Smart Contracts and their Legal Recognition: Comparative Analysis of Regulatory Approaches
Abstract
This article examines the legal status of smart contracts across different jurisdictions through a comparative legal methodology, analyzing regulatory approaches in the United States, European Union, Switzerland, Singapore, and Uzbekistan. The research identifies key challenges in integrating self-executing agreements into existing legal frameworks, including issues of contract formation, enforceability, dispute resolution, and data protection compliance. Using doctrinal analysis and comparative law methods, this study evaluates how different legal systems address the fundamental question of whether code-based agreements satisfy traditional contract formation requirements. The findings reveal a spectrum of regulatory responses ranging from explicit statutory recognition to application of existing contract law principles. The article concludes with recommendations for developing comprehensive legal frameworks that balance innovation with consumer protection and legal certainty.