scholarly journals Comprehensive сlassification of virtual assets

2021 ◽  
Vol 4 (1) ◽  
pp. 52-75
Author(s):  
Aleksandr Aleksandrovich Kud
Keyword(s):  
Management Accounting ◽  
Legal Framework ◽  
Legal Regulation ◽  
Semantic Features ◽  
Direct Relation ◽  
Effect Analysis ◽  
Digital Asset ◽  
Multilevel Classification ◽  
Digital Assets

Background: One of the problems of the modern lawmakers in different countries is that they try to regulate an object before they study the nature of its origin, which, logically, entails many errors regarding its definition in the legal framework. The absence of unified definitions and clear classification of virtual assets as tools for implementing the methods of financial and management accounting of property according to their fundamental and unique features makes it nearly impossible to determine the features of virtual assets important for legal regulation and, therefore, to enshrine them in laws and establish a proper legal framework. The paper is dedicated to solving a relevant and cross-discipline scientific and applied task of developing a comprehensive multilevel classification of virtual assets. Unlike the few existing classifications that focus on parts of the virtual asset phenomenon and selective methods of its implementation, the paper proposes an all-encompassing comparison of all known types of virtual assets, which confirms the comprehensiveness of the classification proposed in this paper. Purpose: To develop and substantiate a comprehensive and multilevel classification of known types of virtual assets, which allows solving the cross-discipline scientific and applied task of systematizing virtual assets for future development of a single approach to regulating relations, the objects of which are different types of virtual assets. Materials and Methods: In order to study the nature of virtual assets and develop a comprehensive classification, a set of scientific research methods has been used: analysis, including cause and effect analysis, synthesis, comparison, generalization, systematization and interpretation of results and induction. Results: The author describes a triune nature of virtual assets: technological, economic and legal, information and applied. This classification of virtual assets will allow determining promising tools for accounting of property and rights. Unlike other known approaches to differentiating virtual assets, where crypto-assets (or cryptocurrencies) were unjustified “leaders”, the author has distinguished the group of tokenized assets for the first time. This particular group, due to its direct relation to property, allows performing accounting as well as reaccounting of property and rights in modern digital accounting systems – decentralized information platforms based on the distributed ledger technology (blockchain), whereas this accounting cannot be performed using crypto-assets due to absence of direct relation to property. Out of virtual assets, the author distinguishes a digital asset and analyzes the semantic features of the term “digital asset”. The digital asset is based on a unique information resource as the original asset and on the property of derivativeness from the real asset, which greatly differentiates it from other types of virtual assets. All of that allows considering it as an effective tool for implementing the methods of financial and management accounting of property. Thus, owners of digital assets can use the new way of accounting of their property and personal non-property rights. Based on the properties of a digital asset, the author distinguishes other types of virtual assets: polyasset and monoasset, with the relevant examples. The author provides the characteristics of their features and structural components while comparing them to the features of digital assets and giving clear and well-known financial and legal analogies regarding the implementation of mutual obligations between parties to a traditional deal. The paper also contains the first systematization of seven properties and parameters of a tokenized asset and, therefore, description of properties of three variations of a tokenized asset: monoasset, polyasset and digital asset. This allowed presenting the varieties of virtual assets as a three-level classification based on the complexity of the nature of virtual assets. The author’s classification distinguishes seven types of virtual assets and contains their description. Conclusions: Overall, the proposed approach to classification allows giving a scientific answer to the question of how to compare the multitude of known virtual assets and how to relate them to the legal framework of a state. These developments will be useful for legislators in basically every country, financial, tax and banking state bodies, as well as private companies when keeping books and performing accounting of virtual assets in their business activity.

scholarly journals Kompleksna klasyfikatsiia virtualnykh aktyviv [Comprehensive сlassification of virtual assets]

2021 ◽  
Vol 4 (2) ◽  
pp. 14-39
Author(s):  
Aleksandr Aleksandrovich Kud
Keyword(s):  
Management Accounting ◽  
Legal Framework ◽  
Legal Regulation ◽  
Semantic Features ◽  
Direct Relation ◽  
Effect Analysis ◽  
Digital Asset ◽  
Multilevel Classification ◽  
Digital Assets

