scholarly journals FINANCIAL AND LEGAL REGULATION OF BLOCKCHANE TECHNOLOGY: STATUS AND PROSPECTS OF CRYPTOVOLUTE USE

2021 ◽  
Vol 2 (37) ◽  
pp. 72-83
Author(s):  
V. Tipanov ◽  
A. Drachov ◽  
S. Tkalenko ◽  
T. Mirzodaieva ◽  
L. Syerova
Keyword(s):  
Legal Status ◽  
Block Design ◽  
Legal Regulation ◽  
Stock Exchanges ◽  
State Budget ◽  
Virtual Currency ◽  
Tax Legislation ◽  
Blockchain Technology ◽  
The Status ◽  
Definition Of

Abstract. The essence of cryptocurrencies is considered and the definition of their legal status is offered. The experience of some jurisdictions regarding the opportunities and threats of using and regulating cryptocurrencies has been studied. The authors analyzed the cryptocurrency market. The factors that led to the widespread use of cryptocurrency, which include financial instability, significant currency fluctuations, limiting capital flows and inflation of the currency in the country. The problem of information protection using blockchain technology, which is solved by a combination of block design and cryptographic protection, is considered. The capitalization of TOP cryptocurrencies for the last three years is analyzed, among which the leading ones are Bitcoin (VTS), Ethereum (ETH), Tether (USDT) and others. Identified issues that need to be addressed in the field of finance and legal regulation. In the process of analyzing the experience of regulating cryptocurrency, we have found similar and distinctive features in some jurisdictions. First, each country, in view of the great potential of the blockchain technology, is trying in one way or another to create a favorable climate for its development. Secondly, the use of cryptocurrency goods is rapidly developing, and their impact on economic processes, both at the international and national levels is increasing, while states are faced with the problem of adapting their tax legislation to the current challenges of the digital economy, since the definition of the status of cryptocurrency does not directly lead to lack of funds to the state budget from operations with these assets. Thirdly, today there are more than 2,000 cryptocurrencies is traded through various trading platforms — stock exchanges and can be used to launder proceeds from crime. Thus, it is necessary to develop common standards for the regulation of cryptocurrency and the requirements for such crypto exchange counterparts, through the licensing of operations with cryptocurrencies. At the same time, the important question is what government bodies should exercise such control. Keywords: technology blockchain, cryptocurrency, virtual currency, legal regulation of cryptocurrencies, state functions, cryptocurrencies taxation. JEL classіfіcatіon F01, F20, K33, K34 Formulas: 0; fig.: 0; tabl.: 1; bibl.: 23.

scholarly journals The article is devoted to the study of the legal status of cryptocurrency in Ukraine and its taxation

2020 ◽  
pp. 45-49
Author(s):  
O.M. Reznik ◽  
M.O. Krasilyuk
Keyword(s):  
Legal Status ◽  
Low Cost ◽  
Legal Regulation ◽  
Legal Aspects ◽  
The State ◽  
State Budget ◽  
Virtual Currency ◽  
Current Economic Situation ◽  
The Moment ◽  
Definition Of

Despite the lack of legal regulation of cryptocurrency, its spread is significant and cannot be stopped. However, we consider it necessary to emphasize that the legislative vacuum is the basis for offenses and a significant delay in the economic and legal development of the state. It is impossible to build a strong economy and promote business development, trying to avoid the “problematic” issues facing the state. The term “cryptocurrency” does not have a single definition, and some of the scientists refer to it as digital money (currency), some – to virtual currency. However, there are features that distinguish cryptocurrency from other virtual currencies, including: valuation, structure, anonymity, transparency, transaction execution, legal aspects. Therefore, the advantages of using cryptocurrency include: decentralization, inability to fake, deflation, low cost of maintenance, etc. It should be noted that at the moment there is no clear tax algorithm that will work for every country without exception. Given the economic, social, legislative and cultural characteristics of states, the definition of the legal status of cryptocurrency is different. In Ukraine, proper taxation of cryptocurrency cannot be implemented without defining the legal status at the legislative level, which is why it is one of the first steps of the state in the given direction. Considering the fact that additional funds for the state budget, and especially in the current economic situation, are never unnecessary and can be efficiently spent on expenditures in different spheres, the issue of taxation of cryptocurrency has become quite acute today as a way of attracting additional funds for the state. ensuring that it fulfills its tasks and functions.

