Legal Regulation of Digital Real Rights in Cyberspace
A Comparative Study
DOI:
https://doi.org/10.35246/rnyfvb18Keywords:
Real Rights, Cyberspace, Digital Assets, Cryptocurrencies, Comparative Civil LawAbstract
This research addresses the problem of the legal regulation of real rights over virtual assets in the absence of explicit legislative provisions in many legal systems. The study aims to adapt the legal nature of digital assets and cryptocurrencies and to clarify their suitability to be the subject of principal and accessory real rights. The study adopts a comparative analytical approach among Iraqi, Egyptian, French, and English civil laws, while reviewing the opinions of jurists and recent judicial applications. The study concludes that virtual assets are intangible assets that accept ownership and constructive possession, and recommends the necessity of urgent legislative intervention to regulate the provisions of their acquisition, transfer, and civil protection, in a manner that keeps pace with technological development and achieves stability in digital transactions.
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References
Books and Monographs
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Journal Articles
XXI. Blemus, S. (2019). Droit et crypto-actifs. Revue d'économie financière, 136, 143–160.
XXII. Fairfield, J. (2022). Tokenized: The law of non-fungible tokens and unique digital property. Indiana Law Journal, 97(4), 1261–1313.
XXIII. Fox, D. (2022). Cryptocurrencies in the common law of property. Cambridge Law Journal, 78(1), 29–62.
XXIV. Garcia-Teruel, R. M. (2021). Legal challenges of real estate tokenization. European Review of Private Law, 29(3), 677–710.
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XXVI. Mignot, M. (2020). La saisie des crypto-actifs. Recueil Dalloz, (31), 1120–1128.
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XXVIII. Zetzsche, D. A., Buckley, R. P., Arner, D. W., & Föhr, L. (2018). The distributed liability of distributed ledgers: Legal risks of blockchain. University of Illinois Law Review, 2018(4), 1361–1407.
Legislation and Official Documents
XXIX. Central Bank of Iraq. (2021). Warning statement regarding dealing in encrypted digital currencies. Retrieved from www.cbi.iq
XXX. Egyptian Central Bank and Banking Sector Law No. 194 of 2020, Article 206. Arab Republic of Egypt.
XXXI. Electronic Signature and Electronic Transactions Law No. 78 of 2012, Article 10. Republic of Iraq.
XXXII. Financial Action Task Force (FATF). (2021). Virtual assets and virtual asset service providers: Updated guidance. FATF. www.fatf-gafi.org
XXXIII. French Monetary and Financial Code (Code monétaire et financier), Articles L. 54-10-1, L. 211-3, L. 133-18, L. 223-12 (as amended by Ordonnance n° 2017-1674 and Loi PACTE n° 2019-486).
XXXIV. Iraqi Civil Code No. 40 of 1951 (as amended), Articles 61, 65, 1048, 1098, 1112.
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XXXVII. Law Commission (England and Wales). (2023). Digital assets: Final report (Law Com No. 412). www.lawcom.gov.uk
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Case Law
XXXIX. High Court of Justice (England and Wales), Commercial Court. (2019, October 7). AA v Persons Unknown. [2019] EWHC 3556 (Comm). Judgment of Bryan J. (Establishing cryptocurrency as legally cognizable property; setting precedent for real rights in digital assets)
XL. High Court of Justice (England and Wales), Commercial Court. (2020, December 21). Ion Science Ltd v Persons Unknown. Unreported Commercial Court Decision. (Court-authorized blockchain analysis for tracing stolen cryptocurrency; evidentiary value of distributed ledger technology in proving ownership)
XLI. High Court of Justice (England and Wales), Commercial Court. (2021, August 27). Fetch.ai Ltd v Persons Unknown. [2021] EWHC 2254 (Comm). Judgment of Pelling J. (Grant of Bankers Trust orders against out-of-jurisdiction cryptocurrency exchanges for disclosure of customer identity;
XLII. High Court of Justice (England and Wales), Commercial Court. (2022, May 13). Osbourne v Persons Unknown. [2022] EWHC 1021 (Comm).
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