THE LEGAL CHALLENGE OF CRYPTO-ASSETS: RECOGNITION PROBLEMS WITHIN INTERNATIONAL CRIMINAL LAW AND UZBEKISTAN'S REGULATORY RESPONSE

Abstract

The emergence of crypto-assets represents a significant challenge to the global financial system, primarily due to the lack of uniform international legal recognition. This regulatory fragmentation creates systemic vulnerabilities that impede effective transnational counter-measures within the framework of International Criminal Law (ICL), particularly concerning Anti-Money Laundering and Counter-Terrorist Financing (AML/CFT) and cross-border asset recovery. This thesis analyzes the mechanisms through which crypto-assets facilitate money laundering (ML), including the use of stablecoins, DeFi protocols, and obfuscation techniques (mixers, chain hopping), accelerating the Layering phase. The paper contrasts the rapid, borderless nature of crypto crime with the slow, bureaucratic pace of traditional legal cooperation (MLATs). While Uzbekistan has achieved significant success in technical compliance with FATF Recommendation 15 (R.15) through the centralized regulation by the National Agency for Prospective Projects (ILMA), critical operational gaps remain, notably the need for institutionalizing real-time international cooperation and integrating rapid asset freezing protocols into bilateral ICL mechanisms. The study concludes with strategic recommendations aimed at enhancing global operational effectiveness against transnational crypto crime.