The Legal Nature of Crypto-Assets and Investor Protection ın Digital Financial Markets
Year: 2026
Type: conference-paper
Abstract: . The emergence of crypto-assets has created new legal challenges regarding the legal classification of these new digital financial assets, the manner of their regulation and the protection of investors. The lack of harmonized legal standards for investors has long meant a significant risk, which includes market instability, fraud and market manipulation. In this direction, at the European Union level, with the adoption of the Markets in Crypto-Assets (MiCA) Regulation, a significant step was taken towards establishing an integral legal framework for protection against distortions in financial markets and investor protection. The main focus of this paper is a doctrinal comparative analysis of the legal nature of crypto-assets and their impact on investor protection in digital markets. The paper uses the comparative method to compare the legal frameworks of the centralized model of the European Union and the fragmented model of the United States. Additionally, the paper analyzes the role of international organizations (IOSCO, FSB and ESMA) in creating the global regulatory framework, by introducing mandatory disclosure obligations through white papers for crypto-assets, preventing market abuse and coordinated cross-border supervisory cooperation. The paper concludes that it is necessary to construct a multi-layered structure that provides a balanced regulatory approach that, on the one hand, guarantees investor protection, legal certainty, market transparency, financial stability, and, on the other hand, encourages technological innovation within the rapidly growing crypto-asset ecosystem.
Author: Delev, Jordan
Institution: International Vision University
Language: English
Subfield: Management Information Systems
Domain: Social Sciences
Open Access status: green
OpenAlex ID: W7203875176