Globalization of Civil Law Regulation of Blockchain Technologies and Its Implementation in Uzbekistan
Abstract
The phenomenon of globalization in civil law regulation of blockchain technologies is examined using the example of Japan's Payment Services Act. In the context of active economic digitalization, the problem of effective adaptation of international standards to national legal systems acquires particular relevance. The principles of adapting international FATF standards to the national characteristics of Japan's legal system are analyzed using a comprehensive methodology including glocalization analysis, comparative legal method, and institutional analysis. Key elements of the Japanese model have been identified: technological neutrality with functional regulation, multi-level regulation with clear division of powers between government bodies and self-regulatory organizations, the institution of self-regulation through the Japan Virtual Currency Exchange Association (JVCEA), and a system of “regulatory sandboxes” for testing innovations. The study demonstrated high efficiency of the Japanese approach, confirmed by the growth of cryptocurrency transaction volume to $116 billion USD in 2023. Opportunities for applying Japan's glocalization experience to improve Uzbekistan's civil legislation in the field of digital technologies have been determined, including creating specialized regulatory bodies, implementing experimental legal regimes, and developing self-regulatory institutions. The research results can be used for forming a national digital development strategy and attracting international investments to the fintech sector.