<abstract xmlns="http://www.w3.org/1999/xhtml"><p>Since the emergence of cyberspace there have been different legal principles evolving, such as functional equivalence and technology-neutrality, with the aim to ease the regulator´s challenge of coping with the new paradigm of virtual, digital and electronic. Currently our societies have reached the doorstep of another similar disruption: infrastructures decentralized on the basis of blockchain and distributed ledger technology, or so-called cryptoeconomics. It is time to turn to cyberspace-related principles for inspiration on how to solve similar concerns, such as applying existing regulation(s) to new technological disruption. This article looks at different understandings of the functional equivalence principle, its shortcomings and the guidance it provides to regulators and courts in dealing with the challenges related to technological innovation including that of cryptoeconomics.</p></abstract>

Since the emergence of cyberspace there have been different legal principles evolving, such as functional equivalence and technology-neutrality, with the aim to ease the regulator´s challenge of coping with the new paradigm of virtual, digital and electronic. Currently our societies have reached the doorstep of another similar disruption: infrastructures decentralized on the basis of blockchain and distributed ledger technology, or so-called cryptoeconomics. It is time to turn to cyberspace-related principles for inspiration on how to solve similar concerns, such as applying existing regulation(s) to new technological disruption. This article looks at different understandings of the functional equivalence principle, its shortcomings and the guidance it provides to regulators and courts in dealing with the challenges related to technological innovation including that of cryptoeconomics.

Functional Equivalence: An Exploration Through Shortcomings to Solutions

Baltic Journal of Law & Politics

This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 3.0 License.

{"article-title":"Functional Equivalence: An Exploration Through Shortcomings to Solutions"}

Since the emergence of cyberspace there have been different legal principles evolving, such as functional equivalence and technology-neutrality, with the aim...

Functional Equivalence: An Exploration Through Shortcomings to Solutions

Published Online: Mar 12, 2020

Page range: 134 - 162

Received: Dec 14, 2019

Accepted: Jan 15, 2020

DOI: https://doi.org/10.2478/bjlp-2019-0015

Keywords
Functional equivalence, technology-neutrality, blockchain technology, distributed ledger technology, cyberspace, cryptoeconomics

© 2019 Anne Veerpalu, published by Sciendo

This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 3.0 License.

Functional Equivalence: An Exploration Through Shortcomings to Solutions

Published Online: Mar 12, 2020

Page range: 134 - 162

Received: Dec 14, 2019

Accepted: Jan 15, 2020

DOI: https://doi.org/10.2478/bjlp-2019-0015

KeywordsFunctional equivalence, technology-neutrality, blockchain technology, distributed ledger technology, cyberspace, cryptoeconomics

© 2019 Anne Veerpalu, published by Sciendo

This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 3.0 License.

Keywords
Functional equivalence, technology-neutrality, blockchain technology, distributed ledger technology, cyberspace, cryptoeconomics