Multilateral Offsetting: Economic Efficiency and Legal Constraints

The relevance of the study is stipulated by the need to increase liquidity and reduce the transaction burden in the small and medium-sized business sector of Kazakhstan, which operates under conditions of limited access to bank lending. In this context, multilateral netting is a promising tool for optimizing inter-corporate settlements, but its effective implementation is constrained by a lack of trust and coordination among participants. The introduction of blockchain technologies allows solving these problems through decentralized data management, transparency of transactions and automation of the terms of repayment of obligations. The purpose of the study is to substantiate and build a conceptual model of multilateral offsetting using blockchain architecture for the needs of the private sector of Kazakhstan, as well as to assess the potential economic benefits and legal constraints associated with implementing of such a system. Methodology. The study applies a comparative analysis of scientific sources, modeling of economic efficiency scenarios based on a conditional case with 8 enterprises, as well as a structural and functional approach to building a blockchain offset architecture taking into account regulatory requirements. The method of legal analysis is used to identify national and international barriers to the implementation of smart contracts. Results. It has been established that the proposed model can reduce the need for cash payments by up to 42 % and reduce debt service costs by up to 35 % in a scalable environment. It has been found that the key legal barriers are the lack of a special status for smart contracts, uncertainty in the taxation of tokenized assets, and limited integration of blockchain technologies into national legislation. Conclusions. It is proven that a decentralized offsetting system can increase the economic sustainability of enterprises and reduce the systemic risks of receivables. It is shown that effective implementation requires regulatory clarity and the creation of institutional conditions for testing innovative financial technologies. Prospects for further research. It is advisable to empirically test the model in the context of pilot projects, as well as to compare legal regimes for multilateral netting and blockchain solutions across countries.