The Legal Status of Cryptocurrency in Different Jurisdictions: A Comparison of the Anglo-American and European Approaches

Abstract

This article presents a comparative legal analysis of the legal status of cryptocurrency in different jurisdictions, focusing on the Anglo-American and European approaches. The aim of the study is to conduct a comprehensive comparative legal analysis of the legal status of cryptocurrency in various jurisdictions, particularly within the Anglo-American and European legal systems, as well as to identify the specific features of their regulatory framework and the civil law nature of crypto-assets.

The methodological basis of the study consists of a combination of general scientific and specialised legal methods of inquiry, which ensure a comprehensive analysis of the legal status of cryptocurrency in various jurisdictions and enable a comparison of the Anglo-American and European approaches to the regulation of crypto-assets. The main methods used in the study are the comparative legal method, applied to compare models of legal regulation of cryptocurrency in the US, the UK and the European Union; the formal legal method, used to analyse the content of regulatory acts governing the circulation of cryptocurrency; the method of legal analysis and interpretation of legal norms, which made it possible to determine the legal nature of cryptocurrency, its place within the system of civil law objects, and the specific features of applying traditional legal institutions to digital assets; the method of analysing judicial practice, used to examine precedent-setting court decisions that shape legal doctrine in the field of crypto-assets; the systemic-structural method, applied to consider the legal regulation of cryptocurrency as a coherent system encompassing the norms of civil, financial and technology law; as well as the method of generalisation and scientific abstraction, which enabled the formulation of general conclusions regarding trends in the development of cryptocurrency regulation across different jurisdictions and the identification of key models of the legal status of crypto-assets.

Results. The civil law nature of crypto-assets, their place within the system of property rights, and the specific features of the regulation of digital currency circulation in the US, the UK and the EU are examined. The role of legislation, the activities of financial regulators and judicial practice in shaping the legal regime for cryptocurrencies in the US is analysed, as well as the regulatory instruments of EU and UK law for integrating crypto-assets into civil law institutions. The results of the study allow for an assessment of the advantages and disadvantages of various models, as well as the identification of possible directions for the gradual improvement of national legislation regarding the circulation of cryptocurrencies.

Conclusions. The Anglo-American model tends towards flexible functional regulation through the adaptation of existing legal institutions, whereas the European system is geared towards creating a specialised codified regulatory framework for crypto-assets. Both approaches have their own advantages: the first ensures rapid adaptation to technological changes, whilst the second provides a higher level of legal certainty and systematic regulation. Taken together, these models form the basis for the further development of international practice in the legal regulation of cryptocurrency and can serve as a guide for shaping national approaches to determining the legal status of crypto-assets.