scholarly journals Blockchain technology in tax law theory and tax administration

2021 ◽  
Vol 25 (3) ◽  
pp. 693-710
Author(s):  
Olga I. Lyutova ◽  
Irina D. Fialkovskaya
Keyword(s):  
Practical Implication ◽  
Legal Regulation ◽  
Tax Law ◽  
Legal Analysis ◽  
Scientific Methods ◽  
Tax Legislation ◽  
Blockchain Technology ◽  
Definition Of ◽  
Active Implementation ◽  
Tax Reporting

The article is devoted to the problems of improving the tax legislation of Russia at the stage of active implementation of blockchain technology, which is characterized by contradictory trends in the legal regulation of digital technologies. The relevance of the study of application of blockchain in tax relations is due to the need to assess the tax consequences of transactions using digital financial assets, as well as emergence of new directions for improving tax control based on blockchain technology. The purpose of the study is to analyze the provisions of Russian and foreign tax legislation, as well as doctrinal sources on improving legal regulation of tax relations in regard to blockchain technology. The study shows efficacy of the blockchain analysis for the purposes of tax and legal regulation carried out by developing concepts related to applying such technological solution as a tool in conducting cryptocurrency transactions. The theoretical significance of the study lies in the authors definition of the concept of blockchain technology for tax purposes, as well as in proving the value of legal regulation of tax relations applying blockchain. The practical implication is connected with voicing the need to develop legal regulation of applying blockchain technology when creating a system of transactional (automatic) taxation and levying the so-called smart taxes while fulfilling tax obligations in the context of introducing a goods traceability mechanism. This will also contribute to minimizing tax reporting. The research methodology are general and private scientific methods of knowledge: formal-legal, analysis, comparative-legal, and forecasting and modeling. The last two are often applied in tax law in light of digitalization and globalization.

scholarly journals Accredited investor: legal status and problems of taxation

2021 ◽  
Vol 5 (3) ◽  
pp. 167-177
Author(s):  
I. V. Glazunova ◽  
К. I. Chernikova
Keyword(s):  
Stock Market ◽  
Income Tax ◽  
Legal Status ◽  
Legal Regulation ◽  
Personal Income ◽  
Personal Income Tax ◽  
Tax Rate ◽  
Tax Legislation ◽  
The Status ◽  
Tax Deductions

The subject of the research is the legal norms contained in legislation and other legal acts that regulate the grounds for the emergence and the mechanism for implementing the status of an accredited investor, requirements for individuals, as well as certain aspects of taxation of accredited investors. The experience of legal regulation of income from investment activities, used in foreign legislation, is also analyzed in the context of the topic.The purpose of the article is to confirm the need to revise the requirements for accredited investors, to clarify the legislative provisions of the personal income tax. The reason for this study was legislative changes that caused an ambiguous reaction among the entire legal community in Russia.The methodology. General scientific methods were applied in the framework of a comparative, logical and statistical study and analysis of law enforcement and judicial practice in the field of taxation of an accredited investors.The main results. The following issues were investigated. What was the reason for the introduction of the status of an accredited investor in Russian legislation? It was the need firstly to protect the rights of investors, and secondly to regulate and protect the stock market from unconsciously high-risk transactions. What requirements are specified in the law for obtaining this status, what requirements exist in foreign legislation and why does domestic legislation need to be revised? We can divide the requirements for obtaining the status into three general groups: experience, knowledge and risk. Investor is obliged to meet two criteria by European legislation, when only one criterion by Russian legislation. The problem of taxation of qualified investors was raised in the context of the progressive income tax rate. Taxation of qualified investors needs a thorough legislative review in terms of tax deductions.Conclusions. The ideas for the introduction of the status of an accredited investor, of a progressive personal income tax rate were implemented in Russian legislation from the legislation of foreign countries. Such Russian legal rules needs significant revision. The legislative term "accredited investor" should be introduced in legislation system. It is necessary to clarify the criteria for obtaining a status, as well as to consolidate the necessity for accredited investors to comply with two conditions instead of one. Such an initiative would allow investors themselves to approach investing more consciously and would remove risks from brokers. Tax legislation should be amended in part of tax deductions for persons whose main activity is investment, since the current state of affairs discriminates them against individuals in their rights. The revision of the fixed requirements as well as the clarification of the tax legislation will attract investors (both Russian and foreign) to the Russian stock market, while the economy will receive positive growth, intermediaries-brokers and issuing firms will be provided with protection from unconscious risks.

