As technology and digitalization are moving forward, there is a pressing need to discuss and adapt the law to meet the challenges and needs of our times. On October 12th an international scientific conference “The Digital Asset Revolution: Opportunities and Challenges” was held at Vilnius University, where legal scientists shared their knowledge and discussed technological issues emerging in securing privacy, ensuring property of data and digital assets and other areas of legal aspects.
Conference was started by opening speeches, Prof. Habil. Dr. Vytautas Nekrošius emphasized an importance of event topic, especially in Lithuania. Dean of the VU Law Faculty, Assoc. prof. dr. Haroldas Šinkūnas reminded, that asset consists not only from material resources and we need to consider property which doesn‘t have physical form.
Digital world creates new obstacles for data privacy, understanding of private asset and its‘ possession – these themes were discussed in the first panel. Professor Natalie Banta Lynner noted, that social media platforms has been created not thinking about death and what should happen if account‘s owner dies. “There still is little attention what comes after death,” she summarized. Digitalization opens another problem – how to ensure safety of every individual information which is contained in a large database, as for example in healthcare system? Prof. Habil. Dr. Kinga Flaga-Gieruszyńska and Dr. Aleksandra Klich have presented their thoughts on risks of data privacy in healthcare system, which gives service to 17 mln. people of Poland. Professors Matthias Haentjens and Sjef van Erp, hailing from the Netherlands, made a notable contribution to the conference by delivering an insightful and comprehensive analysis of the fundamental aspects pertaining digital assets and the accompanying legal considerations. Their expertise significantly enhanced the conference, shedding light on the complexities of this rapidly evolving field.
Academics in the second session focused on other challenges imposed by digital assets. Assoc. prof. Dr. Rimantas Simaitis asked participants “Should emergence of digital assets transform application of law?”. Majority of answers, as not a surprise having in mind the topic of the conference, was positive. Dr. Laurynas Didžiulis demonstrated remarkable knowledge through his presentation titled “Digital Assets in the Realm of Private Law”. A presentation of exceptional significance was delivered by D. Andrius Smaliukas, which captivated the audience’s interest through the conveyance of valuable insights into the taking of digital assets as collateral. Dr. Neringa Gaubienė and Dr. Kristina Pranevičienė raised important questions. How to evaluate digital assets? How to overcome differences between legal systems in international level? How to ensure anonymity and pseudonymity?
Cryptocurrencies history has started in 2009 when Bitcoin was released as open-source software. Legal regulation of cryptocurrencies is still in the process. In 2023 European Union confirmed Markets in Crypto-Assets Regulation (MiCA) which was reconsidered by Professor Claudia Sandei. She observed that certain regulations may not be suitable for crypto assets, and the MiCA framework lacks a distinct borders between consumer and financial law. “It is a compromise, lot of are left for authorities’ interpretation,” concluded professor. Other scientists in the 3rd session focused on the situation in Lithuania. Cryptocurrencies requires supervision by local tax inspectorates. Therefore, Assoc. Prof. Dr. Martynas Endrijaitis presented tools helping to consult people and ensure timely tax collection. Dr. Agnė Juškevičiūtė-Vilienė and Dr. Edvinas Meškys once again noted that cryptocurrencies are not regulated by the state and delved into a more in-depth analysis of the practical situations.
PhD students in the 4th panel shared thoughts on other high importance topics. The discussion centered around the inclusion of information pertaining to digital assets within the scope of data concerning debtor incomes. PhD candidate from the Netherlands Floor Veldhuis talked about access to information about the debtor’s assets in a digitizing world and PhD candidate from Lithuania Eimantas Kadys introduced Lithuanian property law landscape. PhD candidate Evelina Kvederavičiūtė provided a comprehensive overview of economic science and shared her collaborative research findings with Professor Dr. Alfreda Šapkauskienė on the subject of Central Digital Bank currencies. “Crypto currencies – too small to care, too big to ignore,” talked PhD student. A comprehensive analysis was presented by PhD candidate Agnė Smagurauskaitė, providing a profound exploration of the principle of reverse solicitation within the context of the MiCA regulation.
The crowning moment of the conference was the closing speech delivered by the esteemed Professor Sjef van Erp, which served as a source of inspiration and presented a bright perspective on the future.
Conference “The Digital Asset Revolution: Opportunities and Challenges“ attracted almost 20 panelists, who arrived from the United States of America, The Netherlands, Italy and Poland. There were almost 100 participants. All reports were filmed, conference video is uploaded there.
Conference organizers extend gratitude to the honorable speakers and attendees whose presence and contributions have enriched this distinguished conference. Additionally, the organizers wish to express exceptional appreciation to esteemed conference sponsors, whose generous support has played a pivotal role in making this event a resounding success. Foremost among them is primary partner, Law firm Sorainen. We also extend our deep gratitude to law firms, Amlex and Confidence.
