Digital Financial Assets: Problems and Prospects of Legal Regulation

2020 ◽  
Vol 15 (6) ◽  
pp. 43-54
Author(s):  
T. E. Rozhdestvenskaya ◽  
A. G. Guznov

The emergence and diffusion of digital assets, especially cryptocurrencies, necessitated their legal regulation. The paper investigates the main approaches to the legal regulation, which is already implemented in the Civil Code of the Russian Federation and other federal laws. Particular attention is paid to the novelties of the legal regulation that have been envisaged in the draft Federal Law “On Digital Financial Assets.” The draft Federal Law is being currently debated in the State Duma of the Russian Federation. The paper analyses in detail the concept of digital financial assets as a specific type of digital rights. The author also compares the concepts of uncertified securities and non-cash money. The author investigates the issues of digital financial assets issuance and peculiarities of their circulation. The paper substantiates the requirements applied to information systems and their operators included into the draft law in compliance with which the issue of digital financial assets is carried out.

2021 ◽  
pp. 089443932110039
Author(s):  
Viktor Shestak ◽  
Alla Kiseleva ◽  
Yuriy Kolesnikov

The objective of the study is to determine the status of a digital financial asset and the features of its taxation in the Russian Federation and progressive countries. Currently, there are three main taxation models that are used in this area: income tax, corporate income tax, and capital gains tax. The article explores the prospects for introducing the experience of foreign countries in the Russian Federation. The possible changes that may occur in tax regulation are analyzed. The experience of leading countries in the field of legal regulation of the use of digital financial assets and the taxation of cryptocurrency transactions is analyzed. Such an analysis will allow Russia to keep pace with countries with a leading economy and at the same time increase state budget revenue through taxation of cryptocurrency transactions. The study provides an analysis of the conceptual scenarios of digital income taxation and objects of taxation in the process of cryptocurrency creation. The study critically assesses possible options for applying international standards for tax accounting of digital assets. Groups of problematic issues that arise in the tax accounting of digital assets are developed. The prospect of further research is the development of tax accounting methods for each of the established entities for the creation and circulation of digital financial assets in accordance with accounting objects.


Author(s):  
Elina Leonidovna Sidorenko ◽  
Ekaterina Aleksandrovna Khalizeva

  This article is dedicated to the analysis of the system of offences related to the illicit circulation of digital securities in the Russian Federation. Special attention is given to the peculiarities of the mechanism of constructing the system of offences in the sphere of digital economy. The article analyzes the basic FATF acts pertinent to digital assets; examines the alarm signals in using such assets to launder proceeds acquired by illegal means or used to finance terrorism. The author reviews recommendations on application of risk-based approach in the process of creating due legal regulation of digital assets in the FATF member-states (including Russia). As a research task, the article aims to determine which acts associated with the illicit circulation of digital securities are the subjected to criminalization, as well as the composition of these offences considering the technological aspect of the mixed (economic and technological) nature of such assets. The corresponding draft federal laws “On the Amendments to the Criminal Code of the Russian Federation” and “On the Amendments to the Code of the Russian Federation on Administrative Offenses”, developed by the Ministry of Finances of the Russian Federation, comprise the legislative normative framework for this research. The conclusion is made on the reception (accounting) of recommendations for further development of such regulation in the Russian Federation.  


Author(s):  
O. V. Morozov ◽  
M. A. Vasiliev ◽  
A. G. Biryukov

The Central Bank, the emission center, the reserve system, the federal treasury all these and other names are used to show the element of economy of a concrete state functioning, which controls money, i.e. estimates and administrates the money mass, buying capacity of residents in respect of goods, jobs and services, exerts influence on inflation processes and so on. The article provides results of researching the standing of normative and legal regulation, practice of using authority and responsibility, specific features of the Bank of Russia functioning as a relatively independent body of state governance and on this basis the articles studies the trends of improving management, norms of work development, procedures of working out and submitting to the State Duma of the Federal Assembly of the Russian Federation reports on federal laws bills, whose regulation is included in the competence of the Central Bank. Proposals dealing with amendments to the Federal law ‘About the Central Bank (the Bank of Russia)’ were formulated.


Author(s):  
Anna Iurievna Iakovleva-Chernysheva ◽  
Anna Valentinovna Druzhinina

The subject of this research is the trends and problems in the development of civil legislation within the framework of legal regulation of digitalization processes in the Russian Federation. The goal of this article lies in comprehensive examination and disclosure of the legal essence of the concept of digital rights as an object of civil rights, introduced into the Russian legislation within the framework of legal regulation of digitalization processes. The research methodology employs systematic approach, general scientific and special methods of legal science – formal-legal, interpretation of law, etc. For achieving the set goal, the author explores the prerequisites for the development of civil law provision pf digitalization processes; analyzes the novelties of civil legislation pertinent to implementation of various types of digital rights into civil discourse; studies the legal essence of digital rights; determine the ratio between digital rights and equity securities within the civil discourse. The scientific novelty lies in revealing the legal essence of digital rights as a special concept uses in civil law ; systematic analysis of the utilitarian digital rights and digital financial assets that  encompass all types of digital rights in the current Russian legislation; substantiation of the fact that property rights in their extensive interpretation used in legal science and case law are the generic concept of digital rights; outlining that the content and conditions for exercising digital rights are determined conformity with the rules of the information system that meets the criteria established by law; examination and explanation of interrelation between different types of digital financial assets and equity securities in the civil discourse. The acquired results can be applied in further research of civil law regulation of digitalization processes, in teaching civil law disciplines in the higher school.


