The article examines the integration of blockchain technology and smart contracts into the sphere of civil law relations, focusing on legal consequences and emerging problems related to their application. As these technologies continue to transform various sectors, including finance, supply chain management, and the real estate market, the need for appropriate legal regulation is becoming increasingly urgent. The purpose of this article is to comprehensively analyze the use of blockchain and smart contracts in civil law relations and to study legal issues, current judicial practice, and various regulatory approaches in different jurisdictions. The research is based on an interdisciplinary approach that combines elements of legal analysis, comparative law, as well as the study of modern digital technologies. By examining the intersection of these advanced technologies with established legal principles, the author aims to illuminate the evolving landscape of digital agreements and their consequences for civil law in the 21st century. Assessing the importance of international cooperation for the formation of cross-border legal standards, as well as the prospects and challenges of further development, this study allows for an understanding of the emerging legal landscape of blockchain technologies in the civil law sphere.
The article reveals the author's position on the issue of determining the legal nature of relations in cyberspace, in particular: relations that generate digital data; relationships that allow you to determine digital identity and connection with a real person; relations based on smart contracts, taking into account their place in the system of contract law; relations related to artificial intelligence systems; relationships with the use of virtual and augmented realities; relations on the basis of decentralized autonomous organizations.
The presented work is devoted to the issues of the feasibility of studying the semantics of the cryptocurrency ecosystem in order to determine the ways of further development of forensic techniques used in the investigation of crimes committed using digital assets. The intensive spread of the use of cryptocurrencies and their ecosystems requires a consistent and uniform understanding of terminology, which will ensure a single vector for identifying and suppressing socially dangerous acts. Attention is focused on the need to study both technological and legal aspects, which contributes to the integrity of understanding the specifics of such objects, as well as the implementation of procedural actions to identify, record and seize electronic digital traces. As a result of the study, the author comes to the conclusion about the practical need to study it from the technological and legal aspects in order to develop a uniform and unified understanding of its specific terminology in the framework of developing new, as well as improving existing methods for investigating crimes committed using cryptocurrencies.
This article examines the legal regulation of decentralized autonomous organizations (DAOs). The operational mechanisms and essence of DAOs are analyzed using the example of several marketplaces. The study identifies different types of DAOs and explores their legal nature. The paper also investigates the regulatory approaches of foreign jurisdictions toward DAOs. The legal status of DAOs is critically assessed. Based on the findings, the author proposes considering DAOs not only as legal entities but also as a decision-making mechanism within organizations
The article is devoted to the analysis of the problem of the development of the cryptocurrency market, the markets of their circulation and the prospect of using them as a means of payment in international settlements of the Russian Federation in the context of increasing sanctions pressure. The author analyzes a group of social and economic factors that led to the emergence of cryptocurrencies. Special attention is paid to the disclosure of their technological essence of cryptocurrencies and their rewarding nature. The article examines in detail the history of the development of cryptocurrencies themselves, their circulation markets, the business essence of this means of payment and the path of its entry into the global economic system. The paper compares the European, Russian and Chinese ways of regulating the cryptocurrency market, the consequences, causes and features of the use of various methods of regulating the crypto market for national economies and their impact on the cost and demand of cryptocurrencies. Special attention is paid to the study of the problem of the practical use of cryptocurrencies on the territory of the Russian Federation and in its international settlements both at the state level and on the scale of individual enterprises. The author evaluates the possible prospects for the development of the Russian national cryptocurrency, and the use of bitcoin as an alternative means of domestic and international settlements of the Russian Federation. It is this aspect of the development of cryptocurrencies that is particularly important for the Russian market, which is in dire need of a means of payment that will help circumvent Western sanctions. The paper also reflects the problem of the attractiveness of the cryptocurrency market for criminal transactions and the difficulty of countering illegal transactions without seriously compromising the attractiveness of cryptocurrencies as a means of payment.
The emergence of Non-Fungible Tokens (NFTs) – unique, blockchain-based tokens – has introduced a new dimension to the concept of property rights in the digital domain. Recent legal developments in the UK and the proposal of the Property (Digital Assets etc) Bill fuelled the discussion on how to legally conceptualise digital assets, including Non-Fungible Tokens (NFTs). This paper explores the evolving legal landscape surrounding property rights over NFTs, examining the challenges and ambiguities that arise from their intersection with existing property law frameworks. It analyses how property is defined and transferred in the context of NFTs, the implications for creators and acquires, and the best way to protect the latter. By critically assessing these issues, this paper aims to provide some insights regarding the legal principles that should guide the recognition and enforcement of property rights over NFTs, while suggesting new legal paths to accommodate this rapidly evolving technology.
