LEGAL REGIME ISSUES OF DIGITAL ASSETS AS AN OBJECT OF CIVIL LAW

Abstract

The article presents a comprehensive analysis of the legal nature of digital financial assets (DFAs) within the civil law system of the Republic of Uzbekistan, as well as determines their place among traditional objects of civil law relations. It substantiates the necessity for legal regulation of digital financial assets and proposes a regulatory model based on their technological characteristics, functional diversity, and significance within the system of contractual obligations. The study examines problematic aspects of DFA circulation, the issue of legal title confirmed through a private key, and the need for normative determination of their value when concluding transactions. The author’s position, formulated in the article, substantiates the need to distinguish digital property as “sui generis” as an independent legal regime based on comparative-legal and functional approaches. It proposes the normative establishment of mechanisms for managing volatility risks, the recognition of smart contracts as legally valid instruments equivalent to the written form of a transaction, and the attribution of legal significance to cryptographic keys as proof of ownership. The main results include concrete proposals for improving the Civil Code of the Republic of Uzbekistan.