REVISITING THE BLOCKCHAIN TECHNOLOGY LEGAL REGULATIONS: FOREIGN EXPERIENCE ANALYSIS

Purpose. This article provides a brief analysis of foreign experience in the legal regulation of blockchain technology. In order to find the most optimal regulatory definition of this concept, the author examines the approaches existing in the legislation of foreign countries and scientific literature. Design. The legal regulation of blockchain technology cannot be carried out isolated from particular means of its application. In many ways, the practical aspect plays the main role in the choice of the most appropriate legal regulation model in relation to a certain type of cryptoassets. At the same time, it should be borne in mind that general legal norms (in particular, definitions providing rules) will contribute to a clearer construction of the entire system of legal regulation and can serve as a “starting point” for law enforcement agencies in resolving disputes. Findings. The experience of foreign countries studied in this article can be adapted and applied to Russian realities in the light of the need to improve national legislation to ensure the necessary legal conditions for the construction and functioning of the digital economy as one of the state priorities. Originality/value. The article provides an overview of the most relevant changes in foreign legislation in the investigated field and explores a significant number of sources on this topic. Conclusions can be used in the course of further work on the development of legal regulation of the economic turnover of cryptoassets in the Russian Federation.

blockchain, distributed ledgers, foreign experience, cryptoassets, cryptocurrency, bitcoin