Non-fungible tokens (NFTs) have the potential to serve as fiduciary collateral in Indonesia. As a blockchain-based innovation, NFTs enable the unique representation and transfer of digital asset ownership. Under Indonesia’s Fiduciary Security Law, NFTs qualify as fiduciary collateral objects since they are classified as intangible assets. This study examines copyright protection for NFTs in the context of fiduciary collateral, along with the legal and technical challenges in their implementation. Key obstacles include the lack of specific regulatory frameworks, insufficient blockchain infrastructure, and limited public understanding of NFTs as fiduciary collateral. Consequently, there is a need for comprehensive regulations and the establishment of oversight institutions to ensure transactional legality and security.Such regulatory measures are expected to facilitate the use of NFTs as fiduciary collateral, enhance public trust, and promote the growth of a blockchain-based digital ecosystem in Indonesia.
In the article, the author examines the procedure for the transfer of property rights and obligations to cryptocurrency by inheritance. The author notes the absence of an established legal status of cryptocurrency as “property” or “other property” in civil law, and the establishment of cryptocurrency as an object included in the inheritance. The problem is the absence of its own emission cryptocurrency in the Russian Federation, which leads to the cancellation of the full turnover of cryptocurrency between the subjects of the inheritance. The paper substantiates the conclusion about the necessity of mandatory participation of a notary in the procedure of transfer of cryptocurrency by inheritance. Based on the formed research, the author notes the need to develop a register of data transfer between operators of information systems (controlled by the Central Bank of the Russian Federation) and notaries, developed on the principle of interaction and cooperation, introduced into the Federal Law “On Banks and Banking Activities”, Federal Law “On the Central Bank of the Russian Federation” and the Law “Fundamentals of the Legislation of the Russian Federation on Notaries”, as well as Article 1112 of the Civil Code of the Russian Federation. The article sets out a provision on the advisability of establishing an imperative rule on drawing up a will to guarantee the transfer of rights and obligations to the cryptocurrency to the heir.
This study examines the legal nature of cryptocurrency from the perspective of civil law, focusing on how cryptocurrencies can be integrated into the current Hungarian and Romanian private law systems. The author provides a detailed analysis of the historical and legal development of the concept of money, the functional characteristics of cryptocurrencies, and their applicability as a means of payment in contractual relations. The study highlights that cryptocurrencies are not recognized as legal tender and are often treated as barter instruments/ exchange rather than classical monetary payments. The paper aims to emphasize the legal challenges and the necessity of regulatory development regarding digital assets.
Abstract The Unidroit Principles of International Commercial Contracts (UPICC) mark their 30th anniversary as a cornerstone of international business law and, arguably, are one of the most significant components of modern lex mercatoria. This article aims to explore the future of the UPICC in the context of rapidly evolving technologies, particularly blockchain and its applications, such as smart contracts and digital assets. With the publication of the Unidroit Principles of Digital Assets and Private Law, emphasizing the importance of this new field in the unification of international commercial law, these two Unidroit instruments and their related legal frameworks must be analysed within a shared context. The author recognizes that the UPICC face notable challenges in addressing the distinct characteristics of smart contracts and digital assets, particularly in relation to their specific provisions. Additional challenges include the rise of blockchain ‘arbitrations’ with automatic enforcement of awards and the circumvention of national or international laws and rules, the abundance of mandatory rules governing digital assets, and the possible rise of AI-driven smart contracting. Nevertheless, the article concludes that the UPICC’s inherent flexibility enables it to adapt and position itself as a cornerstone of modern lex mercatoria within the crypto ecosystem, contributing significantly to the evolution of the so-called lex cryptographia.
Mohammed Ghouireg, Ayoub Toumi Lahreche, Oumelkheir Goug
This study aims to illuminate a recently emerged digital currency known as Bitcoin to dispel the ambiguity surrounding it and introduce it to the public.This will be achieved by defining its concept and characteristics and outlining the key differences between it and traditional currency.Furthermore, the study seeks to identify the methods of acquiring Bitcoin, the volume of its global transactions, the position of favourable legislation towards it, and the main practical challenges it faces.
