Legal Considerations of Virtual Assets

Hayder Falih Mahdi  Al-Anbari; Bashar Ahmed  ensif

Hayder Falih Mahdi Al-Anbari Al-Furat Al-Awsat Technical University, Musayyib Technical Institute
Bashar Ahmed ensif Al-Furat Al-Awsat Technical University, Musayyib Technical Institute

Keywords: Virtual assets, Cryptocurrency, Digital trading, Blockchain, Bitcoin, Legal considerations

Abstract

This paper investigates the legal considerations made to handle virtual assets. Virtual assets are an umbrella for digital types of properties, including pictures, tracks, contents, and AI-generated materials. This paper, however, focuses on financial transactions used in online and networked channels strictly known as cryptocurrencies and any other digital coins, currencies, or financial exchanges. The paper aims to unveil the regulatory and legal rules governing these currencies and assets. To do so, a set of data represented by various procedures and practices taken to control such assets has been elaborated on. the paper, additionally, draws on the studies and attempts, especially country-specific measures, initiated to handle cryptocurrency expansion. The paper finds that virtual assets and cryptocurrencies are innovative properties for which there are hardly any legal provisions in the relevant codes and laws. The paper, further, recommends that a complete understanding of digital currencies be made to foster awareness concerning these assets as to challenges, opportunities, and uncertainties. The paper, finally, suggests a few topics for future research.

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