Virtual Assets Research Articles

가상자산의 物件性 여부 및 물권법 법리에의 포섭 가능성에 관한 논의

Whether virtual assets can be regarded as a ‘thing’ or ‘property has been widely discussed, because it can be a prerequisite to whether legal theories in property law and in bankruptcy law would be applied to virtual assets. Although financial regulatory Acts on virtual asset law are being legislated around the world, few countries have legislated how virtual assets will be understood in civil law. In this situation, Liechtenstein has in 2019 and Switzerland has in 2021 partially regulated civil legal issues of virtual assets in their Acts and UNIDROIT adopted its principles on digital assets in 2023. Liechtenstein’s TVTG(Token- und VT-Dienstleister-Gesetz) does not recognize virtual assets (tokens) as a thing, but restricts the concept and legal effects of tokens only within the Act. The Act distinguishes between de facto powers of disposition and justified right of disposition, but a person who has de facto power over a VT-key is considered to have legitimate right over the tokens associated with that key. In addition the disposal of tokens does not depend on the existence of a legal title (principle of abstraction), while the so-called causality principle prevails in Liechtenstein property law. If a token is disposed of without a legal title or if an initially existing legal title later ceases to exist, the legal transaction must be rescinded ex-nunc in accordance with the law of unjust enrichment. Considering the characteristics that the VT-system fulfills the registration function and has a high level of reliability, the possibility of acquisition in good faith is recognized. A significant part on civil legal issues in the DLT(Distributed Ledger Technologie) Act of Switzerland relates to ‘register uncertificated security’ (Registerwertrecht) which dematerializes securities using distributed ledger technology. The Swiss legislators additionally reviewed whether cryptocurrency could be considered a thing and concluded that it is unreasonable to extend the concept of natural forces to cryptocurrencies such as Bitcoin and that legal status on the blockchain can be claimed only to the participants in the blockchain system. Considering that cryptocurrency is not recognized as movable property, it is recognized as a type of intangible property. However, the Act recognized the right to separation for crypto-assets in general. This provision is enacted because it was practically necessary to determine whether crypto-assets belong to the bankruptcy estate when the wallet provider goes bankrupt. The DLT Act does not recognize general crypto-assets as a thing, but the right to separation of crypto-assets is recognized under certain conditions. The UNIDROIT Principles treat digital assets as being susceptible to being the subject of proprietary rights, without addressing whether they are considered ‘property’ under the other law of a State. The Principles don’t prescribe the specific requirements for a valid right of ownership in a digital asset or for it’s valid transfer. Instead, the principles provide a detailed definition of control, which assumes a role that is a functional equivalent to that of ‘possession’ of movables. However, ‘possession’ in this context is a purely factual matter and not a legal concept. But the concept of control serves as a necessary requirement for qualifying for protection as an innocent acquirer of a digital asset and as a method of third-party effectiveness and a basis of priority of security rights in a digital asset. It should be noted that a security right in a digital asset that is made effective against third parties by control has priority over a security right in the digital asset that is made effective against third parties only by a method other than control. A proprietary right in the digital asset remains effective on insolvency, but difficulties are expected if the insolvent person might refuse to reveal the password. In conclusion considering the char

Criminal Policy Response to Virtual Asset Crimes: A Study Focused on Keyword Analysis of News Articles

Criminal Policy Response to Virtual Asset Crimes: A Study Focused on Keyword Analysis of News Articles

