On the concept of digital financial assets in the conditions of modern realities: financial and legal aspects

Abstract

This article reveals the issues of the current state of legal regulation of digital financial assets. There are a lot of questions concerning the definition of a number of technologies that are actively used in international and national financial systems. These include mining, NFT, centralized and decentralized cryptocurrency exchanges, cryptocurrency, tokenized shares, etc. The authors pay attention to the current problems that exist in connection with the advance of public relations of the main aspects of legal regulation. The existing normative acts regulate already fully developed financial and civil relations, in which individuals and legal entities actively participate, only in the abstract form. Digital financial assets represent a new phenomenon in the global financial market. The Russian Federation is distinguished by the initial stage of legal regulation of blockchain and related events. The basis for the development of the digital financial assets market is created thanks to financial and legal regulation, as well as the development of the civil legal framework, thanks to which clarity is introduced for participants in new public relations. Fraud and corrupt actions of various participants in public relations are becoming widespread in conditions of insufficient legal regulation. The purpose of this study is to draw attention to the current gaps in legal regulation, due to which the user of digital financial assets suffers. At the moment, it is necessary to make additions and amendments to the legislation regulating the procedure for the turnover of digital financial assets. The state in the conditions of international sanctions needs to create a new mechanism for the functioning of the financial system of the Russian Federation. Cross-border financial transfers are becoming a necessity that can be implemented only through the introduction of blockchain at the official level as a technology that can change the speed and quality of the functioning of the financial system. The digital ruble is the basis for the implementation of the global financial objectives of the Russian Federation.

Keywords

• digital financial asset
• cryptocurrency
• token
• digital ruble
• financial system