Smart contract as a new form of civil law contracts: National and international approaches to comprehension and regulation of the legal institution

Abstract

Purpose: The purpose of this study is to systematize, review and compare the provisions on smart contracts available in different national and international sources. Methodology: In course of article the authors employed general scientific and comparative-law methods as well as the method of legal forecasting. Results: The article deals with the issue to determine, enshrine and regulate smart contracts in modern legislation of the Russian Federation and of some foreign countries. Special attention is paid to ambivalent approaches to the definition of smart contracts: As a computer code and as a civil-law contract. The authors study the current foreign legislation on the regulation of smart contracts as well as the most recent edition of the Bill Draft "On Digital Financial Assets" in the Russian Federation. Potential applications of the blockchain technology and smart contracts are considered particularly. Conclusion/recommendations: The authors prove a conclusion on the need for additional legal regulation of smart contracts, especially in terms of regulating the definition and interpretation hereof. They believe that any smart contract should be considered as a new form of civil-law contract, but not as a computer code.