reducing administrative expenses and establishing more resilient mechanisms of dependence in the future.
This paper investigates the concept of digital trust within the broader context of public administration s ongoing digitization, which calls for a critical reassessment of traditional legal frameworks. It examines the legal implications of digital trust, particularly in relation to emerging digital assets such as cryptocurrencies, Non-Fungible Tokens (NFTs), and virtual properties. The study highlights the limitations and gaps in Romanian legislation, offering a comparative analysis with jurisdictions that have already implemented regulatory mechanisms for digital trusts. Through this comparison, the paper identifies best practices and formulates proposals for the adoption of dedicated legal norms that would enable the responsible, secure, and lawful management of digital assets. These recommendations aim to ensure that Romania aligns with international standards and technological advancements. The author emphasizes the urgency of legislative reform, arguing that Romania must act swiftly to develop a modern legal framework capable of protecting its citizens in the digital age. The conclusion underscores the necessity of proactive governance to foster trust in digital systems and to safeguard rights and assets in an increasingly virtual environment. This approach is essential for maintaining legal certainty and public confidence in the face of rapid technological change.
Purpose: This article aims to analyze the adoption stage of smart contracts in the most representative South American countries, considering legal, institutional, technological aspects and ongoing practical initiatives. Methodology: The study adopts a qualitative approach, based on documentary and bibliographic research. Legislation, court decisions, bills, governmental and business initiatives in seven South American countries were examined. Data collection involved official primary sources and a structured digital survey. Findings: The findings show that all analyzed countries legally recognize electronic signatures, providing a favorable environment for implementing smart contracts, even in the absence of specific legislation. Brazil stands out with bills under discussion. Colombia, Peru, and Paraguay present significant pilot initiatives in both public and private sectors. Contributions: The study proposes a comparative analytical model that synthesizes the maturity level of smart contract adoption in South America. By articulating legal, institutional, and technological dimensions, the article contributes to academic debate and provides insights for public policy and regulatory harmonization strategies.
Based on distributed ledger technology, a new type of arbitration courts has been emerging in the world for the last five years. Their task is to resolve disputes using blockchain and smart contracts. Did the creators of the idea of “distributed justice” really invent a new way to effectively and fairly resolve disputes in the 21st century? Blockchain arbitration involves resolving disputes using the theory of multi-person games, the concept of Schelling point, the idea of decentralized autonomous organizations (DAO), tokens and crowdsourcing. The article attempts to answer the question of whether arbitration decisions made on the basis of economic incentives can be considered to meet the criteria of Aristotelian rectificatory justice. The article is analytical in nature, addressing a topic that has only become relevant in the world a few years ago. The analysis uses theses from cryptoeconomics and game theory. The work initially outlines the problems. Due to the small number of experiences of digital arbitration in the world, the theses and hypotheses of the text, written from the perspective of theory and philosophy of law, require further in-depth analyses.
Petronela Alice Grigorescu, Alexandru Cătălin Neagu, Cătălin Alexandru, Marius Dan Coman
In an era of rising digitalization, terms focused on blockchain, smart contracts, and artificial intelligence are becoming increasingly prominent both theoretically and practically in financial markets and implicitly in the performance of businesses. Considered the second blockchain in the world, smart contracts are designed to automate the agreement between the contract creator and recipient in a time-efficient manner for both participants. The purpose of this article is to present the benefits of using smart contracts in blockchain applications. The research methodology will thus involve a qualitative analysis of specialized publications, specifically a review that examines the effects of using smart contracts from 2015 to 2024. The results obtained from the research illustrate the benefits generated by using this type of blockchain and build support for professionals as well as for companies.
This article is devoted to the issue of cryptocurrency seizure, using Bitcoin as an example. First, the article analyzes the legal nature of virtual currencies, cryptocurrencies, and Bitcoin, taking into account their technical aspects and their disposability. Particular attention is paid to the methods of storing cryptocurrency, which have a direct impact on the legal regulations that can be applied in the area of enforcement. Next, the possibilities of enforcing bitcoin on the basis of the applicable regulations, including the provisions on the enforcement of claims (Articles 895 to 908(1) of the Code of Civil Procedure) and other property rights (Articles 909 to 912 of the Code of Civil Procedure). Keywords: virtual currency, cryptoasset, cryptocurrency, blockchain, bitcoin, seizure, judicial enforcement, judicial enforcement proceedings, property law, virtual assets, digital assets
This article analyzes the prospects and limitations of implementing blockchain technologies in the insurance industry, with a particular focus on the Russian market. The relevance of the study is driven by the sector's conservatism, rising fraud, pressure from digitalization, and demand for transparency. Despite blockchain's potential, its widespread adoption faces barriers: regulatory uncertainty, high costs, and mistrust among market participants. Therefore, the authors identify and categorize the technological, regulatory, and organizational limitations to the large-scale use of distributed ledgers in insurance. Particular attention is paid to assessing the prospects for adapting blockchain technologies to the Russian insurance market, taking into account its specific characteristics.
