The Development of Contract Law in the Field of Blockchain Technologies
https://doi.org/10.17803/2313-5395.2020.2.14.147-182
Abstract
The paper provides an overview of different legal approaches to structuring contractual relations based on blockchain technology. The author considers the USA experience of building blockchainoriented contractual relations to be cutting-edge legal solutions. The paper introduces the concept of a Simple Agreement for Future Tokens (SAFT). American investment lawyers invented this specific type of contract. SAFT shows the unique contractual solution that allows investors and inventors to form legal, contractual obligations that contradict neither American nor Russian contract law. The complexity of SAFT is also analyzed on the example of several recent blockchain projects and legal cases. The paper provides several approaches to optimizing Russian law and legal doctrine to new technological solutions. Among those are franchise, license, and loan agreements. The emphasis is made on the necessity of the implementation of new technology in the contract formation and amendment. The brief overview of COVID-19 challenges concerning the contract law doctrines of force majeure, hardship, frustration of contract are also analyzed in the scope of the paper’s central hypothesis, namely: blockchain solutions.
Keywords
Blockchain,
token,
cryptocurrency,
ICO,
SAFT,
IPO,
private placement,
investments,
smart contracts,
securities,
license,
franchise,
loan,
COVID-19,
force majeure,
hardship
About the Author
Yu. V. Brisov
Founder of ‘Legal and Financial Creative Solutions’ Law Firm
Russian Federation
Cand. Sci. (Cultural Studies), LL.M, Master of Civil Law, member of the Legal Committee for the Digital Economy, Russian Lawyers’ Association, Moscow Division (RLA MD)
Russian Federation
Cand. Sci. (Cultural Studies), LL.M, Master of Civil Law, member of the Legal Committee for the Digital Economy, Russian Lawyers’ Association, Moscow Division (RLA MD)
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Review
For citations:
Brisov Yu.V. The Development of Contract Law in the Field of Blockchain Technologies. Kutafin Law Review. 2020;7(2):147-182. https://doi.org/10.17803/2313-5395.2020.2.14.147-182
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