Legal Regulation of Dealings in Virtual Assets and Mechanisms for Their Enforcement under Jordanian Legislation

Abstract

The emergence and spread of virtual assets in our contemporary world have raised many problems, including, naturally, legal problems. Therefore, it has become necessary to examine this subject. Accordingly, this study addressed the concept of virtual assets, their types, characteristics, legal nature, the conditions for enforcement against them, and the mechanisms for such enforcement under Jordanian legislation. The study reached several conclusions, the most important of which is that, in terms of its legal nature, a virtual asset constitutes a new form of property rights and is a digital right. Moreover, although the Jordanian legislator, in regulating property rights under the Civil Code, regulated property rights, it did not regulate the general rules governing digital rights. Furthermore, the Jordanian legislator, under the Law Regulating Dealings in Virtual Assets, established the general framework for the possibility of subjecting virtual assets to attachment and enforcement procedures. However, the regulations and instructions issued pursuant to this Law to date have not included any provision concerning the mechanism of attachment and enforcement. This has consequently created a legislative gap in this field. The researcher reached several recommendations, the most important of which is the proposal to amend the provisions of Articles 54 and 67 of the Jordanian Civil Code so that they include the concept of a digital thing and expressly and clearly add the digital right to the categories of property rights. The researcher also proposed amending the Regulation on the Licensing of Virtual Asset Service Providers and, through such amendment, allowing the licensing of a virtual asset service provider for the benefit of the courts, which would resolve many of the problems arising in practice.