SMART JUDICIARY AND BLOCKCHAIN: LEGAL REGULATION OF CRYPTOCURRENCIES
Abstract
Since their emergence, cryptocurrencies have become widespread, changing the way values are exchanged and the structure of the global financial system. However, the anonymity and lack of regulation of cryptocurrencies attract cybercrime, create potential risks for the growth of the criminal economy, and pose dangers to all participants in the crypto industry. The proliferation of cryptocurrencies has prompted governments worldwide to develop legal frameworks addressing this new technology. However, regulatory approaches remain heterogeneous across jurisdictions. Most developed countries have recognized digital assets as a legitimate means of payment or form of property, yet so far lack comprehensive legislation regulating all aspects of the crypto industry. Some states attempt to regulate the cryptocurrency market through licensing crypto exchanges, tax accounting of income, and other norms. There is still no global consensus on the legalization of cryptocurrencies, with each country choosing its path.
The article examines the legal regulation of cryptocurrencies and blockchain in the context of implementing smart judiciary. It addresses the problem of legal norms lagging behind the rapid development of technologies, particularly the anonymity and unregulated nature of cryptocurrencies, which attract cybercrime. The article provides an overview of legislative initiatives for regulating cryptocurrencies in leading countries with a high level of their use, such as the United States, Ukraine, Nigeria, Vietnam, and India. It considers the legal status of cryptocurrencies, licensing and taxation requirements, as well as measures for consumer protection and anti-money laundering efforts. The article highlights the prospects of implementing smart judiciary based on blockchain technology and smart contracts for resolving disputes in the digital environment. It discusses the need to develop a comprehensive legal and regulatory framework for the effective regulation of the cryptocurrency market on a global scale.
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