Civil Legal Status of Digital Assets and their Legal Regulation

Abstract

Digital property, including cryptocurrencies and financial instruments, has become an important element of the global financial system. While countries are working to determine their legal status, Uzbekistan has made regulations to control their use. Although the Government recognizes digital assets, the limitations are still there, especially in terms of the participation of residents, the license requirements and the exploitation regulations. This article considers the legal status of digital assets in Uzbekistan, discovering how they are classified under the current law and the rights that individuals and businesses use. He also analyzed the legal framework of the country, including management rules, transactions of crypto property and exploitation activities. Main challenges, such as uncertainty of taxes, limited market access to individuals and prescribed distance, are discussed in detail. To bring Uzbekistan's approach to the context, the article compares its rules to other areas, such as the European Union and the United States, where digital asset policies are developed more. The last part provides recommendations to improve the legal environment of Uzbekistan, including expanding access to digital assets, rationalizing licensing procedures and increasing community awareness of blockchain technology. By applying a more flexible legal framework to adapt to innovation, Uzbekistan can attract investments, support the growth of financial technologies and strengthen its position in digital economy while maintaining regulations.