MANAGEMENT PUBLIC FINANCE IN THE CONDITIONS OF DYNAMIC DEVELOPMENT OF THE TOKENIZED ECONOMY OF UKRAINE

The article highlights the results of a study of the specifics of public finance management in the context of the dynamic development of Ukraine's tokenized economy. It is substantiated that with the beginning of Russia's full-scale military aggression against Ukraine, budget revenues have significantly decreased and expenditures have begun to grow rapidly, which has led to significant imbalances in public finances and a significant increase in the budget deficit, which today has to be covered mainly from external sources. The author emphasizes that one of the alternative options for filling the budget revenues is taxation of the crypto industry, which has been developing rapidly and has become one of the TOP-5 countries in the world of cryptocurrency introduction in recent years. The author reviews the novelties of domestic legislation in the field of regulation of circulation of virtual assets and emphasis is the presence of contradictions in them with regard to the interpretation of their content and functions. The author identifies specific features of virtual assets and proves that they should be considered as an expression of the value of digital things created using the technology of a distributed ledger or other similar technology that allows their issue, transfer and storage in a decentralized manner, without the need to involve traditional financial intermediaries or centralized administrators. The author studies the global experience of taxation of virtual assets. It is substantiated that Ukraine should choose a policy of moderate regulation of the virtual asset market, capable of ensuring both budget revenues and control over the income from transactions with virtual assets. The author develops proposals for accelerating the introduction of the mechanism of taxation of virtual assets turnover as one of the alternative sources of formation of the state revenues of the country and successful implementation of the policy of moderate regulation of the virtual assets market.

스마트 콘트랙트의 금융법적 문제와 규제 수단에 대한 검토

Recent interest rate rises and economic unrest have caused a significant contraction in the decentralized financial industry. The large-scale decline compared to the traditional institutionalized financial industry shows that the right level of financial regulation can help to revitalize the market. As such, the need for regulation in the decentralized financial industry is increasingly recognized, but the discussion is limited to the characteristics of the underlying virtual assets, and there is a lack of discussion on the technologies that form the basis of the decentralized financial industry, such as smart contract.
 There is much debate about the definition of a smart contract, but basically, a smart contract can be defined as computer code, implemented on blockchain technology, that, upon the occurrence of a specified condition or conditions, is capable of running automatically according to pre-specified functions. The origin of smart contract technology does not necessarily require blockchain technology, but the current usage and practical implementation of the term usually involves blockchain technology. These smart contracts are associated with various legal issues due to the important characteristics of (1) anonymity, (2) inconsistency between intent and code content(Similar to the issue “der Unstimmigkeiten von Willen und Erklärung”), (3) circumvention, and (4) decentralized autonomous organization.
 The existing regulatory discourse is excellent at achieving its objectives, but it has limitations in terms of (1) specificity and (2) voluntariness. A new regulatory approach needs to consider the specific characteristics of smart contract, the main transaction method of Decentralized finance, while encouraging voluntary responses from individuals. The Smart Contract Self-Review Board, Private Key Custodian Organization, and Entrusted Certification System are solutions based on these requirements, but it is difficult to judge that they completely solve the legal problems of smart contracts, and further discussion is needed on a regulatory method with an incentive structure that can attract voluntarism.

Exploring Investor Awareness and Perceptions of Cryptocurrency

In recent years, cryptocurrency has emerged as a decentralized virtual asset operating across a vast network of computers, free from centralized governmental control. Proposed legislation aims to establish a framework for a digital currency issued by the Reserve Bank of India (RBI). This study delves into the transformative impact of technology on payment systems and the awareness of investors about cryptocurrency. It explores factors influencing this awareness, particularly following India's Bitcoin surge, which notably attracted the younger generation to cryptocurrency. Conducting this study involved gathering responses from 110 investors using a non-probability snowball sampling method. The majority of investors surveyed fell within the 18 to 24 age range. Findings indicate that awareness predominantly spreads through social circles and online platforms, with male respondents exhibiting higher awareness levels than female counterparts. Moreover, higher educational qualifications correlate with heightened cryptocurrency awareness. Notably, a significant portion of respondents expressed interest in investing in cryptocurrency.

Legal aspects of regulation of cryptocurrencies and blockchain technologies in Ukraine

