The Legal Status of Cryptocurrencies and the Regulation of Smart Contract-Based Transactions: An International Perspective

Abstract

The rise of cryptocurrencies and smart contracts has fundamentally transformed the financial and legal landscapes. While offering unprecedented opportunities for decentralized transactions, these innovations also present regulatory challenges across jurisdictions. This article examines the legal status of cryptocurrencies, the enforceability of smart contracts, and the regulatory frameworks adopted by various countries. It aims to provide a comparative analysis of international approaches, identify the common legal hurdles, and suggest strategies for harmonizing regulations to foster innovation while ensuring legal certainty.