THEORETICAL AND LEGAL PERSPECTIVE ON CERTAIN TYPES OF LEGAL LIABILITY IN CRYPTOCURRENCY RELATIONS

Oleksii Drozd (), Yaroslav Lazur () and Ruslan Serbin ()
Additional contact information
Oleksii Drozd: Department of Research Work Organization, National Academy of Internal Affairs, Ukraine
Yaroslav Lazur: Faculty of Law, Uzhhorod National University, Ukraine
Ruslan Serbin: National Academy of Internal Affairs, Ukraine

Baltic Journal of Economic Studies, 2017, vol. 3, issue 5

Abstract: The aim of this article is to study the theoretical, methodological, and legal possibilities of application of certain types of legal responsibility to the relations, which are connected with cryptocurrency (bitcoin). Some types of liability in the field of cryptocurrency relations make the subject of the study. Methodology. The research is based on a comparison of legal regulation of the sphere of cryptocurrency in Ukraine and in foreign countries. Advantages and disadvantages of different modes of cryptocurrency turnover are determined: fromdirect prohibition to granting the status of the official payment system. It is made on the basis of the analysis of peculiarities of the circulation of virtual money in Australia, Germany, the Netherlands, New Zealand, Singapore, Indonesia, China, the Russian Federation, Bolivia, Ecuador, Thailand, Vietnam, the USA, Japan, Spain, and some other countries. On the basis of the comparative legal study of certain provisions of the civil, administrative, tort, and criminal legislation of Ukraine, the possibilities and limits of the application of certain types of legal responsibility to violations in the field of cryptocurrency are determined. The results of the comparative legal study have shown that, unlike most foreign countries, in Ukraine, there is no legislative consolidation of the legal status of the virtual currency. In this regard, today in the national legislation, there are no direct rules that would predict the occurrence of administrative, criminal or civil liability for the offenses in the field of cryptocurrency relations. Practical impact. Since guarantees of compulsory restoration or protection of violated law play an important role in the legal regulation of any social relations, the proper legislative regulation of public relations in the sphere of crypto currency circulation is an urgent problem today, including with the help of establishing liability for the offenses in this field. Correlation/Authenticity. Comparative and legal research of legal regulation of the sphere of crypto currency gives us a better understanding of the most promising directions of development of administrative, criminal, and civil liability in this field.

Keywords: cryptocurrency; legal liability; transaction; licensing; Bitcoins; crypto exchange; crypto market (search for similar items in EconPapers)
JEL-codes: D23 D45 (search for similar items in EconPapers)
Date: 2017
References: View complete reference list from CitEc
Citations: View citations in EconPapers (1)

Downloads: (external link)
http://www.baltijapublishing.lv/index.php/issue/article/view/289/pdf (application/pdf)
http://www.baltijapublishing.lv/index.php/issue/article/view/289 (text/html)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:bal:journl:2256-0742:2017:3:5:33

DOI: 10.30525/2256-0742/2017-3-5-221-228

Access Statistics for this article

Baltic Journal of Economic Studies is currently edited by Anita Jankovska, Managing Editor

More articles in Baltic Journal of Economic Studies from Publishing house "Baltija Publishing"
Bibliographic data for series maintained by Anita Jankovska ().