EU Law & Regulatory Governance
New Format of Securities: Securities Registered in Distributed Ledgers...
Securities; distributed ledger technology; crypto-assets
Like many other subject areas, technological progress is also transforming the world of securities. New technological solutions and opportunities may lead to the emergence of new institutions, including new legal institutions. The distributed ledger technology enabling the operation of well-known cryptocurrencies is – among many other things – a tool suitable for the registration of securities; although it has not yet become widespread, some countries have already established the legal framework for its application. This study presents a comparative analysis of existing European regulatory solutions to demonstrate the options available for establishing an effective regulatory framework for securities recorded on a distributed ledger and the benefits of introducing such a securities registration system from both a regulatory and a practical perspective.
HALÁSZ, ZSOLT
Emerging Trends in International Consumer Protection...
Alternative dispute resolution, sustainable development goals, sustainable consumption and production, European Union, environmental sustainability
The Sustainable Development Goals (SDGs) call for environmentally sustainable production and consumption in line with the green transition within the European Union (EU); however, the EU is yet to fully incorporate Alternative Dispute Resolution Mechanisms (ADR) in the resolution of environmental matters, let alone in providing redress for disgruntled consumers and traders. This paper attempts to analyse the effectiveness of the incorporation of ADR mechanisms in consumer protection disputes within the EU as an alternative to litigation, with a keen look at international emerging trends and international best practices.
WANJIRU, ANN WANJA
The Role of Smart Courts and Artificial Intelligence in Enhancing Consumer Protection...
Smart courts; artificial intelligence; consumer protection; access to justice; digital justice
This article examines how smart courts and artificial intelligence can strengthen consumer protection in civil law systems while also creating new risks for fair trial rights and equality before the law. It compares developments in the European Union, the United Kingdom, and China, focusing on online filing, virtual hearings, automated case management, AI-assisted document review, and judicial decision-support tools. The article argues that these technologies can improve access to justice for consumers by reducing delay, lowering costs, simplifying small claims procedures, and supporting cross-border dispute resolution. At the same time, it shows that algorithmic bias, black-box reasoning, automation bias, data protection concerns, and digital exclusion may undermine the very protective function that consumer law is meant to serve. The comparative analysis suggests that AI is most defensible in assistant functions, such as triage, translation, document organization, and procedural guidance, but is far more problematic when it approaches substantive adjudication. The article concludes that smart courts can contribute meaningfully to consumer justice only if they are designed around transparency, human oversight, inclusivity, and effective procedural safeguards.
OCHILBOEV, ABBOSBEK
Can Crypto-Assets Be Used in International Investments? An Analysis of...
Crypto-assets, financial regulation, tokenization
This study examines the use of crypto-assets in international investment, focusing on their legal, financial, and regulatory dimensions. Against the background of declining global investment flows and the rapid growth of the digital economy, crypto-assets are assessed as an emerging component of international financial activity. The study evaluates key regulatory frameworks, including the European Union’s Markets in Crypto-Assets Regulation (MiCA) and Türkiye’s Law No. 7518, with particular attention to the legal status and usability of crypto-assets. The paper also explores the role of crypto-assets in cross-border payments and international financial transactions. Stablecoins are considered in terms of their potential to reduce transaction costs and improve efficiency, making them relevant not only for payment systems but also for investment flows. At the same time, the study highlights major limitations, including volatility, regulatory uncertainty, systemic risks, and market instability. In this context, tokenization methods used by international organizations are presented as a more integrated and sustainable alternative. The study further analyzes Türkiye’s evolving regulatory framework, especially the licensing and supervision of crypto-asset service providers. Finally, it hypothetically considers whether crypto-assets could be used as company capital within international investment law. The findings suggest that although crypto-assets offer functional advantages, they cannot currently serve as stable instruments in international investment processes due to regulatory fragmentation, market volatility, and valuation problems.
SOYGENIS, YUNUS EMRE
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