Author(s):  
T. E. Rozhdestvenskaya ◽  
A. G. Guznov

The emergence and dissemination of digital values, and, above all, cryptocurrencies, necessitated their legal regulation. The article analyzes the basic FATF requirements to the legal regulation of virtual assets. The article discusses legislative novelties that enshrine the legal status of utilitarian digital rights, as well as the main provisions of the draft federal law “On Digital Financial Assets”, which is currently being discussed in the State Duma of the Federal Assembly of the Russian Federation. Particular attention is paid to the approaches to the legal regulation of cryptocurrencies. The risks arising from the legal circulation of cryptocurrencies are identified and systematized. It is concluded that deciding on the legalization of cryptocurrency requires provision of mechanisms protecting the rights and legitimate interests of its owners as well as mechanisms preventing possible negative impact of cryptocurrency on the state’s monetary system.


Author(s):  
Konstantin Borisovich Razdorozhnyi

The subject of this research is the problems of taxation of income from operations with digital financial assets. It is a known fact that the Institution of financial legal regulation of circulation of the digital financial assets is in the process of establishment; thus, there are yet no legislative norms on taxes and fees in this sphere of public relations, and the only reference point for taxpayers is the information letters from competent authorities and doctrinal sources. Among the relevant problems of taxation in this field, the author underlines the absence of an official position regarding the taxation of such operations with the value added tax (VAT), as well as the absence of the established procedures for documented proof of income and spending within the framework of circulation of digital financial assets. The main conclusion consists in the thesis that the existing in the Russian Federation system of taxes and fees can be implemented institutionally in the indicated sphere of public relations. The author also notes that the solution of these problems requires introduction of isolated amendments to tax legislation, among which is the inclusion of operations that are not subject to VAT in accordance with the Article 149 of the Taxation Code of the Russian Federation, as well as transactions with financial digital assets and digital currencies. Particular attention is turned to the need for elaboration of departmental instructions that would establish accounting rules for transactions with digital financial assets. Within the framework of this article, the author analyzes the foreign methods of documented proof of income and spending that can also be applied in Russian business practice.


2019 ◽  
pp. 150-153
Author(s):  
V. Poliakova ◽  
L. Tokun

The main prerequisites for introducing digital assets into the Russian practice, contributing to the development of digital financial relations, have been identified. The necessity of settling the category of “digital financial assets” at the level of legislation has been justified. The draft Federal Law “On Digital Financial Assets” has been analyzed in order to reveal the main points of implementation of activity in this area in the Russian conditions. The adoption of regulatory acts in the field of regulation of digital financial assets will provide a synergistic effect from digitalization processes.


2020 ◽  
Vol 15 (11) ◽  
pp. 103-113
Author(s):  
A. A. Sitnik

The paper analyzes the provisions of the Federal Law of July 31, 2020, № 259-FZ “On Digital Financial Assets, Digital Currency and Amendments to Certain Legislative Acts of the Russian Federation” concerning the legal regulation of circulation of digital currencies. The author elucidates legal definitions of such concepts as “digital currency”, “organization of digital currency issuance”, “digital currency issuance”, “organization of circulation of digital currency” and focuses on their shortcomings. The paper also highlights the features of digital currencies, describes types of transactions with this financial instrument, outlines the circle of subjects of relations arising in the process of circulation of digital currencies. In general, it must be recognized that Law No. 259-FZ failed toresult in the creation of a comprehensive system of legal regulation of circulation of digital currencies, its provisions are piecemeal and sometimes controversial in nature. At the same time, the legal act under consideration is of fundamental importance because, for the first time at the legislative level, it has enshrined the rules governing public relations that are being formed in the process of circulation of digital currencies.


