The Legal Nature of Digital Assets and the Problems of Their Circulation in the Information Economy
Type: article
Abstract: This study examines the legal ontology of digital assets and their circulation challenges within evolving information economies. Analyzing cryptocurrencies, NFTs, and tokenized rights, the paper identifies fundamental tensions between blockchain-based asset characteristics dematerialization, programmability, and cryptographic verifiability and traditional legal frameworks predicated on physicality and centralized governance. It critiques the inadequacy of civil law doctrines, particularly Russia’s property and contract regimes, in addressing title transfers, smart contract rigidity, and cross border jurisdictional conflicts. Proposing a hybrid governance model, the study advocates for technology-neutral legislation, layered oversight integrating algorithmic execution and judicial interpretation, and multilateral protocols for blockchain entitlement recognition. Emphasizing the sui generis nature of digital assets, the analysis calls for redefining legal subjectivity and liability attribution in decentralized ecosystems while balancing innovation with legal certainty. The conclusions highlight Russia’s potential to pioneer adaptive regulatory frameworks by synthesizing codification traditions with cryptographic governance principles.
Source: CyberLeninK (CyberLeninka)
Author: Huo Peilin
Institution: Belarusian State University
Language: English
Subfield: Law
Field: Social Sciences
Domain: Social Sciences
Open Access status: green
OpenAlex ID: W7117399261