Introduction. Currently, there is an urgent need to regulate the functioning of cryptocurrency markets in the context of the evolution of social relations. The rejection of the bill aimed at regulating the cryptocurrency market does not have sufficient financial and legal justification, as evidenced by expert opinions and textual analysis, which revealed the narrow approach of the drafters of the bill to solving cryptocurrency issues. Moreover, since the current law of Ukraine "On Virtual Assets" defines cryptocurrencies as unsecured virtual assets, the issue of cryptocurrencies is practically removed from the agenda. At a time when the war with Russia has begun, and the general defense and financial security of Ukraine needs to be strengthened by the state and government, it seems unjustified to ignore not only threats to national security, but also potential sources of financial growth. The purpose of the paper is to clarify the legislative framework regarding cryptocurrencies and the legal status of cryptocurrency market participants in Ukraine. Results. The paper examines the peculiarities of the development of financial and legal regulation of the cryptocurrency market in connection with globalization processes. The main attention is paid to the problems that arise in connection with attempts to solve the issue of regulation of the crypto-currency market partially at the national legislative level, without actively promoting it at the international level. It is shown that international cooperation in the field of regulation of cryptocurrency markets should be based on the principles of international law. In the context of regulating the functioning of cryptocurrency markets in the context of globalization, a set of principles has been formed that can be worked on to harmonize national and international interests. Conclusion. Since the cryptocurrency market is an important component of the transnational global economy, an important condition for the effective response of law-making bodies to dynamic changes in social relations in the context of globalization is the timely formulation of the principles of development of the financial and legal regulation of the cryptocurrency market at various levels. It is argued that this should happen through the timely formulation and implementation of the principles of financial and legal regulation of the cryptocurrency market at various levels.

Valuation, Accounting Principles, and Classification of Assets in the Metaverse

This study explores the valuation methods, accounting principles, and asset classification systems needed for accurate financial reporting in the Metaverse. The unique characteristics of virtual assets in the Metaverse pose challenges for traditional valuation methods and require the development of comprehensive and adaptable approaches. This study utilizes qualitative research methods, including in-depth interviews with accounting professionals in Bath and Bristol, UK. Fourteen accountants were selected based on their expertise in accounting and their understanding of the Metaverse. The findings reveal that effective governance, regulatory mechanisms, and community-driven protocols influence asset values in the Metaverse. It is shaped by factors such as engagement, scarcity, and competition. Tailored accounting principles should address legal recognition, accurate tracking, jurisdictional restrictions, and risk management. Compliance with regulations, transparent reporting, and collaboration with regulatory authorities are crucial, alongside integrating innovative technologies like blockchain for robust accounting practices.

Unveiling metaverse sentiments using machine learning approaches

PurposeThe metaverse, which is now revolutionizing how brands strategize their business needs, necessitates understanding individual opinions. Sentiment analysis deciphers emotions and uncovers a deeper understanding of user opinions and trends within this digital realm. Further, sentiments signify the underlying factor that triggers one’s intent to use technology like the metaverse. Positive sentiments often correlate with positive user experiences, while negative sentiments may signify issues or frustrations. Brands may consider these sentiments and implement them on their metaverse platforms for a seamless user experience.Design/methodology/approachThe current study adopts machine learning sentiment analysis techniques using Support Vector Machine, Doc2Vec, RNN, and CNN to explore the sentiment of individuals toward metaverse in a user-generated context. The topics were discovered using the topic modeling method, and sentiment analysis was performed subsequently.FindingsThe results revealed that the users had a positive notion about the experience and orientation of the metaverse while having a negative attitude towards the economy, data, and cyber security. The accuracy of each model has been analyzed, and it has been concluded that CNN provides better accuracy on an average of 89% compared to the other models.Research limitations/implicationsAnalyzing sentiment can reveal how the general public perceives the metaverse. Positive sentiment may suggest enthusiasm and readiness for adoption, while negative sentiment might indicate skepticism or concerns. Given the positive user notions about the metaverse’s experience and orientation, developers should continue to focus on creating innovative and immersive virtual environments. At the same time, users' concerns about data, cybersecurity and the economy are critical. The negative attitude toward the metaverse’s economy suggests a need for innovation in economic models within the metaverse. Also, developers and platform operators should prioritize robust data security measures. Implementing strong encryption and two-factor authentication and educating users about cybersecurity best practices can address these concerns and enhance user trust.Social implicationsIn terms of societal dynamics, the metaverse could revolutionize communication and relationships by altering traditional notions of proximity and the presence of its users. Further, virtual economies might emerge, with virtual assets having real-world value, presenting both opportunities and challenges for industries and regulators.Originality/valueThe current study contributes to research as it is the first of its kind to explore the sentiments of individuals toward the metaverse using deep learning techniques and evaluate the accuracy of these models.

