Priority of State Policy for Digitalization of Financial Services
Abstract views: 1
/ 
PDF downloads: 0
DOI:
https://doi.org/10.59022/ujldp.526Keywords:
Digital Financial Services, Fintech Regulation, Cryptocurrency, Civil Law Objects, State Digitalization PolicyAbstract
The digitalization of financial services has transformed traditional financial systems and posed significant challenges for civil law regulation. This study aims to analyze the priorities of state policy in regulating digital financial services, with particular attention to the legal recognition of digital financial assets as objects of civil law. Using a qualitative doctrinal research methodology, the study examines peer-reviewed journal literature on fintech, cryptocurrency regulation, and civil law theory. The research relies on scholarly analysis accessed through Google Scholar and contextual regulatory information from public domain sources. The findings reveal persistent legal uncertainty regarding the classification of digital financial assets, significant fragmentation in regulatory approaches, and a growing scholarly consensus on the need for adaptive legal frameworks. The study concludes that functional, technology-neutral regulation and explicit civil law recognition of digital financial assets are essential for ensuring legal certainty, financial stability, and sustainable digital innovation.
References
Allen, H., Berg, C., Davidson, S., Novak, M., & Potts, J. (2020). Blockchain and the evolution of institutional technologies: Implications for innovation policy. Journal of Institutional Economics, 16(4), 1–18. https://doi.org/10.1017/S1744137420000044
Arner, D. W., Barberis, J., & Buckley, R. P. (2016). The evolution of fintech: A new post-crisis paradigm. Georgetown Journal of International Law, 47(4), 1271–1319.
Arner, D. W., Buckley, R. P., Zetzsche, D. A., & Veidt, R. (2017). Sustainability, fintech and financial inclusion. European Business Organization Law Review, 18(1), 1–22. https://doi.org/10.1007/s40804-017-0065-1
Belomyttseva, O. S. (2014). Cryptocurrency: Bitcoin in the context of opinions of financial regulators and private money. Problems of Accounting and Finance, 2(14), 25–29.
Böhme, R., Christin, N., Edelman, B., & Moore, T. (2015). Bitcoin: Economics, technology, and governance. Journal of Economic Perspectives, 29(2), 213–238. https://doi.org/10.1257/jep.29.2.213
Bromberg, L., Godwin, A., & Ramsay, I. (2017). Fintech sandboxes: Achieving a balance between regulation and innovation. Journal of Banking and Finance Law and Practice, 28(4), 314–336.
Campbell-Verduyn, M. (2018). Bitcoin, crypto-coins, and global anti-money laundering governance. Crime, Law and Social Change, 69(2), 283–305. https://doi.org/10.1007/s10611-017-9756-5
De Filippi, P., & Wright, A. (2018). Blockchain and the law: The rule of code. Harvard Journal of Law and Technology, 31(2), 1–46.
Fox, D. (2018). Cryptocurrencies in the common law of property. Oxford Journal of Legal Studies, 38(4), 1–29. https://doi.org/10.1093/ojls/gqy028
Howell, S. T., Niessner, M., & Yermack, D. (2020). Initial coin offerings: Financing growth with cryptocurrency token sales. The Review of Financial Studies, 33(9), 3925–3974. https://doi.org/10.1093/rfs/hhz131
Low, K. F., & Teo, E. G. S. (2019). Bitcoins and other cryptocurrencies as property? Law Quarterly Review, 135, 236–262.
Maurer, B., Nelms, T. C., & Swartz, L. (2013). “When perhaps the real problem is money itself”: The practical materiality of Bitcoin. Social Semiotics, 23(2), 261–277. https://doi.org/10.1080/10350330.2013.777594
Nabilou, H. (2019). How to regulate Bitcoin? Decentralized regulation for a decentralized cryptocurrency. International Journal of Law and Information Technology, 27(3), 266–291. https://doi.org/10.1093/ijlit/eaz008
Tsindeliani, I. A. (2018). Cryptocurrency as an object of civil law and financial law regulation. Financial Law Journal, 7, 20–27.
Zetzsche, D. A., Buckley, R. P., Arner, D. W., & Barberis, J. N. (2017). From fintech to techfin: The regulatory challenges of data-driven finance. New York University Journal of Law & Business, 14(2), 393–446.
Zetzsche, D. A., Arner, D. W., Buckley, R. P., & Weber, R. H. (2020). The future of data-driven finance and RegTech: Lessons from EU fintech regulation. Journal of Financial Regulation, 6(1), 1–35. https://doi.org/10.1093/jfr/fjz017
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2026 Uzbek Journal of Law and Digital Policy
This work is licensed under a Creative Commons Attribution 4.0 International License.