Abdul Aziz Usman Balarabe, Gilbert I.O. Aimufua, Kene Tochukwu Anyachebelu, Umar Abdullahi
The management of judicial workflow through traditional paper-based and centralized systems presents a wide range of challenges. This is particularly evident in processes such as: case filing, evidence submission, and verdict execution, where inefficiencies, bureaucratic delays, and security vulnerabilities often undermine the credibility of the judiciary. While electronic systems like Case Management Systems (CMS) and Electronic Court Filing (ECF) have been introduced to digitize court operations, they remain largely centralized and therefore susceptible to unauthorized access, data manipulation, and cyberattacks. Numerous scholars have proposed digital and automated solutions for judicial processes; however, existing models often fail to adequately address key challenges of transparency, immutability, and interoperability across jurisdictions. The main objective of this paper is to provide a blockchain-enabled smart contract framework for judicial workflow management that integrates automation, security, and transparency into legal processes. Data flow and use case diagrams were developed to illustrate the core functionalities of the framework, including case registration, evidence management, judicial rulings, and court scheduling. Access to records within the framework is governed by blockchain’s decentralized consensus mechanism, while smart contracts automate routine judicial tasks based on predefined rules. The adoption of this approach is expected to significantly reduce administrative inefficiencies, minimize fraudulent practices, and enhance trust in judicial outcomes.
The arrival of contracts which are smart has brought a pattern shift in the way agreements are carried off in terms of their performance as well as their implementation. Basically, the smart contracts run on a block chain type of codes, which means that they can also be called as a self-executing contracts because they emerge up with promising features of being efficient, transparent, and most importantly they reduce the dependency on intermediaries. However, in India there are certain growing issues in terms of the adoption of such smart contracts leading to legal and regulatory questions arising. Now, obviously when smart contracts come up with such efficient automated code driven contracts so talking about the traditional agreements which are long governed by well-established legal framework, definitely may face certain challenges in terms of their interpretation, enforceability and also the comparison with the contracts which are smart. This article focuses and explores the legal validity of smart contracts in India, also diving deep and examining their true potential to break the common practices of traditional agreements and try to fill up the regulatory gaps that exist. Now, by analyzing the current legal scenario and expected future challenges, it aims to provide awareness into whether smart contracts are truly a revolutionary tool or a ticking time bomb for the traditional agreements.
The decentralized finance (DeFi) ecosystem is an ecosystem where financial services are provided using decentralized technologies such as blockchain and smart contracts instead of traditional financial intermediaries. While the absence of any intermediary institution, organization, or authority in this ecosystem provides many advantages, it also has significant disadvantages. The most important of these disadvantages is security issues. Since the decentralized finance ecosystem is a digital ecosystem, it faces problems such as hacking attacks and smart contract errors. As a result of these problems, trust in the ecosystem can be undermined. Our study focuses on the topic of insurance activities, which is one of the steps taken to make the ecosystem safer, based on the foundation of trust. Pioneering insurance platforms operating in the decentralized finance ecosystem were examined, and a financial asset insurance transaction was carried out through the selected insurance platform. Some proposals were made regarding the problems, deficiencies, and developments needed in the ecosystem, particularly in terms of insurance, based on the issues encountered during the examination and implementation phases.
In the context of economic globalization and rapid internet development, emerging digital technologies such as cloud computing, big data, and AI are revolutionizing industry production and sales. Smart Contracts, particularly empowered by blockchain advancements, present promising prospects. However, traditional contracts remain dominant in economic activities, especially in China’s vast SME market, where risks of real world transaction instability hinder smart contract adoption. Technical vulnerabilities and ecological security issues in smart contract platforms pose challenges in translating legal language into code. Despite progress in natural language processing, translating legal documents accurately remains difficult, burdening judges and programmers with time costs. Therefore, research on smart contract architecture and legal applications, along with practical solutions, is imperative for both theoretical and practical advancements.
