Analysis of the legal practice of Uzbekistan and EU countries in the field of legal regulation of blockchain and cryptocurrency

Abstract

This scientific article discusses the issues of legal status of such terms as blockchain, blockchain technologies, as well as crypto assets, stable coins and tokens. The article reveals the issues of legal regulation of relations arising in course of cryptocurrency transactions and the use of blockchain technologies, which also include the activity 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 legalized, and conducts a comparative analysis of the legislation of the Republic of Uzbekistan, the Federal Republic of Germany and the Czech Republic regarding the mechanisms for carrying out cryptocurrency transactions and the use of blockchain technologies. When studying the legislation of Uzbekistan, attention is paid to the latest ongoing reforms in the field of digitalization and the development of the electronic economy and government in our country. When analyzing the legislation of countries such as Germany and the Czech Republic, relevant situations and examples of court decisions are given in order to determine the effectiveness of law enforcement in the field of blockchain technologies and cryptocurrency and identify existing problems in this area. At the end of the article, the relevant conclusions of the author and proposals for improving the legislation of the Republic of Uzbekistan are given.