Innovation science and technologiy 2-jild 5-son (2026)
AN INSTITUTIONAL GOVERNANCE FRAMEWORK FOR CRYPTO-ASSET REGULATION: ADDRESSING LEGAL UNCERTAINTY IN DIGITAL FINANCIAL SYSTEMS
Iminokhunov, Abdukokhor, Khakimov, Abdurakhmon
Annotatsiya
This study analyzes the institutional architecture of crypto-asset regulation and develops agovernance-oriented mechanism aimed at reducing legal uncertainty within digital financial systems. Theresearch is grounded in an institutional approach that combines structural, functional, and mechanism-basedanalysis, while empirical insights are derived from the regulatory framework of the Republic of Uzbekistan.The findings demonstrate that legal uncertainty in crypto-asset regulation emerges through inconsistenciesbetween formal regulatory norms, their interpretation, and enforcement practices. The study proposes anintegrated institutional framework that connects regulatory architecture, infrastructural intermediaries, marketparticipants, and the technological environment. In addition, the research identifies a cyclical mechanismthrough which legal uncertainty continues to persist within digital financial ecosystems.Based on the conducted analysis, a comprehensive regulatory mechanism is developed that integratesdeclaration, monitoring, control, enforcement, and legal circulation into a coordinated governance system. Theproposed framework emphasizes adaptive institutional governance rather than a purely rule-based regulatoryapproach.The study is limited by its qualitative and conceptual nature and therefore requires further empiricalvalidation. Nevertheless, it contributes to the existing literature by expanding the theoretical understanding ofinstitutional governance in crypto-asset regulation and provides practical implications for the development ofmore resilient and sustainable digital financial regulatory systems.
digital governance, crypto-asset regulation, governance framework, legal uncertainty, institutional architecture, financial regulation, DeFi, digital economy
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