2021 ◽  
Vol 5 (1) ◽  
pp. 58-67
Author(s):  
T. E. Rozhdestvenskaya ◽  
A. G. Guznov

The subject of research, relevance. The development of digital technologies has an impact on almost all areas of society, including the financial sphere. This is the reason for a serious controversy to develop recently and to continue both at the international and national levels in terms of approaches to their legal regulation. This discussion affects both public law and private law. The emergence of such a phenomenon as digital currencies raises the question of their legalization for legislators of various states. The answer to such a question cannot be found without studying the legal consequences of making such a decision for both individuals and the financial system of the state. The purpose. The article puts forward and substantiates a hypothesis that the choice of legal methods for regulating virtual assets is a matter of legal policy, and not just matter of research in the field of defining virtual assets as objects of law or type of property. As a result, when choosing methods of legal regulation of virtual (digital) assets, not only the impact of these legal entities on legal economic turnover (including such issues as the possibility of using excess generated electricity or taxation issues) should be assessed, but also the risk of stimulating illegal "economic" turnover (turnover of things and services in the Darknet, limited turnover of things, for example, drugs), as well as the impact on the financial system. The methodological basis. Various scientific methods of cognition were used to write the article, including system-structural, formal-logical, comparative-legal and dialectical. The research is based on the principles of interdependence and interconnectedness of social processes. The main results, scope of application. The article examines the main approaches to the regulation of digital currencies, studies the phenomenon of digital currency itself, assesses the circumstances that aroused massive interest and enthusiasm for cryptocurrencies. An analysis of current positive legal material is presented, in particular, the approach to the regulation of digital currency contained in the Russian Federal Law of July 31, 2020 No. 259- FZ "On digital financial assets, digital currency and on amendments to certain legislative acts of the Russian Federation". The main differences between digital currencies and such a legal phenomenon as digital rights (including utilitarian digital rights and digital financial assets) are noted. It is noted that in most Russian scientific works in the field of law devoted to digital currencies, attention is paid to the definition of digital currency as an object of civil rights, the foreign experience of attempts of legal regulation of cryptocurrency is considered, emphasis is placed on the positive aspects of the legalization of cryptocurrency for individuals, the risks of legalization of cryptocurrency for individuals, as well as the tasks of regulators in the digital economy are investigated. In addition, some scientific works are devoted to issues related to the digitalization of the economy and digital security. However, little attention is paid to the consequences of the legalization of digital currencies for the monetary system of the state and the potential risks for the stability of monetary systems. Conclusions. Interest in digital currencies may decrease in following situations. Firstly, if the services provided by payment systems are more efficient, reliable, affordable and cheap for the consumer. Secondly, during the implementation of the central bank digital currency project (in Russian case - the digital ruble), since digital currencies issued by central banks have the advantages of private digital currencies, but are devoid of their disadvantages.


2021 ◽  
Vol 30 (1) ◽  
pp. 59-83
Author(s):  
Andrey Fursov

Currently, public hearings are one of the most widespread forms of deliberative municipal democracy in Russia. This high level of demand, combined with critique of legal regulations and the practices for bringing this system to reality – justified, in the meantime, by its development (for example, by the Agency for Strategic Initiatives and the Public Chambers of the Russian Federation) of proposals for the correction of corresponding elements of the legal code – make both the study of Russian experiences in this sphere and comparative studies of legal regulations and practical usage of public hearings in Russia and abroad extremely relevant. This article is an attempt to make a contribution to this field of scientific study. If the appearance of public hearings in Russia as an institution of Russian municipal law is connected with the passing of the Federal Law of 6 October 2003 No.131-FZ, “On the general organisational principles of local government in the Russian Federation,” then in the United States, this institution has existed since the beginning of the 20th century, with mass adoption beginning in the 1960s. In this time, the United States has accumulated significant practical experience in the use of public hearings and their legal formulation. Both countries are large federal states, with their own regional specifics and diversity, the presence of three levels of public authority and different principles of federalism, which cause differences in the legal regulation of municipal public hearings. For this reason, this article undertakes a comparative legal analysis of Russian and American experiences of legal regulation and practical use of public hearings, on the example of several major municipalities – the cities of Novosibirsk, Nizhny Novgorod, Voronezh and New York, Los Angeles, and Chicago. A comparison of laws influencing the public hearing processes in these cities is advisable, given the colossal growth in the role of city centers in the industrial and post-industrial eras. Cities in particular are the primary centers for economic growth, the spread of innovations, progressive public policy and the living environment for the majority of both Russian and American citizens. The cities under research are one of the largest municipalities in the two countries by population, and on such a scale, the problem of involving residents in solving local issues is especially acute. In this context, improving traditional institutions of public participation is a timely challenge for the legislator, and the experiences of these cities are worth describing. The unique Russian context for legal regulations of public hearings involves the combination of overarching federal law and specific municipal decrees that regulate the hearing process. There are usually two municipal acts regulating public hearings on general issues of the city district (charter, budget, etc.) and separately on urban planning. In the United States, the primary regulation of public hearings is assigned to the state and municipality level, with a whole series of corresponding laws and statutes; meanwhile, methodological recommendations play a specific role in the organisation of hearings, which are issued by the state department of a given state. It is proposed that regulating the corresponding relationships at the federal subject level will permit a combination of the best practices of legal administration with local nuances, thereby reinforcing the guarantee of the realization of civil rights to self-government. There are other features in the process of organizing and conducting public hearings in the United States, which, as shown in the article, can be perceived by Russian lawmakers as well in order to create an updated construct of public discussions at the local level.


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