scholarly journals PUBLIC SERVICE OF JUDGES IN UKRAINE: ADMINISTRATIVE AND LEGAL REGULATION

2021 ◽  
Vol 76 (3) ◽  
pp. 77-83
Author(s):  
Roman Holobutovskyi ◽  
Keyword(s):  
Public Relations ◽  
Public Service ◽  
Legal Status ◽  
Social Institution ◽  
Legal Framework ◽  
Legal Regulation ◽  
Public Servants ◽  
The Public ◽  
The Status ◽  
Definition Of

The article examines the problems of administrative and legal regulation of the service of judges in Ukraine. The legislation on public service in the judiciary has been studied. It is determined that public service in the judicial bodies of Ukraine is a complex state-legal and social institution, which covers the formation of administrative, procedural and socio-psychological foundations of employees in the courts; construction and legal description of the hierarchy of positions; identification, selection, training, development, promotion, evaluation, promotion and responsibility of public servants. That is, this service exists in order to exercise the powers of an employee in court in a constructive and effective methods. Based on the analysis of the main provisions of regulations governing the organizational and legal framework of the civil service, the content of administrative and legal regulation of the public service of judges in Ukraine is clarified. It is determined that despite the legislative consolidation of the order of service in the judiciary, today remains unresolved a number of problematic issues, which include the following: features of public service in court, special requirements for skills and qualifications of court staff compared to other employees, and there is also no list of positions of the court staff that must be attributed to the public service. The author's definition of the term «administrative and legal regulation of judicial activity» is formulated. It is proposed to understand the activity of the state, which consists in the implementation of state-authoritative, normative-organizational, purposeful influence of funds on public relations, arising during the performance of courts assigned to them, which are implemented through a set of administrative law. Conclusions on the current state of administrative and legal regulation of the public service of judges in Ukraine have been formed. It is determined that the conduct of public service by judges is associated with the implementation of a specific in its meaning and content function - the administration of justice. Administrative and legal regulation of the public service reflects the objective principles and normative enshrinement of rules and administrative procedures that ensure the procedure for selection, appointment, passage and termination of public service by judges. Further scientific investigations require the status of judges' implementation of administrative and legal status.

scholarly journals Internally Displaced Persons and Their Legal Status: The Ukrainian Context

2017 ◽  
Vol 26 ◽  
pp. 113 ◽  
Author(s):  
Iryna Basova
Keyword(s):  
Social Security ◽  
Legal Status ◽  
Social Protection ◽  
Legal Regulation ◽  
Internally Displaced ◽  
Internally Displaced People ◽  
The Status ◽  
Legal Foundations ◽  
Displaced People ◽  
Definition Of

The article examines the issues of social protection of internally displaced people as a new subject of social-security law. The legal foundations with regard to these individuals are on their way, under development. Ukraine’s law On the Rights and Freedoms of Internally Displaced People is established as the initial indicator that this subject is becoming recognised as a field of social-security law – specifically, internally displaced people and determining legal regulation. This law presents a definition of ‘internally displaced people’, presents a compilation of their rights and obligations, determines the legal status of such people, provides guarantees of social protection, and addresses related matters. Nonetheless, several issues still require legal regulation. The authors conclude that, for the qualitative improvement of legal regulation of the status of IDPs and their social protection, there must be complex interaction within both legal science and legislative entities and that bodies with special competence in this field must be established to engage in dialogue with civil and international organisations.

scholarly journals Legal regulation of cooperation in Russia in 1917

2021 ◽  
Vol 26 (4) ◽  
pp. 202-208
Author(s):  
Yuliya O. Novikova
Keyword(s):  
Rapid Growth ◽  
Spiritual Development ◽  
Legal Status ◽  
Well Being ◽  
Legal Regulation ◽  
Legal Entity ◽  
The Status ◽  
Cooperative Partnership ◽  
Definition Of ◽  
First Time

