Journal of Digital Technologies and Law (Aug 2023)
Genesis and Prospects of Development of Legal Regulation of Digital Financial Assets in the Russian Federation
Abstract
Objective: to research the existing problems and promising directions of the legal regulation of digital financial assets as a relatively new tool of the modern digital economy.Methods: the methodological basis of the work is the set of scientific cognition methods such as theoretical analysis, research, comparison, synthesis, and summarization of scientific literature.Results: the work analyzes the existing approaches to legal regulation of digital financial assets in the Russian Federation and some foreign countries, reveals the existing gaps in the Russian legislation in the field of circulation of digital financial assets, gives estimation to the prospects of development of the legal regulation of these tools and forms proposals for its improving. Also, during the research, the approaches to legal regulation of digital currencies and digital financial assets, adopted in certain foreign countries, were analyzed, the trends were considered, and the positive and negative aspects of using cryptographic algorithms for the goals in economic and juridical spheres of the global economy were reflected.Scientific novelty: within the work, the topical issues of legislative regulation of such a relatively new notion as digital financial assets are considered. The positions of Russian and foreign jurist are considered concerning the existing problems and risks associated with “tokenization” and “blockachainization” of private law. Besides, the author comes to a conclusion about the existence of significant gaps in the current approach to legal regulation of digital financial assets, indicates them and proposes certain mechanisms to solve these problems.Practical significance: is due to the imperfect current legislation in the sphere of relations occurring when using the technologies based of distributed ledger, including digital financial assets. Research of these problems allows evaluating the risks, considering the existing ways of overcoming and solving the emerging disputable questions. Also, the conclusions obtained can be used to improve the Russian legislation, as well as in the academic literature devoted to the topical issues of developing the digital legislation.
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