Legal aspects of application of smart contracts in digital economy: russian and international experience

In this article the authors have analyzed the concept and essence, principles of activity and programming languages of smart contracts (Smart Contract), their direct and indirect regulation in different countries, including Switzerland, Malta, Russia, Belarus, the USA. Legal issues of application of smart contracts in digital economy are analyzed, namely: in banking and also in insurance (InsurTech); in the field of public administration (RegTech) and others. The paper also touches upon problematic aspects related to liability for violation of smart contracts, protection of consumer rights, as well as copyrights. In conclusion, the prospects for the use of smart contracts in economic and legal activities (LegalTech) are described.