Background: One of the problems of the modern lawmakers in different countries is that they try to regulate an object before they study the nature of its origin, which, logically, entails many errors regarding its definition in the legal framework. The absence of unified definitions and clear classification of virtual assets as tools for implementing the methods of financial and management accounting of property according to their fundamental and unique features makes it nearly impossible to determine the features of virtual assets important for legal regulation and, therefore, to enshrine them in laws and establish a proper legal framework. The paper is dedicated to solving a relevant and cross-discipline scientific and applied task of developing a comprehensive multilevel classification of virtual assets. Unlike the few existing classifications that focus on parts of the virtual asset phenomenon and selective methods of its implementation, the paper proposes an all-encompassing comparison of all known types of virtual assets, which confirms the comprehensiveness of the classification proposed in this paper. Purpose: To develop and substantiate a comprehensive and multilevel classification of known types of virtual assets, which allows solving the cross-discipline scientific and applied task of systematizing virtual assets for future development of a single approach to regulating relations, the objects of which are different types of virtual assets. Materials and Methods: In order to study the nature of virtual assets and develop a comprehensive classification, a set of scientific research methods has been used: analysis, including cause and effect analysis, synthesis, comparison, generalization, systematization and interpretation of results and induction. Results: The author describes a triune nature of virtual assets: technological, economic and legal, information and applied. This classification of virtual assets will allow determining promising tools for accounting of property and rights. Unlike other known approaches to differentiating virtual assets, where crypto-assets (or cryptocurrencies) were unjustified “leaders”, the author has distinguished the group of tokenized assets for the first time. This particular group, due to its direct relation to property, allows performing accounting as well as reaccounting of property and rights in modern digital accounting systems – decentralized information platforms based on the distributed ledger technology (blockchain), whereas this accounting cannot be performed using crypto-assets due to absence of direct relation to property. Out of virtual assets, the author distinguishes a digital asset and analyzes the semantic features of the term “digital asset”. The digital asset is based on a unique information resource as the original asset and on the property of derivativeness from the real asset, which greatly differentiates it from other types of virtual assets. All of that allows considering it as an effective tool for implementing the methods of financial and management accounting of property. Thus, owners of digital assets can use the new way of accounting of their property and personal non-property rights. Based on the properties of a digital asset, the author distinguishes other types of virtual assets: polyasset and monoasset, with the relevant examples. The author provides the characteristics of their features and structural components while comparing them to the features of digital assets and giving clear and well-known financial and legal analogies regarding the implementation of mutual obligations between parties to a traditional deal. The paper also contains the first systematization of seven properties and parameters of a tokenized asset and, therefore, description of properties of three variations of a tokenized asset: monoasset, polyasset and digital asset. This allowed presenting the varieties of virtual assets as a three-level classification based on the complexity of the nature of virtual assets. The author’s classification distinguishes seven types of virtual assets and contains their description. Conclusions: Overall, the proposed approach to classification allows giving a scientific answer to the question of how to compare the multitude of known virtual assets and how to relate them to the legal framework of a state. These developments will be useful for legislators in basically every country, financial, tax and banking state bodies, as well as private companies when keeping books and performing accounting of virtual assets in their business activity.

scholarly journals Figures and Tables. Reprinted from “Comprehensive сlassification of virtual assets”, A. A. Kud, 2021, International Journal of Education and Science, 4(1), 52–75

2021 ◽  
Author(s):  
A.A. Kud
Keyword(s):  
Social Relations ◽  
Management Accounting ◽  
Visual Representation ◽  
Legal Aspects ◽  
Accounting System ◽  
Semantic Features ◽  
Information Platform ◽  
Distributed Ledger ◽  
Digital Asset

Figure. Distributed Ledger Token Accounting System. Figure. Subjects of Social Relations Based on the Decentralized Information Platform. Figure. Derivativeness of a Digital Asset. Figure. Semantic Features of the Concept of a “Digital Asset” in Economic and Legal Aspects. Figure. Derivativeness of Polyassets and Monoassets. Figure. Types of Tokenized Assets Derived from Property. Figure. Visual Representation of the Methods of Financial and Management Accounting of Property Using Various Types of Tokenized Assets. Figure. Visual Representation of the Classification of Virtual Assets Based on the Complexity of Their Nature. Table. Comparison of Properties of Various Types of Virtual Assets of the Distributed Ledger Derivative of the Original Asset. Table. Main Properties and Parameters of Types of Tokenized Assets. Table. Classification of Virtual Assets as Tools for Implementing the Methods of Financial and Management Accounting of Property.

