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Vol. 13 No. 4 (2026)
International Multidisciplinary Journal for Research & Development

Articles

LEGAL CHALLENGES IN THE REGULATION OF CRYPTOCURRENCIES: A COMPARATIVE ANALYSIS

Published 2026-04-30

  • Nuriddin Khudoyberdiev

Nuriddin Khudoyberdiev
LL.M., Penn State Law, The Pennsylvania State University, USA; LL.M. and LL.B., Tashkent State University of Law, Uzbekistan.

Abstract

Since their inception, cryptocurrencies have remained a subject of considerable academic, legal, and financial debate. Today, more than nine thousand distinct types of cryptocurrencies exist, enabling individuals to engage in financial transactions freely and without oversight from any central authority or institution. Following an accelerated period of growth, cryptocurrencies have amassed an expansive global user base, with high potential returns further incentivizing widespread adoption. Nevertheless, the cryptocurrency landscape continues to be beset by significant challenges. Chief among these are the fundamental tensions between cryptocurrency infrastructure and traditional monetary systems, as well as regulatory gaps that expose users to financial and legal risks. This article provides a comprehensive examination of cryptocurrencies, their most prominent variants, and an analysis of both their benefits and risks. It further explores the legal and regulatory challenges posed by cryptocurrencies, the diverse approaches adopted by states worldwide in addressing these challenges, and the role of international cooperation and emerging global standards in shaping a coherent regulatory framework.

Keywords

cryptocurrency, crypto-assets, blockchain, financial transactions, data theft, financial fraud, privacy, service providers, mining, crypto-exchange, crypto-store, international cooperation, FATF, AML regulations, international standards.

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