Explain the concept of property and their types in the virtual world

Type : Research Article

Authors

1 Ph.D. Candidate in Private Law, Department of Private Law, UAE Branch, Islamic Azad University, Dubai, United Arab Emirates.

2 Associate Professor, Department of Law, South Tehran Branch, Islamic Azad University, Tehran, Iran.

3 Assistant Professor, Department of Communication and Media, Central Tehran Branch, Islamic Azad University, Tehran, Iran.

Abstract

In the virtual world, virtual assets are defined as specific software codes that act like physical objects, personal assets of the real world, or parts of reality, and possess similar qualities. Virtual assets must meet several conditions in order to benefit from legal protection. These assets must not only have the physical characteristics of real-world assets but also possess other intangible features that make them indistinguishable from real assets. The ambiguity surrounding the concept of virtual assets is very similar to the ambiguity surrounding the concept of real estate. Since the word “asset” is used in different ways in law and economics, such ambiguity is not unexpected. Ordinary people view property as ownership of objects and things, while lawyers define property as rights related to objects and matters. In addition to the different interpretations of the concept of an asset, the problem is that the law of the real world emphasizes tangible assets (with few exceptions), which is very evident in Roman-German legal systems. Due to this focus on the tangible nature of assets, lawyers seem to have largely neglected the discussion of virtual assets. However, the conditionality of assets is not the only reason for this neglect; there are exceptions, and the possibility of expanding the discussion of virtual assets has attracted considerable attention in recent years. In this article, we aim to explain this category in an analytical-descriptive manner.

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‌ Timeline

  • Received: 21 January 2020
  • Revise: 13 March 2020
  • Accepted: 09 April 2019

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