Problems of defining the concept and nature of virtual assets as an object of legal regulation in economic activity in Ukraine

The article reveals the problem of defining the concept and nature of virtual assets through the prism of their legal regulation at the national and international levels. The factors determining the use of virtual assets in economic activity around the world and, accordingly, the relevance of the chosen topic of scientific research are determined: informatization of all areas of social life, technological boom, emergence of new information and communication technologies, which can significantly optimize business processes, globalization processes in the international economy, etc. Attention is focused on the lack of a unified approach to defining the concept and legal nature of a virtual asset and the presence of various approaches to solving this issue in national and foreign science of law: identification of virtual assets with the category of virtual currency; definition of a virtual asset through the concept of "information” or "data”; distinguishing the categories "virtual currency” and "virtual assets” as a part and a whole, etc.
 A conclusion was made about the importance of using the classification of virtual assets according to the criterion of their functional purpose for the formation of the mechanism of their differentiated legal regulation. Attention is also focused on the lack of a single legal approach to determining the essence of virtual assets in the Ukrainian legal system. There were analyzed relevant provisions of the Law of Ukraine "On Virtual Assets”, the draft Concept of State Policy in the Field of Virtual Assets, drafts of the Law "On the Circulation of Cryptocurrencies in Ukraine” No. 7183 dated 06.10.2017, the Law "On Stimulating the Market of Cryptocurrencies and Their Derivatives in Ukraine” No. 7183 dated 10.10.2017 and the Law "On Amendments to the Tax Code of Ukraine (regarding stimulation of the market of cryptocurrencies and their derivatives in Ukraine)” No. 7246 dated 30.10.2017 in the article. Attention is also focused on the need to harmonize the provisions of the Civil Code of Ukraine and the Law of Ukraine "On Virtual Assets” in terms of defining a virtual asset as an object of civil rights. As the conclusions of the conducted scientific research, the author identified the conceptual problems of defining the essence and nature of virtual assets as an object of legal regulation and proposed specific ways to solve some of them, namely: specification of the legal definition of virtual assets in the Law of Ukraine No. 2074-IX; consolidation of the legal definition of the nature of the virtual asset; legislative consolidation of activity in the field of virtual assets and virtual currencies in the Classifier of types of economic activity, etc.

Laundering of criminal proceeds through transactions with virtual currencies: a new threat to economic security

The scientific article is devoted to certain aspects of legal (primarily criminal law) evaluation and countermeasures against dangerous practices of using virtual currencies for legalization of property obtained through criminal means. The basis of the author's research is an interdisciplinary approach to scientific knowledge, with the active use of international and separately foreign experience in countering the legalization of criminal income by using transactions with cryptocurrencies.
 The authors express a position, referring to specific examples of large-scale "financial-virtual" abuses, about the need for Ukraine to develop its own clear action plan regarding the legal regulation of the circulation of virtual assets, in particular by implementing effective national mechanisms to prevent (or at least reduce) the practice of laundering "dirty” funds taking into account the immediate threats to the financial system of Ukraine from the actions of a country that carries out armed aggression against our state. It is also emphasized that in criminal law science there is a plurality of approaches to determining legalization of criminal proceeds, because this type of illegal behavior is a complex phenomenon (crime, action, process, technology, stage, method and procedure, type of business activity, etc.). With reference to the scientifically and practically established approach to distinguish three main stages in the laundering of criminal proceeds (location, concealment and integration), the position is argued that these stages cannot be equally applied to legalization schemes combined with the use of fiat or virtual currencies.
 In the conclusions part of the article, it is emphasized that Ukraine, being integrated into the world economic community, must not only comply with special international standards, but also consider own priorities for the development of the national legal system and the current socio­economic situation in the country.

