Institutional Mechanism of Legal Uncertainty Reproduction in Crypto-Asset Regulation
Received: 2026-05-31
Published: 2026-06-06
Abstract
The paper examines the institutional nature of legal uncertainty in crypto-asset regulation. The relevance of the study is determined by the fact that crypto-assets operate in a decentralized technological environment, while regulatory systems are generally based on centralized legal and supervisory mechanisms. This contradiction creates institutional gaps between formal rules, their interpretation, enforcement practices, and the actual behavior of market participants. The purpose of the paper is to identify the mechanism through which legal uncertainty in crypto-asset regulation is reproduced. The study is based on an institutional approach, using structural-functional and mechanism-based analysis. The findings show that legal uncertainty is not merely a temporary regulatory deficiency, but a self-reproducing institutional process. It develops through a sequence of regulatory ambiguity, interpretative variability, heterogeneous enforcement, and adaptive behavior by market participants. The paper concludes that reducing legal uncertainty requires not only the refinement of legal norms, but also the formation of a coherent institutional governance system that takes into account regulatory, infrastructural, technological, and behavioral factors.
Keywords
List of references
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This work is licensed under a Creative Commons Attribution 4.0 International License.