Digital Financial Assets as an Object of Civil Rights

Abstract

This article explores the legal nature of digital financial assets (DFAs) within civil rights. DFAs, including cryptocurrencies and tokens, challenge traditional legal concepts due to their decentralized and intangible nature. The study addresses key legal issues such as ownership rights, enforceability of obligations, and jurisdictional conflicts in cross-border transactions. A comparative analysis of regulatory frameworks in the European Union, the United States, Russia, and Uzbekistan reveals the lack of uniformity in DFA treatment. Special focus is given to Uzbekistan’s progressive approach under the Digital Uzbekistan 2030 initiative. The research adopts a qualitative, doctrinal, and document analysis methodology, supported by case studies and legal analysis. The findings identify significant regulatory gaps, particularly regarding DFA integration into traditional legal systems. The study suggests the need for comprehensive reforms to harmonize DFA regulations and ensure legal clarity. The conclusion emphasizes the importance of aligning legal frameworks with emerging digital financial trends.