Features of Inheritance of Cryptocurrency Assets

DOI: https://doi.org/10.31207/ih.v10i1.233
Keywords: Cryptocurrency, Tokens, Inheritance, Electronic Money, Will

Abstract

The article analyzes the legal nature and specific of legal regulation of cryptocurrency in order to reveal the features of inheritance of cryptocurrency assets. The article aims to reveal whether it is possible to inherit cryptocurrency in terms of the existent legislation and if so, what kind of peculiarities of cryptocurrency should be considered. The financial and legal nature of cryptocurrency are described in the article. The main differences between cryptocurrency and traditional electronic money are revealed. The current legislation of Ukraine and some European countries on cryptocurrency legal status is analyzed. It is stated, that in most countries of the world, cryptocurrency is not considered to be money or currency, but rather a kind of property. It is noted, that while solving the issue of inclusion of cryptocurrency assets in the legacy, it is necessary to take into account the functional features of cryptocurrencies in general and the specifics of a particular type of cryptocurrency. Most of the benefits of cryptocurrencies for their owner (such as anonymous character) are obstacles to their inheritance according to the procedures provided by applicable law. The classification of the methods of inheritance of cryptocurrency assets is made in the article. The differences in the inheritance of cryptocurrency and tokens are revealed.

Downloads

Download data is not yet available.

Author Biographies

Oleksandr Omelchuk, National University "Odesa Law Academy" (Odesa, Ukraine)

Ph.D., Associate Professor of Civil Law Department

Inna Iliopol, National University "Odesa Law Academy" (Odesa, Ukraine)

Ph.D., Associate Professor of Department of Civil Procedure

Snizhanna Alina, National University "Odesa Law Academy" (Odesa, Ukraine)

Ph.D., Postgraduate Student of Civil Law Department

References

Alina, S. (2018). Inheritance of cryptocurrencies, tokens and other digital assets: problems and prospects. Legal Bulletin, 1, 191-195.
Balikova, N. (2017). Japan recognized Bitcoin as a means of payment. Voice of Ukraine, 61, 1-8.
Barroilhet Díez, A. (2019). Cryptocurrencies, economic and legal aspects. Revista Chilena de Derecho y Tecnologia, 8 (1), 29-67. DOI: 10.5354/0719-2584.2019.51584
Bezverkhy, K. (2018). Cryptocurrency: money or a soap bubble? Accounting and Auditing, 1, 29-38.
Boehm, F., & Pesch, P. (2014). Bitcoin: A First Legal Analysis. With reference to German and US-American law. DOI: 10.1007/978-3-662-44774-1_4
Ermakova, E. P., & Frolova, E. E. (2019). Legal regulation of digital banking in Russia and foreign countries (European Union, USA, PRC). Vestnik Permskogo Universiteta – Juridicheskie Nauki, 4, 606-625. DOI: 10.17072/1995-4190-2019-46-606-625
Galushka, Y. (2017). The essence of cryptocurrencies and prospects for their development. Young Scientist, 4, 634-638.
Golubeva, N. (2017). Legal regulation of cryptocurrencies: Is it on time? Journal of Civil Law, 26, 22-28.
Jarova, A. & Lloyd, I. (2018). An examination of the experience of cryptocurrency uses in Russia. In search of better practice. Computer Law & Security Review, 34 (6), 1300-1313. DOI: 10.1016/j.clsr.2018.09.004
Kjaersgaard, L. F. & Arfwidsson, A. (2019). Taxation of Cryptocurrencies from the Danish and Swedish Perspectives. Intertax, 47 (6-7), 620-634.
Krashennikov, P. (2011). Commentary on the Civil Code of the Russian Federation. Part four. Statut.
Maksurov, A. (2018). Cryptocurrency in civil, family and labor law of Russia. Property relations in the Russian Federation, 8 (203), 96-101.
Nabilou, H. (2019). How to regulate bitcoin? Decentralized regulation for a decentralized cryptocurrency. International Journal of Law and Information Technology, 27 (3), 266-291.
Nakamoto, S. (2008). Bitcoin: A Peer-to-Peer Electronic Cash System. https://www.coindesk.com/bitcoin-peer-to-peer-electronic-cash-system
Nakonechny, S. (2017). Cryptocurrencies in Ukraine: problems and prospects of legal regulation. Informaciyne Pravo Telekomunikaciyi.
Nekit, K. (2018). Legal status of cryptocurrencies in Ukraine and in the world. Legal Scientific Journal, 1, 40-42.
Nekit, K., Ulianova, H., & Kolodin, D. (2019). Web-site as an object of legal protection by Ukrainian legislation. Amazonia Investiga, 21 (8), 222-230.
Solovyova, A. (2018). The legal nature of cryptocurrency in Ukraine and the countries of Continental Europe: theoretical and legal approaches. Young Scientist, 10 (1), 243-247.
Stakhira, G. (2017). Proprietary issues of the nature of digital content. Entrepreneurship, Economy and Law, 11, 55-58.
Tiwari, N. (2018). The commodification of cryptocurrency. Michigan Law Review, 117 (3), 611-634.
Turkin, R. (2017). Inheritance of cryptocurrencies in the light of their special properties. In Legal Week in the Urals. Publishing House of the Ural State Law University.
Published
2021-03-29
How to Cite
Omelchuk, O., Iliopol, I., & Alina, S. (2021). Features of Inheritance of Cryptocurrency Assets. Ius Humani. Law Journal, 10(1), 103-122. https://doi.org/https://doi.org/10.31207/ih.v10i1.233
Issue
Vol 10 No 1 (2021): Ius Humani. Law Journal
Section
Papers
Creative Commons License

This work is licensed under a Creative Commons Attribution 4.0 International License.

Authors publishing in our Journal comply to the following terms:
1. Authors keep their work’s copyrights, but they guarantee Ius Humani Law Journal to be the first publisher of their papers. They grant the Journal will a Creative Commons Attribution License, under which their work can be shared with the condition that it is appropriately cited.
2. Authors are aware and accept that the Ius Humani Team will try to give the greatest diffusion to the Journal, which means, among other things, that its printed and electronic editions will be distributed among different databases and scientific indexes.
3. Authors can establish further clauses for non exclusive distribution, such as publication on a separate book or placing in an institutional data-base. Nevertheless, a note should be always added to explain that the paper was originally published in Ius Humani Law Journal.
4. We permit and encourage authors to share their work through Internet before and during the editorial process to receive further recommendations and wider references (we recommend you read the article The Effect of Open Access).