CURRENT ISSUES IN THE REGULATION OF DIGITAL ASSETS AND ELECTRONIC TRANSACTIONS IN THE CIVIL LAW OF THE REPUBLIC OF UZBEKISTAN
Keywords:
digital asset, digital law, smart contract, escrow, property rights triad, e-commerce, blockchain, crypto-assetAbstract
This article analyzes pressing civil law problems in the legal regulation of digital assets and electronic transactions emerging within the digital economy. It highlights the legal impossibility of directly applying the classical triad of property rights (possession, use, and disposal) to intangible objects on the blockchain, as well as conceptual conflicts in national legislation. The contradictions between the principle of “code is law” in smart contracts and traditional contract law principles are substantiated. The study utilizes a structural-systemic method to determine the status of digital assets within the system of civil law objects, a comparative legal method to evaluate the adaptability of US, German, EU, and South Korean experiences to national law, and a formal-logical method to identify gaps and conflicts in current legislation. Based on foreign experience, the necessity of introducing a mandatory escrow system to protect consumer rights on electronic marketplaces is justified, and concrete proposals for improving civil legislation are developed.
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