Budget Security Threats and Risks within the Framework of the Digital Economy Development

Financial law ◽  
2021 ◽  
Vol 1 ◽  
pp. 37-39
Author(s):  
Nadezhda G. Dolmatova ◽  
Keyword(s):  
Public Relations ◽  
Digital Technologies ◽  
Legal Framework ◽  
Legal Regulation ◽  
Digital Economy ◽  
Security Threats ◽  
Digital Currency

Currently, Russia has begun to form a legal framework for the development of the digital economy. The introduction of digital technologies affects all areas of public relations, including budgetary legal relations. In connection with digitalization, issues of budget security are becoming more relevant. The article substantiates the need to improve the legal regulation of budget relations in terms of ensuring budget security and the use of digital technologies. The author’s classification of budget security threats is given. Legal contradictions in the field of digital currency regulation are revealed. Measures are proposed to eliminate conflicts and gaps in the current legislation regulating budgetary legal relations and relations arising in connection with the use of digital currency.

scholarly journals CAPITAL INVESTMENTS: NORMATIVE LEGAL AND ACCOUNTING

2021 ◽  
pp. 166-181
Author(s):  
Olena PODOLIANCHUK ◽  
Nataliya GUDZENKO
Keyword(s):  
Capital Investment ◽  
Legal Framework ◽  
Legal Regulation ◽  
Capital Investments ◽  
Object A ◽  
Separate Object ◽  
The Difference ◽  
Definition Of ◽  
The Cost

The article evaluates the legal regulation and accounting of capital investments and determines that a single and precise term that would determine their essence has not yet been developed. The difference in the definitions of capital investments is outlined, which leads to confusion in their evaluation and reflection in the system of accounting accounts. There are two approaches to determining the nature of capital investment in the legal framework: economic and accounting. The dynamics and structure of capital investments by types of assets in terms of 2015-2019 are presented. Based on the results of elaboration of the regulatory framework and scientific opinions of scientists, their own opinion on the definition of capital investment has been expressed. It is noted that in the organization of accounting for capital investments it is important to assess, classify, justify objects, as well as the allocation of costs to current (to maintain the object in working order) and attribute investments to capital (improving the functional properties of the object ). A generalized classification of capital investments is proposed, which will help to timely and fully systematize the accounts and reflect in the reporting of objective and reliable information. It was found that one of the problems of accounting for capital investments is the distribution of costs and investments incurred between current costs and capital investments. Entities are invited to develop their own criteria for identifying capital investment objects and assigning the cost of repairs (capital repairs) to capital investments and approve them in the accounting policy and order. In order to ensure the objectivity of the information on capital investments, alternative changes to the Chart of Accounts have been proposed in the part of the Capital Investments account. The submitted proposals will provide an opportunity to consider capital investments as a separate object of accounting and to assess the rationality of investments.

scholarly journals Animals in the system of objects of civil rights

2020 ◽  
Vol 2020 (1) ◽  
pp. 81-85
Author(s):  
Sergey Tychinin ◽  
Ekaterina Koroleva
Keyword(s):  
Civil Rights ◽  
Natural Habitat ◽  
Practical Importance ◽  
Legal Framework ◽  
Legal Regulation ◽  
Wild Animals ◽  
Unified Approach ◽  
Legal Regime ◽  
Legal Standards

In the article, the authors pay attention to the place and significance of animals in the system of civil rights objects. The article provides a General analysis of legal acts that fix the specifics of the legal regime of animals. The article analyzes the specifics of the legal regime of animals. Special attention is paid to the analysis of the place of animals in the system of civil rights objects. The authors raise the issue of the absence of a unified concept of an animal in the current legislation, and also draw attention to the lack of a unified approach to the classification of animals, which may be of practical importance when applying legal standards in the field under consideration. The authors analyze the features of legal regulation of the involvement of wild animals and animals removed from their natural habitat. The authors conclude that there is currently a fairly logical and consistent legal framework in place for wild animals, but due attention is notpaid to the specifics of the legal regime for animals removed from their natural habitat. The article attempts to determine the types of animals whose legal regime features are provided for in the current legislation. The article indicates that new regulatory legal acts are currently being adopted on the treatment of animals, in particular, the concept of potentially dangerous dogs has been introduced into legal circulation.

