Problems of Legal Regulation of Cryptocurrencies in Civil Law

Abstract

AbstractPurpose The main attention in the article is paid to the analysis of the features of the legal regulation of cryptocurrencies in accordance with the current civil law. The subject of the study is the main scientific and practical approaches to the study of the problems of protecting the rights of cryptocurrency owners and the security of transactions with it. The purpose of the work is to find a universal mechanism for protecting cryptocurrency owners from possible criminal encroachments. Design/methodology/approach When using comparative legal and dialectical methods, as well as the method of content analysis, an analysis of the legal regulation of cryptocurrencies and other objects of civil rights was carried out and options for solving problems related to the legal regulation of cryptocurrency in civil law were proposed. Findings Without a legal settlement of cryptocurrency, its use by bona fide entrepreneurs is complicated. There is no legal settlement on how to withdraw money from the exchange to the organization's settlement account, how to register IE for mining on an industrial scale, how to exchange cryptocurrency for goods—at the moment cryptocurrency as an object of civil law relations does not exist, legally there is no cryptocurrency, it means that the exchange for it from a legal point of view will not be a barter, but a gift (which is prohibited between commercial organizations). The existence of a cyberattack is another global problem and a common phenomenon. The presence of hacker attacks is observed quite often, and methods of fraud are improved. The lack of legal regulation in the legislation leads to the lack of guaranteed success and durability of cryptocurrencies. Originality/value The authors determined the gap in civil law related to mining. It is determined that mining for legal entities falls into the legislation, albeit formally, with a zero VAT rate on the resulting assets. The statement about cryptocurrency as property raises the question of the way rights arise during mining.KeywordsBlockchainBitcoin walletsCryptocurrencyFinanceDigital moneyJEL ClassificationF 65K 10