CONFLICT-OF-LAW REGULATION OF THE ISSUANCE, PLACEMENT AND CIRCULATION OF CRYPTOASSETS AS AN INTRUMENT FOR RAISING CAPITAL IN INTERNATIONAL PRIVATE LAW

Abstract

Abstract. The purpose of the study is to analyse the regulatory and legal acts of states, as well as the works of organisations and scholars, for the purposes of determining approaches to the applicable law to cryptoassets in legal relations with a foreign element or the possibility of choosing a special law at the discretion of the parties. The main issue of the study is the lack of a generally accepted approach in modern private international law to considering the applicable law to legal relations involving cryptoassets in the presence of a foreign element. Due to the ongoing integration of cryptoassets into international finances, there is an urgent need to define the conflict of laws rules that shall be applied to cryptoassets. The study analyses conflict-of-law rules that are either proposed by various researchers, soft law acts, works of legal organisations, or determined by courts as precedents in countries with Anglo-Saxon legal systems. Therefore, the author has unified such approaches to develop a single hierarchical system of conflict-of-law rules that can be applied to cryptoassets and will serve as a proposal for implementation into Ukrainian legislation in the future. It has been determined that the main principle in establishing the applicable law is the autonomy of the parties’ will, which allows the parties to independently choose any law, except in cases where cryptoassets are to be stored with a cryptoasset service provider in relation to custody and administration of cryptoassets on behalf of customers. At the same time, the applicable law regarding the placement of cryptoassets and their circulation has also been separately analysed and proposed. In addition, it has been confirmed that no law applies to the issuance of cryptoassets, since the actual issuance of cryptoassets is a technical process that is not subject to regulation and has no legal aspect.

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Received: 11.02.26 / Revised: 24.02.26 / Accepted: 18.03.26 / Published:30.03.26