AN INSTITUTIONAL GOVERNANCE FRAMEWORK FOR CRYPTO-ASSET REGULATION: ADDRESSING LEGAL UNCERTAINTY IN DIGITAL FINANCIAL SYSTEMS
DOI:
https://doi.org/10.5281/zenodo.20456070Abstract
This study analyzes the institutional architecture of crypto-asset regulation and develops a
governance-oriented mechanism aimed at reducing legal uncertainty within digital financial systems. The
research is grounded in an institutional approach that combines structural, functional, and mechanism-based
analysis, 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 inconsistencies
between formal regulatory norms, their interpretation, and enforcement practices. The study proposes an
integrated institutional framework that connects regulatory architecture, infrastructural intermediaries, market
participants, and the technological environment. In addition, the research identifies a cyclical mechanism
through which legal uncertainty continues to persist within digital financial ecosystems.
Based on the conducted analysis, a comprehensive regulatory mechanism is developed that integrates
declaration, monitoring, control, enforcement, and legal circulation into a coordinated governance system. The
proposed framework emphasizes adaptive institutional governance rather than a purely rule-based regulatory
approach.
The study is limited by its qualitative and conceptual nature and therefore requires further empirical
validation. Nevertheless, it contributes to the existing literature by expanding the theoretical understanding of
institutional governance in crypto-asset regulation and provides practical implications for the development of
more resilient and sustainable digital financial regulatory systems.
Keywords
digital governance, crypto-asset regulation, governance framework, legal uncertainty, institutional architecture, financial regulation, DeFi, digital economyReferences
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