CRYPTO-ASSETS AND PROPERTY RIGHTS: MODERN APPROACHES AND LEGAL DISPUTES

Аннотация

The rapid development of cryptoassets has introduced new challenges and opportunities in modern economics and legal relations. This article analyzes the legal status of cryptoassets within the framework of property rights, exploring contemporary approaches based on international experiences (USA, UK, Singapore, European Union, Russia) and Uzbekistan’s legislation. The study examines the classification of cryptoassets as property, related legal disputes (identification, inheritance, recovery, theft), and potential solutions to these issues. Structured using theIMRAD method, the article relies onscholarly literature, judicial precedents, and statistical data. The findings indicate that while cryptoassets are increasingly recognized as objects of property rights, the unique characteristics of blockchain technology pose regulatory challenges. Recommendations for Uzbekistan include improving legislation, introducing technical tools, and fostering international cooperation. This research may serve as a valuable guide forlegal scholars, lawmakers, and technology experts. Keywords:Cryptoassets, property rights, blockchain, legal disputes, digital economy, international experience, Uzbekistan legislation, judicial precedents, identification, inheritance. I.Introduction The rapid advancement of digital technologies has brought new dimensions to modern economics and legal relations, with cryptoassets based on blockchain technology occupying a central role. Since the introduction of Bitcoin (BTC) by Satoshi Nakamoto in 2009, cryptoassets have carved out a distinct place in the global financial system. According to statistical data, the total market capitalization of cryptocurrencies exceeded 2.1 trillion USD in 2023 (CoinMarketCap, 2023), highlighting their growing significance in economic life. Cryptoassets are viewed not only as tools for financial transactions but also as potential objects of property rights1. However, theirlegal nature, status within property law, and the resolution of related legal disputesremain complex and pressing issues inboth international and national jurisprudence. 1CoinMarketCap."CryptocurrencyMarketCapitalizationData."Accessed2023.https://coinmarketcap.com. page1859 INTERNATIONAL JOURNAL OF ARTIFICIAL INTELLIGENCE ISSN:2692-5206,ImpactFactor:12,23 AmericanAcademicpublishers,volume05,issue03,2025 Journal: https://www.academicpublishers.org/journals/index.php/ijai Key characteristics of cryptoassets—operation on decentralized networks, relative anonymity in transactions, digital existence, and management via private keys—create significant challenges in aligning them with traditional property law concepts2. The classical definition of property rights under Roman law (dominium) pertains to tangible objects, whereas cryptoassets are intangible, existing solely as digital records on blockchain networks3. Consequently, countries worldwide lack a uniform approach to regulating these assets. For instance, the United States classifies them as “general intangible property,” the European Union treats them as financial instruments, and Singapore recognizes them as property. This diversity reflects a lack of legal clarity andunderscores theneed forunified global standards. In Uzbekistan, the cryptoasset sector began to take shape in 2018 with the Presidential Decree No. PQ-3922, “On Measures to Develop the Digital Economy.” In 2022, the Director of the National Agency for Perspective Projects issued an order approving the “Rules for Conducting Cryptoasset Trading on Crypto-Exchanges,” though this document does not clearly define the status of cryptoassets within property law4. While Chapter 8 of the Civil Code of the Republic of Uzbekistan (CC) defines “intangible benefits,” the digital nature of cryptoassets and their blockchain foundation complicate their legal classification5. Issues related to property rights— such as inheritance, judicial recovery, pledging, and dispute resolution—remain largely unregulated inUzbekistan and globally. The purpose of this article is to thoroughly analyze the legal status of cryptoassets within property law, study modern approaches based on international experience and national legislation, and propose scientifically grounded solutions to address legal disputes. The research aimsto answer thefollowing key questions: 1. How can cryptoassets be classified as objects of property rights, and what legal consequences does thisclassification entail? 2. What approaches to cryptoassets are applied in international law and national legislation, andwhat are theiradvantages and disadvantages? 3. What challenges arise in resolving legal disputes involving cryptoassets, and what solutionsexist toaddress them? 4. What reforms are necessary in Uzbekistan’s legislation to clarify the role of cryptoassets inproperty rights and resolve related disputes? 2Ross,J."BlockchainandPropertyLaw:ANewFrontier."JournalofInternationalPropertyLaw22,no.3(2019): 201-225. 3Fairfield,JoshuaA.T."BitPro