The subject of the research is the socio-economic relations arising from investment financing for small and medium enterprises (SMEs) and large businesses using digital financial assets (DFAs). The object of the research is the economy of Russia under conditions of limited investment and credit resources. The aim of the research is to create and utilize new innovative investment tools to support and develop the Russian economy. The digitalization of the Russian economy includes the active implementation of DFAs, which represent a new form of digital rights. DFAs play a crucial role in financing projects, attracting liquidity, optimizing payments, and structuring claims. This significantly changes traditional mechanisms of corporate and investment finance, making them more efficient and flexible. The methodological framework of the research is based on empirical and statistical analysis methods, synthesis, and systematization of information to identify new trends and best domestic practices in the formation and use of digital financial assets in the Russian Federation. The novelty of the research lies in the fact that digital financial assets act as one of the innovative tools of digital technologies, combining the properties of an investment solution and an intermediary in conducting settlements between economic entities. The issuance and circulation of digital assets is a new trend in the financial market. Digital assets are based on distributed ledger technology. They reduce the role of intermediaries and automate transactions through smart contracts. The main findings of the research indicate that the introduction of DFAs in small and medium businesses, as well as in large companies, improves access to capital and enhances the efficiency of financial processes. Under conditions of stringent restrictions and external pressure, DFAs become an alternative to traditional financing channels and a flexible tool for structuring transactions. However, the spread of DFAs faces significant obstacles, including incomplete and changing regulations, vulnerabilities in the cyber environment, a lack of secondary markets, and differences in infrastructure solutions. To overcome these limitations, it is necessary to develop measures for the standardization of the issuance and circulation of DFAs, ensure regulatory alignment, and provide technological support from the government, industry associations, and information system operators. This will reduce regulatory and operational uncertainty, increase investor confidence, and accelerate the development of the Russian DFA market.
The development of technology is radically transforming all spheres of human life, including finance. As a result, new institutions are emerging, and existing ones are being modernized. Economic relations are increasingly shifting into the digital space, leading to transformation of traditional financial instruments. Money is losing its material forms and regulatory properties, giving way in the economy to alternative instruments. The sanctions imposed against Russia in recent years have significantly affected the country’s economic and financial systems. One of the most notable consequences has been the accelerated development of the cryptocurrency market. The paper addresses the issues of legalizing mining and cryptocurrency exchanges in Russia. The study is dedicated to examining the legal regime governing the circulation of cryptocurrencies, determining the place of digital currencies within the legal system of Russia and abroad, and identifying the risks associated with their circulation. The author analyzes the peculiarities of mining, the legal aspects of issuance and circulation of digital currencies, as well as the legal foundations for their use in international settlements. Attention is drawn to the limitations of legal regulation concerning relations in this sphere. The paper evaluates the current state and development prospects of the cryptocurrency sector in Russia and explores the role of the Government of the Russian Federation and the Central Bank of Russia in regulating this activity.
Decentralized finance is often perceived as an alternative to the securities market, which does not require the participation of intermediaries; however, their participation can significantly facilitate the functioning of the crypto-asset market, among other things. This is especially relevant for the Russian digital financial assets market, which is built following a model very similar to the traditional securities market. At the same time, there are currently a significant number of legal obstacles to the functioning of intermediaries in the digital financial assets market. The paper examines some ways to build the infrastructure of the digital financial assets market and proposes changes to the regulatory framework that will help achieve this goal. Legislative barriers to the functioning of intermediaries in the digital financial assets market have been identified. A conclusion is made about the possibility of building an infrastructure of intermediaries in the digital financial assets market by bringing together the regulation and legal regime of digital financial assets and uncertificated securities.
Chanuka Wijayakoon, Hai Dong, H. M. N. Dilum Bandara, Zahir Tari · 5 authors
Smart contracts can implement and automate parts of legal contracts, but ensuring their legal compliance remains challenging. Existing approaches such as formal specification, verification, and model-based development require expertise in both legal and software development domains, as well as extensive manual effort. Given the recent advances of Large Language Models (LLMs) in code generation, we investigate their ability to generate legally compliant smart contracts directly from natural language legal contracts, addressing these challenges. We propose a novel suite of metrics to quantify legal compliance based on modeling both legal and smart contracts as processes and comparing their behaviors. We select four LLMs, generate 20 smart contracts based on five legal contracts, and analyze their legal compliance. We find that while all LLMs generate syntactically correct code, there is significant variance in their legal compliance with larger models generally showing higher levels of compliance. We also evaluate the proposed metrics against properties of software metrics, showing they provide fine-grained distinctions, enable nuanced comparisons, and are applicable across domains for code from any source, LLM or developer. Our results suggest that LLMs can assist in generating starter code for legally compliant smart contracts with strict reviews, and the proposed metrics provide a foundation for automated and self-improving development workflows.