Valuable aspects of digital boons as objects of civil rights of a person

This paper reflects the results of studying the legal nature of digital things and virtual assets as objects of civil rights/ legal relations through the prism of their value component. The aim of the study is to determine the factors (specifically, properties together with characteristics of digital things) that impact the value of these phenomena, thus, enabling their probability to be objects of civil rights/legal relations.
 The methodological basis of scientific research constitutes the dialectical method of cognition, the application of which made it possible to analyze modern and historical approaches to defining institutions of a digital thing as well as a virtual asset, their legal nature and features. The formal-logical method has been used in order to analyze the norms of legislation that form the legal basis for comprehensive regulation of relevant relations. The method of analysis and synthesis has been applied while studying the practical manifestation of relations to ensure the turnover of digital things along with virtual assets. The comparative-legal method has been used for a comparative analysis of the legal regulation of institutions of digital things together with virtual assets in the latest legislation of the European Union and Ukraine. The logical-legal method has been applied so as to formulate the main conclusions in accordance with the aim of the specified study.
 The result of the study has been the determination of relevant properties of digital assets as well as virtual ones, which define the value component of the above objects. It has been concluded that neither value nor functionality significantly affect the value of the mentioned phenomena. Specific features along with properties inherent only to these objects come to the fore, to illustrate, adaptability, security of transactions, decentralization, pseudonymity, in addition to availability. Regardless of the fact that the specified properties are basic for comprehanding the nature of digital things and virtual assets, they are subject to significant external influence. In particular, the importance of decentralization together with pseudonymity is levelled due to the rapid and powerful development of legal regulation, aimed at a fairly high level of restrictions as well as regulations. At the same time, the prevalence of the turnover of the above mentioned objects is unlikely to slow down due to exceptional advantages, ensuring a significantly more prompt and accessible satisfaction of market participants’ relevant needs.

The Advent of Virtual Digital Assets: Analysing its Status in the Fintech Sector

Fintech, or financial technology, introduces the role of technology in finance, which forwards the discussion on big data, artificial intelligence (AI), and machine learning, facilitating investment opportunities. However, it is considered to have been introduced and evolved as the Bitcoin protocol in 2009. Digital assets date with the coining of ‘bit gold.’ This was formulated as a decentralised digital currency. The aim behind introducing such a currency was to have a payment mechanism outside the vigilance of the central authority, with a recurring high value. This laid the foundation of blockchain technology, inaugurating the market in digital assets. The utilisation of distributed ledger technology attracted a lot of financial players towards it. Creating digital assets and their required funding subsists on ongoing market changes and investor demands. Computer codes form the skeletal framework of digital assets and depend on agreement-based computer algorithms for effectuating transactions. These digital assets include an almost exhaustive range of virtual assets. Shifting the discussion to the "good faith acquisition" regime, when the transferee of property acquires a good title irrespective of the defect in the title of the transferor, it is known as "good faith acquisition" or "negotiability," an exception to the general rule: nemo dat quod non habet ("no one gives what they don't have"). In this scenario, good faith acquisition (negotiability) is quite relevant as digital assets transfer functions based on quite complex structures, which can be deceiving in disputes arising from insolvency, etc. This has been brought to light with the example of a digital asset held in custody by a third-party intermediary. Here, the legal status of the asset is uncertain, which creates the problem of determining who has the right to claim ownership over it. This is where the new legal framework for digital assets is needed to clear the air and award digital tokens the status of ‘property’ regarding these issues. The proposed legal framework can take due recourse to legal concepts, such as the law of bailment. This paper seeks to analyse and establish the legitimate status of virtual digital assets globally, slowly transitioning to a virtually driven e-community.

Is digital fashion the future of the metaverse? Insights from YouTube comments

The metaverse as a new social marketing platform has unquestionably opened new horizons for the digital fashion economy. This research aims not only to explore consumers' perceptions of digital fashion in the metaverse but also to delve into the underlying sentiments associated with these perceptions. Employing LDA topic modeling, this research examines 7416 YouTube comments from notable digital fashion videos, revealing six principal themes: Spending resistance, Excitement, Low value perception, Aesthetic concerns, Virtual Assets, and Future Expectations toward the Metaverse. Sentiment analysis within the study reveals varied emotional responses: Future Expectations toward the Metaverse are met with optimism, while Aesthetic Concerns and Spending Resistance are marked by skepticism, highlighting doubts about the practicality and worth of digital fashion.These findings have both theoretical and practical implications for the digital fashion landscape. Theoretically, the study contributes by shedding light on the evolving role of fashion in virtual worlds, emphasizing the importance of technology integration within the metaverse. Additionally, it provides insights into consumer behavior, the challenges of financial resistance to digital fashion adoption, and the potential appeal of this emerging market. Practically, these insights guide businesses and creators in the digital fashion industry. They inform pricing strategies, marketing campaigns, and design improvements, addressing issues like low perceived value and aesthetic concerns. Furthermore, the study anticipates evolving consumer trends, helping businesses adapt to the changing dynamics of the fashion industry in a digital era.

