Journal of Legal, Ethical and Regulatory Issues (Print ISSN: 1544-0036; Online ISSN: 1544-0044)


Legal Aspects of Blockchain Technology Use

Author(s): Faisal Santiago, Anastasiia Metil, Oleg Podtserkovnyi, Kristina Vozniakovska, Vitalii Oliukha

The legal regulation of blockchain technology in Ukraine is now in its nascent stage. Legislators are actively working in this direction, but so far there are only bills submitted for consideration by the Verkhovna Rada, or draft bills. Therefore, while using blockchain-based systems, one should be guided by general norms and international standards regarding the scope of activities of blockchain companies. This document should also consider aspects of the activities of various blockchain companies depending on their type of activity. Firstly, we are talking about defining the legal aspects of the activities of mining companies-those that provide functioning of various areas of cryptoeconomics. Secondly, cryptocurrency companies that allows exchanging, selling virtual currencies and creating platforms for cryptocurrency trading. Thirdly, ICO companies-those that attract financing through the Initial Coin Offering. Fourthly, these are companies that offer and provide services and/or goods using blockchain technology.