The article examines the main regulatory provisions governing digital legal relations, including the norms of civil legislation and legislation on digital assets. Particular attention is paid to the definition of the features of digital rights that distinguish them from other objects of turnover, as well as to the analysis of the conditions for the emergence, exercise and transfer of such rights in the framework of distributed registers. The legal peculi-arities of smart contracts as software constructions replacing traditional forms of contractual interaction and ensuring the fulfillment of obligations without the participation of the parties after the activation of the algorithm are considered. Legal risks arising in the absence of normative regulation of smart contracts are substantiated, including the impossibility of judicial correction of performance, loss of access to digital assets and uncertainty of identification of subjects. Measures to improve legislation are proposed, including the regulatory consolida-tion of the concept of a smart contract, the establishment of a presumption of ownership of a digital right for a person with access to a key, as well as the recognition of the legal significance of blockchain records in judicial protection. Сonclusion is made about the the necessity of systemic adaptation of civil legislation to new forms of digital interaction and technological autonomy of turnover.
This article evaluates the regulatory legal landscape of smart contracts within the EU and examines a few essential legal challenges related to the need to harmonize smart contract regulations across the EU. It starts with analysis of some legal and technical aspects of the smart contract term form and arrives at the conclusion that there is no universal and unified term that contains technical aspects of the smart contract. This creates legal uncertainty, as the currently existing legal frameworks in many EU member states are not equipped to address these characteristics of smart contracts.Another issue of importance is the varied approaches to smart contract regulation across the EU member states. The paper reveals that, currently, there is a spectrum of regulatory strategies from pioneering to conservative, and identifies the main obstacles to regulatory harmonization within the EU. Without a common legal framework, a smart contract deemed valid and enforceable in one state may not be recognized in another member state.Finally, the current EU legislation is not specifically designed for smart contracts. However, it impacts their regulation by addressing critical aspects of digital operations like data ownership, access and control. Thus, successful integration of smart contracts into the EU’s regulatory environment will require a concerted effort to address these complex challenges.
The 1980 Vienna Convention on Contracts for the International Sale of Goods (CISG) is currently the law of ninety-seven countries around the world. Part II (Formation of the Contracts) deals with the conclusion of the contract by way of the meeting of minds through offer and acceptance. CISG has been able to adapt to modern electronic means of communication such as email, despite the fact that the means of communication mentioned in the CISG are the ancient telegram and telex.When dealing with the electronic contract of sale, we are referring to those in which the offer and acceptance are made by electronic means, as derived from the rules of the offer and the acceptance under the CISG.In short, we are thinking about computers—today also mobile phones—connected to a network (internet). From this perspective, every purchase and sale contract under the CISG is capable of being concluded by electronic means following the classic and universal parameter (we find it in all legal systems in the world) of consent through the two declarations of will that give life to the contract, the offer and the acceptance. The offer and acceptance as a mechanism well present in the life of the contract and not only in its formation since other issues such as its modification or termination are observed under those parameters.The Vienna Convention has demonstrated its flexibility by adapting and applying without problems to electronic contracting. Technologies are evolving rapidly and we no longer question the validity of contracts concluded through electronic means but new and interesting perspectives emerge, as well as various legal problems that can be associated with the era of the digital economy, from the use of platforms as an intermediary in the contracting of goods or services—or simply as a meeting place or recreational or social exchange—when not as part of the commercial contracts themselves, the use of computer programs in the formation and performance of the contract, legal transactions on data, or the use of artificial intelligence in contracting.From a legal perspective, the question is whether the CISG, which is a traditional instrument of contract law, is sufficient to respond to the problems posed by the digital economy, specifically in the rise of the so-called SmartCcontracts, and the use of Artificial Intelligence (AI) in the formation of the contract.
