An Introduction to the Conceptualization of Cyber Assets

Abstract

In the present era, concepts such as property, value, objects, and assets have fundamentally changed under the influence of the intangible digital space. In fact, in the domain of ownership within cyberspace, one can either adhere to traditional legal frameworks—applicable in cases where applying such legal principles can achieve the intended objectives in the virtual space—or adopt an alternative perspective. The latter approach implies the existence of laws governing objects and properties in cyberspace that have no equivalent in the field of private law. Adherents of this view argue that the goals of modern law cannot be achieved merely through the application of traditional legal frameworks. In the virtual world, virtual assets are defined as specific software codes that function like physical objects, real-world personal property, or even parts of reality itself, possessing similar qualities. Virtual assets, in order to benefit from legal protection, must satisfy several conditions. These assets should not only possess the physical characteristics of real-world property but also embody other intangible features that cannot be separated from real assets. The ambiguity surrounding the concept of virtual assets closely resembles the uncertainty associated with the concept of real assets. Since the term “asset” is used in law and economics in different senses, such ambiguity is unsurprising. The public often perceives assets as ownership of objects and things, whereas legal scholars define assets as rights associated with objects and issues. Beyond the diverse interpretations of the notion of assets, the main issue is that real-world law primarily emphasizes tangible assets (with few exceptions), a characteristic most evident in Romano–Germanic legal systems. Due to this strong focus on the tangible nature of assets, it appears that jurists have largely ignored the discourse on virtual assets. Nevertheless, the requirement of tangibility is not the only reason for this disregard; exceptions exist, and the possibility of expanding the discussion of virtual assets has, in recent years, attracted significant scholarly attention. In this article, the author examines the subject through a descriptive–analytical method.