LEGAL ISSUE APPLICABLE TO CRYPTOCURRENCY TRANSFER PROCESS
Keywords:
digital asset, cryptocurrencies, blockchain, distributed ledger technology, applicable law, private international lawAbstract
The process of transferring digital assets, including cryptocurrencies, raises various legal issues. One of these is the issue of determining the law applicable to transfers made via blockchain. Traditional concepts and approaches of private international law face many difficulties in determining the law applicable to blockchain technology. The disintermediation structure makes it difficult to identify the service provider or “principal executor” in blockchain-based systems. The nature of the distributed registry creates problems in attributing this registry or blockchain and the asset digitally recorded on it to a specific place in the real world, and also indicates the decentralization of the connection to a specific place. Pseudonymity in blockchain-based systems creates many difficulties in identifying participants and their locations. The purpose of this article is to examine the main issues related to the law applicable to the transfer of digital assets (digital), in the case of the transfer of cryptocurrencies via blockchain.
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