ABSTRACT Cryptocurrencies are digital tokens secured by cryptography and recorded on decentralized networks, offering innovations like peer-to-peer finance and token-based fundraising but also posing risks such as wild price swings and laundering opportunities. This study uses doctrinal analysis—reviewing laws (e.g., RBI Act, FEMA, PMLA), court rulings (such as IAMAI v. RBI), and regulatory notices—to map India’s material and procedural rules for crypto. India’s response has been fragmented: RBI cautions in 2013/17 and a 2018 banking-ban overturned in 2020 left no unified law, while the draft 2021 Bill remains pending. Tax measures in 2022 imposed a 30 % flat tax on crypto gains (Section 115BBH) and 1 % TDS on transfers above ₹10,000, but lack clear licensing or consumer safeguards. Comparative review shows the U.S. relies on SEC enforcement (Howey Test) and FinCEN’s MSB rules, whereas the EU’s MiCA sets uniform definitions, licensing, and AML/CFT standards. Key gaps in India include unclear asset definitions, no VASP registry, and weak AML “travel-rule” compliance. The dissertation recommends a technology-neutral crypto law with precise definitions, a licensing regime, mandatory KYC, consumer-protection mechanisms, and adaptive sandboxes supported by AI-driven monitoring tools
In the article are outlined the elements of the criminal offense provided for in Article 368-5 of the Criminal Code of Ukraine - illicit enrichment. The article focuses on the subject matter of this criminal offense, namely, virtual assets (in particular, cryptocurrencies and non-fungible tokens (NFT)) as a type of intangible assets. The study highlights the problem of the lack of a unified approach to the definition of terms in the field of virtual assets, such as «virtual assets», «cryptocurrencies», «cryptoassets», etc. As a result, Ukraine lacks a unified conceptual framework in the legislation applicable to legal relations on the declaration of virtual assets and criminalization of illicit enrichment, which leads to problems in law enforcement. In the article are analized the problematic issues of the possibility of criminal prosecution for violation of anti-corruption legislation and illicit enrichment with virtual assets, among which the following are highlighted: problems with assessing the market value of virtual assets due to market volatility and lack of analogues for NFTs, lack of standards and methodology for establishing the value of virtual assets, often insufficient professional knowledge of virtual assets and the principle of their operation by the parties to criminal proceedings. The article concludes with the author’s recommendations on how to overcome these problematic issues, namely: the need to harmonize national legislation with European standards, in particular, with the Regulation EU Markets in Crypto-Assets, to develop a methodology for assessing the value of virtual assets and to improve the procedures for their consideration in the course of qualifying criminal offenses and in the declaration process, to increase the number of professional staff, to improve educational programs for training of investigators, prosecutors, defense counsels and judges.
The article analyzes modern approaches to the classification of smart contracts used in blockchain ecosystems. Functional, legal and technical classifications, their advantages and disadvantages are considered. A hybrid classification model is proposed that takes into account autonomy, legal status and compatibility between blockchain platforms. The study demonstrates the need for further standardization of smart contracts for their effective use in the economy and legal sphere.
With the widespread application of Cyber-Physical Systems (CPS) in intelligent manufacturing, ensuring the security and trustworthiness of components within the system has become a significant challenge. Traditional security control mechanisms face issues with managing large-scale device access, particularly in intelligent manufacturing production lines, where effectively managing the sharing and access permissions of security components is crucial. This paper proposes a smart contract-based secure component-sharing mechanism for intelligent manufacturing production lines, aiming to enhance the trustworthiness and efficiency of security component sharing within CPS. By combining blockchain technology with an Attribute-Based Access Control (ABAC) model, we design an SC-ABAC framework, which uses smart contracts to manage user attributes, component attributes, and access control policies, thereby ensuring trustworthy access control of security components. Within this framework, access requests go through a policy-matching process and attribute retrieval for users and components, with predefined rules determining whether access permissions are granted. The framework supports dynamic policy updates and deletions, providing more flexible security management. Furthermore, the dynamic access control function in the smart contract incorporates time-based conditions to enhance the precision of access control. By leveraging the decentralized nature of blockchain, this mechanism not only enhances data security but also reduces the fragmentation issues inherent in traditional access control systems. Experimental results verify the feasibility and effectiveness of the proposed framework.
Mahesh Prasanna K, S. Chandrappa, K. B. V. Brahma Rao, H K Bhargav · 6 authors
The reliability of decision-making depends on ensuring data integrity when data comes from sensor networks in smart agriculture systems. The research develops a blockchain-supported secure communication model which protects against weaknesses in agricultural IoT systems. Distributed ledger architecture along with smart contract validation protocols forms the basis of the model for authenticating sensor data. Testing conducted in several agricultural settings confirmed data verification reached 99.7% accuracy and the detection of tampering achieved a success rate of 98.2% while authentication methods operated with 43% faster speed than conventional techniques. All simulated security breach attempts failed to penetrate the system which operated effectively in different field conditions. A scalable solution now provides agricultural data protection capabilities which allow farmers and agribusinesses to trust their sensor data for advanced crop management efficiency and resource planning and yield assessment.
This article presents a comprehensive overview of smart contract implementation for automating compensation processes within Workday systems. It explores how blockchain-based smart contracts can transform human resources management by codifying compensation rules and policies into self-executing agreements. The integration enables organizations to automate performance-based bonuses, stock option vesting, and salary adjustments while ensuring transparency, accuracy, and compliance. Through detailed examination of technical requirements, integration architectures, and governance frameworks, the article demonstrates how these implementations deliver substantial benefits across operational efficiency, error reduction, and employee satisfaction. Both quantitative returns on investment and qualitative advantages like increased trust and fairness perception are addressed. The material offers practical insights for organizations considering smart contract adoption for modernizing compensation management.