E.V. Zaynutdinova

Models of Legal Regulation of Smart Contract: Generalities and Specifics

2021. No. 3. P. 126–147 [issue contents]
The smart contract’ term and its peculiarities are already regulated by different legalsystems. Author distinguishes and analyzes the following models of legal regulation ofa smart contract: technically oriented (smart contract as a computer program); dealoriented(smart contract as a legally binding contract or provision of a contract); combinedmodel (smart contract simultaneously as a computer program and as a contract). Acts onsmart contracts are enacted on national or subnational level in the form of amendmentsto existing laws on contracts, e-commerce, information technologies or in a separatelegal bill (act) regulating also such issues as application of blockchain (distributedledger) technology, issue and turnover of tokens and cryptocurrency. In case of use oftechnically oriented model such legal issues as conclusion and interpretation of a smartcontract, its invalidation, amendment and termination, application of means of defenceand responsibility, choice of applicable law to a smart contract and competent authoritythat is to settle a dispute arising out of a smart contract, remain unresolved. Deal-orientedand combined models (even with pitfalls of combined model due to confusion betweensmart contract as a computer program and as a contract) are more preferred since thesemodels define peculiarities of conclusions and performance of smart contracts in contractlaw for its practical use. Besides this, definition of automated performance of obligationsthat is inherent to a smart contract as a contract (contract type) in the form of a programcode concluded and performed in special information system (decentralised distributedledger) is to be reflected. Overall trends of legal regulation of a smart contract are theuse of special technical terms (such as blockchain, token, cryptocurrency) that are firmlyestablished in practice, statements on smart contract conclusion and performance (evenif a smart contract is defined as a computer program), and creating non-discriminatorylegal basis for the use of smart contracts along with contracts in written form and othermeans of proof.
For citation: Zainutdinova E.V. (2021) Models of Legal Regulation of Smart Contract: Generalities and Specifics. Pravo. Zhurnal Vysshey shkoly ekonomiki, no 3, pp. 126–147 (in Russian)
Citation: Zaynutdinova E. (2021) Modeli pravovogo regulirovaniya smart-kontrakta: obshchee i osobennoe [Models of Legal Regulation of Smart Contract: Generalities and Specifics]. Pravo. Zhurnal Vysshey shkoly ekonomiki, no 3, pp. 126-147 (in Russian)
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