The article deals with the features of the normative legal regulation of cooperation in 1917. New provisions regulating the activities of cooperative associations, that were fundamentally different from the norms of the cooperative legislation of the tsarist government, are defined. The author highlights the ideological foundations of the cooperative policy of the Provisional government, which influenced the formation of the main provisions of the cooperative legislation in 1917. Key features of the cooperative legislation of 1917 stand out: the determination of the legal status of cooperative companies for the first time a legislator was fixed definition of the concept of "cooperative partnership"; an accomplished fact of registration of a legal entity, this provision was introduced by the legislator for the first time since before the 1917 registration of a legal entity was permissive. This provision greatly facilitated the creation of cooperative associations, which contributed to their rapid growth. Another feature was that minors were allowed to become a member of a cooperative partnership from the age of seventeen, but they were not allowed to be included in the control and management bodies. Cooperative societies were now considered not only as an institution that increased the material well-being of the population, but also as an institution for its spiritual development. Since 1917, there had been a rapid growth of Union associations of cooperative associations both in the provincial and all-Russia ones. This was also a consequence of the new cooperative legislation. It is concluded that the rules of law that completely re-built the cooperative network, defined the status of cooperative partnerships, gave a new impetus to the development of cooperation as a powerful social movement that can mobilize huge masses of the population.

scholarly journals FISCAL COMPONENT OF CRYPTOCURRENCY LEGALIZATION IN UKRAINE

2020 ◽  
pp. 54-65
Author(s):  
Vasil Vorobets
Keyword(s):  
Legal Status ◽  
The State ◽  
Intangible Asset ◽  
Financial Assets ◽  
Tax Base ◽  
Tax Legislation ◽  
Blockchain Technology ◽  
Domestic Legislation ◽  
The Status ◽  
Financial Base

Introduction. The digitalization of the financial sector leads to the transition to blockchain technology, which opens up additional opportunities for expanding the financial base of the state through fiscal mechanisms, and generates additional risks. That is why the topic of taxation of the digital sector is now being addressed both at the governmental level and by a number of scientists and crypto enthusiasts.The relevance of the topic presented in the article is determined by the need to determine the legal status and legalization of cryptocurrencies in Ukraine in the system of modern payment and exchange transactions. Methods. Methods of analysis of foreign taxation practice and regulation of cryptocurrency circulation and determination of tax base are used in the process of preparing the article, as well as approaches to interpretation of cryptocurrency from the positions of goods, property, digital financial asset, intangible asset. Results. The results of the study showed that Ukraine has approaches that are based on domestic legislation, or rather its opportunities for expansion in order to conceptually adopt the cryptocurrency industry in the current legal field, and to study foreign experience and practice of leading countries that are already taxing transactions with cryptocurrencies on the general principles of tax legislation, or create privileged conditions in the form of reduced rates or a preferential tax period. Discussion. The difficulty is to find a balance of interests between the state and the user of cryptocurrencies, and it is essential to determine the status of legalization of digital financial assets and digital currencies for the digital economy, which will expand infrastructure and ecosystems in cryptocurrency projects. And scientific approaches will allow to integrate them into the economic system of the country. Keywords: blockchain, cryptocurrency, cryptocurrency, digital goods, taxation, legal status, tax norms

scholarly journals Work of science as an object of Russian copyright law

2021 ◽  
Vol 39 (3) ◽  
pp. 94-102
Author(s):  
E. N. Agibalova ◽  
◽  
M. A. Naumov ◽  
Keyword(s):  
Legal Status ◽  
Scientific Work ◽  
Legal Regulation ◽  
Scientific Activity ◽  
Copyright Law ◽  
Scientific Development ◽  
Legal Method ◽  
Domestic Legislation ◽  
The Status ◽  
Definition Of

