This thesis deals with the application of the principle of exhaustion of rights to copies of digital goods such as computer programs and e-books. The issue is examined primarily from the perspective of European Union law and then from the law of the United States of America. The thesis analyses the intellectual property legislation in the European Union and the relevant case law of the Court of Justice relating to the issue, which the author also critically evaluates. The thesis also compares the approaches of selected foreign jurisdictions. Based on the analysis, the thesis identifies key challenges related to the application of the principle of exhaustion of rights in the digital environment and discusses possible future developments of the legislation.