DIGITAL FINANCIAL ASSETS AS AN OBJECT OF CIVIL RIGHTS
Keywords:
digital financial assets, cryptocurrencies, blockchain technology, civil law, legal regulation, smart contracts, property rights, cross-border transactions, decentralized finance, Markets in Crypto-Assets (MiCA), regulatory frameworks, Uzbekistan, Digital Uzbekistan 2030Abstract
This article examines the legal nature of digital financial assets (DFAs) as a novel category within the framework of civil rights. DFAs, including cryptocurrencies, tokens, and other blockchain-based instruments, challenge traditional legal concepts due to their decentralized, intangible, and programmable nature. The study identifies key legal issues, including ownership rights, enforceability of obligations, and jurisdictional conflicts in cross-border transactions. A comparative analysis of regulatory approaches in the European Union, the United States, Russia, and Uzbekistan highlights the lack of uniformity in DFA classification and treatment. Special attention is given to Uzbekistan’s progressive regulatory framework under the Digital Uzbekistan 2030 initiative. The research employs comparative-legal and systematic methods, supported by case studies and doctrinal analysis, to evaluate existing legislative and judicial practices. Findings reveal significant gaps in the regulation of DFAs, particularly regarding their integration into traditional legal systems. The article proposes practical recommendations for improving national legislation, developing international standards, and harmonizing regulatory approaches to ensure legal certainty and foster innovation.
This study contributes to the ongoing discourse on the intersection of law and technology, emphasizing the importance of adapting civil law frameworks to the evolving landscape of digital financial technologies. It highlights the potential of DFAs to revolutionize economic relationships while underscoring the need for robust legal mechanisms to address their unique challenges.
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References
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