The study examines the category "work of science", identifies the features of a scientific work that determine its protection as an object of domestic copyright law. Due to the facts that scientific development is an important strategic priority of state policy, and scientific activity in Russia is characterized by a large volume of inter-branch legal regulation, the absence of a legal definition of the concept of a work of science in domestic legislation is an omission of the legislator, giving rise to an incorrect doctrinal interpretation of this fundamental category. Based on the analysis of existing legal researches and the formal legal method, it has been established that the characteristics of scientific works as objects of copyright law allow differentiating their legal status from the status of works of literature and art. As a result, the authors have identified the mandatory and optional features of a scientific work, and proposed to amend the law the definition of a work of science, that will reflect all the features of its legal content

scholarly journals Consumer partnerships as organizational and legal form of a juridical entityэ

2020 ◽  
Vol 2020 (2) ◽  
pp. 28-39
Author(s):  
Nischymna S.O. ◽  
◽  
Zlyvko S.V/ ◽  
Sykal M.M. ◽  
◽  
...  
Keyword(s):  
Legal Status ◽  
Legal Regulation ◽  
Legal Form ◽  
State Management ◽  
Consumer Cooperative ◽  
The Status ◽  
Cooperative Partnership ◽  
Legal Model ◽  
Legal Forms ◽  
Definition Of

The status of a consumer partnership as one of organizational and legal forms of juridical entities, that is also one of organizational and legal forms of citizens’ more active participation in state-management and their personal needs satisfaction is determined in the article. The norms of the Civil Code and the State Code of Ukraine, the Law of Ukraine “On Cooperation” and the “On Consumer Cooperation” are analyzed. According to the mentioned documents an independent, democratic citizens’ organization who unite in order to conduct common management for the sake of improving their economic and social status on the basis of voluntary partnership and mutual support are considered to be a consumer partnership. The above mentioned regulatory legal acts provide for different features of consumer partnerships. The features of consumer partnerships provided by current legislation are not civil and legal in their nature. Such a situation has become a legacy of the fact that the principles of legal regulation of the system of consumer partnerships, formed in the USSR, has not almost been changed yet. The very fact is that there is a need to develop a new legal model of consumer partnerships, which structure will take into account modern tendencies of the development of European legislation. It’s possible to formulate a list of civil and legal features of consumer cooperative partnerships that will distinguish them among any other partnerships. Namely they are: non-entrepreneurial legal status of consumer partnership; sufficiency of the main rights of the members of a partnership; subjects of property right of the members of a partnership; responsibility of the members of a partnership for obligations of a consumer partnership. All these features allow us to distinguish consumer partnerships as a separate organizational and legal form of non-entrepreneurial partnerships. The following definition of a consumer cooperative partnership can be proposed: it is a non-entrepreneurial cooperative partnership which members have a right for a concern. The size of this concern is determined as a set of unit and additional contributions. The members are liable within the value of the unit and are entitled to profit within the limits determined by law. Key words: cooperative, consumer partnership, features of consumer partnerships.

The Legal Status of Cryptocurrencies in the Russian Federation

2018 ◽  
Vol 11 (2) ◽  
pp. 129-137 ◽  
Author(s):  
E. L. Sidorenko
Keyword(s):  
Civil Rights ◽  
Russian Federation ◽  
Legal Status ◽  
Virtual Currency ◽  
Content Analysis Method ◽  
Crypto Currency ◽  
The Subject ◽  
The Russian Federation ◽  
Historical Comparative ◽  
Definition Of

The paper focuses on the definition of the legal status of the cryptocurrency in the framework of the current Russian legislation. The subject of the research is the principal scientific and practical approaches to determining the object of civil rights and the object of acquisitive crimes in terms of their adaptability to cryptocurrencies. The purposes of the work were the search for a universal algorithm for resolving civil disputes related to the turnover of the crypto currency, and the qualification of the virtual currency theft (fraud). By using historical, comparative legal and dialectical methods as well as the content analysis method parallels between cryptocurrencies and individual objects of civil rights (a thing, property rights, other property) were drawn, and a number of options for qualifying the actions related to the non-repayable withdrawal of the cryptocurrency were proposed. Finally, the paper analyzes the draft laws prepared by the RF Ministry of Finance and the Central Bank of the Russian Federation and presents the author’s vision of the prospects for legalizing the cryptocurrency as an object of civil rights.

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