Comparative Analysis of the Legal Regulation of Digital Financial Assets in Russia and Other Countries

IF 0.4 Q4 INTERNATIONAL RELATIONS
M. Girich, I. Ermokhin, A. Levashenko
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Abstract

Today, a crypto economy is actively developing throughout the globe based on the use of cryptographic technologies for the creation of new digital products, including the issuance of digital financial instruments. The topic of regulation of digital financial assets (hereinafter referred to as DFA) is relevant in the world: since 2019, some countries, including Russia, began to introduce legal norms regarding the issuance of DFA, as well as the sale and turnover of such assets on the market. This article compares approaches to the regulation of DFA in Russia and globally, including the issue of determining financial instruments that will be related to these assets, aspects of the procedure for issuing, storing, and trading them, including the basic rights and obligations of issuers and investors in such assets, and the features of the operation of trading floors and platforms for issuing DFA. In general, two approaches to the regulation of DFA can be distinguished. The first approach is the application of existing rules to tokenized assets (for example, laws on securities and financial instruments); this approach is used in the United States. The second is regulation through the introduction of a new framework for the application of distributed ledger technology in financial services, for example, in Russia, Germany, Luxembourg, the European Union (EU), and Switzerland. This article examines the second approach, which is currently implemented in Russia, to identify differences with foreign regulation, for example, the use of custodian institution for accounting and storing digital assets, converting DFA into traditional financial assets, and creating rules for trading digital financial assets.
俄罗斯与其他国家数字金融资产法律监管的比较分析
今天,基于使用加密技术创建新的数字产品,包括发行数字金融工具,加密经济正在全球范围内积极发展。数字金融资产(以下简称DFA)监管的话题在世界范围内具有相关性:自2019年以来,包括俄罗斯在内的一些国家开始引入关于DFA发行以及此类资产在市场上的销售和交易的法律规范。本文比较了俄罗斯和全球对DFA的监管方法,包括确定与这些资产相关的金融工具的问题,发行、存储和交易这些资产的程序的各个方面,包括发行人和投资者在这些资产中的基本权利和义务,以及发行DFA的交易大厅和平台的运作特点。一般来说,可以区分两种调节DFA的方法。第一种方法是将现有规则应用于代币化资产(例如,关于证券和金融工具的法律);这种方法在美国使用。第二种是通过引入分布式账本技术在金融服务中的应用的新框架来进行监管,例如在俄罗斯、德国、卢森堡、欧盟和瑞士。本文研究了目前在俄罗斯实施的第二种方法,以确定与外国监管的差异,例如,使用托管机构进行会计和存储数字资产,将DFA转换为传统金融资产,以及创建交易数字金融资产的规则。
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来源期刊
CiteScore
1.30
自引率
33.30%
发文量
24
期刊介绍: The journal mission is to disseminate Russian and international research in global governance, international cooperation on a wide range of social and economic policies; as well as to create a professional framework for discussion of trends and prognoses in these areas. International Organisations Research Journal publishes academic and analytical papers of Russian and international authors on activities of international multilateral institutions: G8, G20, BRICS, OECD, the World Bank, IMF, WTO, UN, and alliances: European Union, Eurasian Economic Union, Shanghai Cooperation Organisation and others. Analytical and research papers on international cooperation in higher education, trends in higher education developments at the national, regional and global levels are welcomed for reviewing and publication. The journal is aimed at researchers, analysts, practitioners in international affairs and world economics and at a wide audience interested in political issues of international affairs and global development. IORJ supports publications of graduate and postgraduate students, young researchers in Russia and abroad. All IORJ publications are peer-reviewed.
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