Insurance of virtual assets: problems of theory and practice

Many companies use large volumes of virtual assets to run their business, but traditional insurance products are not effective enough to address the unique challenges of virtual assets. In addition, legal regulation in this area is dynamic and ambiguous. This shows that the study of the insurance of virtual assets is an urgent task, as it responds to the modern challenges associated with digital technologies and creates a basis for the development of effective strategies and tools in the field of insurance. The purpose of the study is to clarify problematic issues in the theory and practice of insurance of virtual assets. The research methodology consists of the following methods: legal analysis method, empirical method, historical method, concept analysis method and argumentation analysis method, system method, analogy method, induction and deduction method. It is concluded that classic insurance products may be inadequate to solve the unique risks of virtual assets, while there is a need to develop new insurance products that take into account digital threats and losses, becoming a necessity. In addition, the lack of a clear legal framework in the field of insurance of virtual assets creates a consequential gap, and, therefore, the need to develop and implement standards and regulations has become an urgent task for the diversification of legal regulation.

The Prospect and Legal Issues of Income Tax in the Nigerian Metaverse

The Metaverse, a virtual space encompassing augmented reality, virtual reality, and the internet, has witnessed rapid growth, giving rise to complex economic activities. However, it suffices to state that despite the relevance of the metaverse concept in the global terrain, Nigeria, like many nations, could face the challenge of adapting its tax laws to the unique characteristics of the Metaverse. Given this, this study adopts a hybrid method of study to explore the taxation challenges within the Nigerian Metaverse, evaluating the efficacy of current tax laws and regulations in this evolving digital landscape. In this regard, 352 questionnaires were distributed to legal practitioners residing in Nigeria to ascertain their views concerning the sufficiency and deficiency of the existing tax laws regulating the tax issues in the metaverse. The study's findings reveal significant challenges in existing tax laws, including jurisdictional complexities, defining taxable income in virtual environments, identifying entities subject to taxation, enforcing regulations without physical assets, overcoming technology gaps, and ensuring legislative adaptability to digital advancements. These challenges hinder the growth of the Metaverse industry and pose risks in revenue generation within the metaverse operation in Nigeria. It was therefore concluded that there is an urgent need to adapt tax policies to the unique characteristics of the Metaverse in Nigeria. A balance between innovation and regulatory oversight is crucial for sustainable growth in the virtual economy. In this regard, the study recommended clear definitions and classifications of virtual assets, considering international best practices and collaborating with international bodies to establish a comprehensive and adaptive legal framework for taxing Metaverse activities in Nigeria.

Evaluating User Experience in the Context of Cultural Heritage Dissemination Using Extended Reality: A Case Study of the Dacian Bronze Matrix with Hollow Design

Cultural institutions are increasingly prioritizing the utilization of diverse mixed reality technologies to enrich the visitor experience during their physical exhibitions. These institutions are actively integrating virtual assets to enhance interactivity and facilitate immersive storytelling experiences. The use of extended reality technologies in cultural heritage dissemination has become a common solution to improve the perception on cultural heritage of their visitors. The objective of the proposed research is to conduct a comparative analysis of three distinct extended reality applications used in cultural heritage experiences. The proposed workflow integrates advanced 3D scanning technology and additive manufacturing techniques to produce tangible replicas which are further enhanced using extended reality technologies, such as augmented reality, desktop virtual reality, and immersive virtual reality. To evaluate the developed extended reality applications, we have conducted various System Usability Scale tools to assess applications’ usability while also trying to identify the most appropriate application that can be integrated within the museum exhibition. From a utility point of view, we found no notable differences in the user perceptions between proposed solutions, whereas from a usability and satisfaction point of view, the most preferred solution was the augmented reality one. The workflow is presented in sufficient detail to ensure the replication of the results.

