COMPARATIVE ANALYSIS OF UZBEK AND EU LEGISLATION ON THE LEGAL REGULATION OF BLOCKCHAIN AND CRYPTOCURRENCIES
Keywords:
blockchain, blockchain technology, crypto-assets, cryptocurrencies, cryptography, secret code, token, stable coin, smart contract, tokenization.Abstract
This research paper examines the issues of the legal status of such terms as blockchain, blockchain technology, as well as crypto-assets, stable coins, and tokens. The article reveals the issues of legal regulation of relations arising in the course of cryptocurrency transactions and the application of blockchain technologies, which also include the activities of crypto-exchanges, the use of smart contracts and the processes of buying and selling tokens. The author provides examples of countries where crypto-assets are legalised and provides a comparative analysis of the legislation of the Republic of Uzbekistan, the Czech Republic and the Federal Republic of Germany regarding the mechanisms of cryptocurrency transactions and the application of blockchain technologies. In studying the legislation of Uzbekistan, attention is paid to the recent reforms in the field of digitalisation and the development of the electronic economy and government in our country. An analysis of the legislation of countries such as Germany and the Czech Republic provides relevant situations and examples of court decisions in order to determine the effectiveness of law enforcement in the field of blockchain technologies and cryptocurrencies and to identify existing problems in this area. At the end of the article, relevant conclusions of the author and suggestions for improvement of the legislation of the Republic of Uzbekistan are given.