Smart contracts are digital protocols programmed on the blockchain network that automatically execute agreements once pre-defined conditions are met, without human intervention.These contracts are characterized by transparency, speed, and security, as they are stored and documented on a network that cannot be easily modified.Smart contracts rely on software code that defines conditions and procedures, making their implementation precise but also irreversible or easily modified after publication. They are used in several fields, including decentralized finance (DFI), supply chain management, and digital healthcare.Despite these advantages, smart contracts face fundamental challenges, most notably software vulnerabilities that can be exploited by attackers due to the lack of a clear legal framework in many countries, the difficulty of interpreting human intentions through software code alone, and the limited ability of smart contracts to handle exceptional or complex situations.The research topic will be divided into a research plan consisting of an introduction, a section, and two sections.The first section addresses the concept of smart contracts, while the second section explains the legal status of smart contracts in civil law.
Decentralized finance (DeFi) represents a novel financial ecosystem built on open blockchain networks and smart contracts, enabling the provision of financial services without traditional intermediaries. This article examines the conceptual foundations of DeFi, its legal nature, associated risks, and regulatory challenges through a comparative analysis of international practice and the emerging legal framework of Uzbekistan. Particular attention is paid to the composability of DeFi protocols, the legal uncertainty surrounding smart contracts, and the difficulty of identifying responsible parties in decentralized systems. The study analyzes scholarly perspectives, including those of Schär and Zetzsche, and reviews regulatory responses in the United States and the European Union, with a focus on enforcement actions and AML/CFT concerns. It further evaluates risks such as cyberattacks, fraud, money laundering, and consumer harm, highlighting the systemic vulnerabilities of DeFi infrastructures. The article argues that while DeFi offers transparency and innovation, effective regulation requires balancing technological neutrality with robust consumer protection and compliance mechanisms. The findings suggest that Uzbekistan may adopt a cautious, technology-integrated regulatory approach to harness DeFi’s potential while mitigating legal and financial risks.
Ivan S. Lapshin, Shorena S. Shushania, Alexandra Anisimova
The article is devoted to a comprehensive analysis of cryptocurrencies as an object of legal regulation in the Russian Federation. The relevance of the study is determined by the rapid integration of digital assets into the economy amid the persistent legal uncertainty regarding their legal nature. The aim is to trace the evolution of the Russian legislator's approach from a lack of regulation to the formation of an experimental legal regime. The methodology includes formal legal analysis of legislation, generalization of judicial practice, and a comparative legal approach. The authors thoroughly examine the legal definitions of digital currency and digital financial assets, identifying their key differences. The paper substantiates the classification of cryptocurrency as "other property," analyzes the tax regulations introduced in 2025 that recognize it as property for tax purposes, and identifies related problematic aspects (confirmation of expenses, classification of income). Based on the analysis of court practice, the absence of a uniform approach to the legal qualification of cryptocurrencies is stated. In conclusion, forecasts are made regarding the implementation of an experimental legal regime for qualified investors, and specific measures for legislative improvement are proposed, including the adoption of a framework federal law and amendments to codified acts. It is emphasized that the implementation of these proposals will create a balanced legal environment conducive to the development of the digital economy and the minimization of associated risks.
Imiefoh, Andrew Ikhayere, Andrew-Imiefoh, Ihuoma Joy
This paper examines how traditional property law concepts are being reconceptualized to address the challenges of digital assets and environments. As property rights shift from tangible objects to code-based digital assets, fundamental tensions emerge between established legal frameworks and technological realities. Digital assets challenge core property assumptions of rivalry, excludability, and persistence, requiring courts and legislators to adapt centuries-old principles to novel contexts. The analysis explores how diverse legal systems respond to specific digital property types, including intellectual property in non-rivalrous environments, data ownership disputes, cryptocurrency classification, non-fungible tokens, and virtual real estate. Through examination of landmark judicial decisions, emerging legislation, platform governance mechanisms, and technical standards, the paper identifies promising pathways for reconciling traditional property functions with digital innovation. Drawing on comparative approaches from multiple jurisdictions, the research proposes a balanced framework that acknowledges the cultural significance of property institutions while adapting their implementation for digital contexts. The recommendations emphasize flexible, context-sensitive approaches that can maintain essential property functions such as resource allocation, coordination, security, and exchange facilitation, while accommodating the unique characteristics of digital environments.