Новые риски финансирования терроризма с использованием криптовалют в странах ЕАГ и СНГ

The article presents new risks of financing terrorism using cryptocurrencies and other virtual assets in the EAG and CIS countries. Based on an in-depth analysis of law enforcement practice and the specifics of the cultural and national diversity of the EAG and CIS states, the author provides relevant ways of financing terrorism that require adequate counteraction.

Review of Literature on Taxability of Cryptocurrency

Virtual Currency, Digital Currency, Crypto Asset, DLT(Distributed Ledger Technology) , Payment tokens, Virtual Asset, Bitcoin are some of the terms commonly used to denote the crypto currency without any standard common definition. These are all types of crypto assets developed initially in 2009. Bitcoin, Ethereum are some of the widely used crypto currencies. All around the world some countries have regularised this field, some are yet to regularise. The entire event is based on the concept of decentralisation or no need of a Central organ to control or monitor such currencies. The various articles published with different ideas regarding the taxability of such cryptocurrencies are analysed .

Unlocking the sustainable value with digitalization: Views of maritime stakeholders on business opportunities

Digitalization in the maritime sector encompasses interconnected technologies that enhance efficiency, risk mitigation, and safety in marine operations and offshore assets management. Digital twin, or virtual assets, plays a pivotal role within this digital ecosystem. This study aims to explore the transformative potential of digital twins in the maritime industry, focusing on their capacity to improve sustainability, optimize productivity, and drive innovative business models. A quantitative methodology was employed to investigate this potential in the maritime sector, utilizing questionnaires to gather insights and perspectives from key stakeholders in the Northwestern part of Norway’s maritime industry, including ship designers, shipyards, equipment suppliers, and ship owners. Among the 23 respondents, there were individuals holding senior, leadership, management, and specialized digitalization roles. Notably, 65% of these respondents possessed over 20 years of experience in the maritime industry. The survey reveals a strong interest in adopting digital twins within the maritime sector (70% of respondents). The findings underscore the potential advantages of digital twin solutions, including predictive maintenance (16%), real-time operational efficiency enhancements (17%), and design optimization (18%). Nevertheless, implementation complexity (73.9%) and data integration (73.9%) loom significant obstacles. Respondents also recognize the potential for new product opportunities and innovative business models arising from digital twin implementation. Sustainability initiatives are emphasized, particularly in real-time monitoring (83%), retrofitting (74%), and predictive maintenance (65%). Cybersecurity (65%) and data protection (62%) are critical concerns. Furthermore, implementing digital twins is anticipated to promote collaboration and information sharing among maritime industry stakeholders, underscoring their potential for transformative impact.

Concept, legal nature and classification of virtual assets

The entry of digital assets into the economic space at the national and supranational levels is an innovation in the financial system. The rapid penetration of virtual assets into the economic sphere is perceived ambiguously, because their uniqueness, which is expressed in anonymity, independence from central banks, combined with the use of information technology, has won both many supporters and attracted the attention of critics, including at the state level of the world’s leading countries.
 The article analyzes the experience of legislative consolidation of the definition of the concept of «virtual asset» at the national and international levels. Approaches to understanding this term by individual scholars are considered. The author distinguishes the correlation between the concepts of «virtual assets» and «digital assets», «cryptoassets» and «cryptocurrencies», «virtual assets» and «cryptoassets», and in particular, determines that the concepts of «virtual assets» and «digital assets» are synonymous, the term «cryptoassets» is broader than the term «cryptocurrencies» and includes the latter; at the same time, the concept of «virtual assets» is broader than the concept of «cryptoassets», since a virtual asset can use not only blockchain technology to have an electronic form.
 The definition of the concept of «virtual assets» was formed, which is considered as any asset expressed by a collection of data in electronic form, created using cryptographic means, having a cost, economic value and direct interaction of two parties without the participation of intermediaries in a decentralized network.
 The evolution of attempts to determine the legal form and legal nature of virtual assets at the regulatory and legal level in Ukraine has been analyzed and their classifications have been identified. Some aspects of the Law of Ukraine «On Virtual Assets» were studied, with the adoption of which the final transformation of cryptoassets and cryptocurrencies into a new legal form took place - a virtual asset.
 The conclusion was formulated that the Law of Ukraine «On Virtual Assets» needs to be revised in terms of the concept and classification of virtual assets.