Legal Issues of Using Blockchain Technology in the Issue and Circulation of Criptocurrency

Abstract

The article discusses the legislative regulation of digital products based on distributed registry technology the blockchain. In particular, much attention is paid to the legal regulation of the issue, storage, exchange, purchase and sale of cryptocurrency. The study is based on a modern scientific methodology, including the doctrinal method, systematic approach and legal cybernetics, analysis of legislation and a comparative approach, legal statistics, legal forecasting. The novelty is the development, based on the systematization of foreign experience, regarding universal approaches to the legal regulation of mining and the cryptocurrency market. The specific problems of each sector of the activity on the issue and use of cryptocurrencies, as well as the main risks, were identified. The result of the study includes the identification of key aspects of the legal regulation of cryptocurrencies in different jurisdictions; determination of the content of the mechanism of their legal regulation; proposals regarding changes in domestic legislation on the regulation of mining and the cryptocurrency market. The content of digital law as a new emerging sub-sector is indicated. Сonclusions are drawn about the need for a legislative framework for the functioning of the digital market, including the cryptocurrency business. According to the authors, this is fundamentally important for full-fledged market integration in the global economic space, as well as the formation of a framework for the uniformity of digital law at the level of different jurisdictions.