scholarly journals The legal status of tokens and their inheritance

2020 ◽  
Vol 16 (1) ◽  
Author(s):  
Elena Anatolyevna Kirillova ◽  
Oleg Evgenyevich Blinkov ◽  
Teymur Zulfugarzade ◽  
Aleksandr Vladimirovich Bocharov ◽  
Artur Yashevich Avdalyan
Keyword(s):  
Data Warehouse ◽  
Legal Status ◽  
Civil Law ◽  
Distributed Information Systems ◽  
Distributed Information ◽  
Distinctive Features ◽  
Legal Nature ◽  
Digital Asset ◽  
Digital Assets

This article considers the legal status of tokens, their specifics and distinctive features, as well as the possibility of inheriting this digital asset. The study aims at analyzing the legal nature and classification of tokens, as well as the specifics of their inheritance. While conducting this research, it has been used the methods of collecting and studying singularities, generalization, scientific abstraction, cognition of objective laws, objectivity, specificity and pluralism. It has been concluded that a token is an entry in the transaction block registry (blockchain) or other distributed information systems, which certifies that the token owner is entitled to civil law protections and/or is a cryptocurrency. It has been proved that tokens by their legal nature are digital units of accounting in the participating interest shares of entrepreneurial projects and authorized capitals of any company, digital price analogues of uncertificated securities and other objects of civil law. It has been developed a classification of tokens and emphasized the need to create an electronic data warehouse that contains access codes for these digital assets. After the testator’s death, these codes can be given to the heir by testament or by law in case the testator did not draw up the corresponding testament during their life. These conclusions and suggestions will allow to legally qualify tokens and resolve inheritance issues in this area.

scholarly journals Review of the Methodical Manual “Methodology for Determining Whether a Blockchain Token Corresponds to a Digital Asset”, author Kud A. A.

2020 ◽  
Vol 3 (3) ◽  
Author(s):  
Vijay Anant Athavale
Keyword(s):  
Human Life ◽  
Legal Regulation ◽  
Electronic Money ◽  
Virtual Currency ◽  
Legal Information ◽  
Legal Standards ◽  
Blockchain Technology ◽  
Conceptual Clarity ◽  
Digital Asset ◽  
Digital Assets

Blockchain, so enthralling is that it ties in with technology, economics, and psychology. In this manual the author has explored it from a legal perspective, as well. Is that why people get so excited about blockchain – because there are so many different areas to think about? The fact that it is so multidisciplinary is actually more of a challenge for people than what gets them into it. Almost no one has the requisite expertise in all these different areas, so it leads to a lot of misunderstandings where people think they understand what’s going on, but only see one part of it. The manual describes the characteristics and indicators of a blockchain token to be considered as digital asset. Author has logically projected that digital assets may become universally recognised equivalent of value and have a legal tender status. In such a scenario this manual provides a credible tool to the practitioners in the field of finance to determine whether the characteristics of a blockchain token correspond to those of a digital asset. In the theoretical discussion author has beautifully explained the basic terms related to a blockchain token, to provide clarity at a glance, regarding the terms “digital asset”, “digital currency”, “virtual currency”, “cryptocurrency”, “virtual money”, “electronic money”. The analysis of all the terminologies have rightfully led to the conclusion that in most of the concerns digital asset means cryptocurrency. Author's approach in classifying the term digital asset with reference to the four components namely economic, legal, information and value is really commendable. The explanation is self satisfactory to showcase the huge potential of digital assets for real sector of economy and that's why there is a strong need for legal regulation. The methodology of principle of equivalence of categories proposed by the author to diagnose the equivalence of a blockchain token to a digital asset is fairly simple and reliable as all the nine categories “uniqueness”, “identifiability”, “regulability”, “sessionality”, “derivativeness”, “verfiability”, “transparency”, “decentralisation and “accountability” elaborated optimal characteristics to be at par with the existing international legal standards. A fairly simple and reliable mathematical formalization is there to determine that the diagnosed blockchain token corresponds to a digital asset. With all such incredible features the manual is really invaluable to all the practitioners’ as blockchain technology is rapidly changing landscapes of human life by bringing in efficiency both in terms of time and money. Inclusion of a thesaurus has really added a great value to the manual which provides conceptual clarity about the widely used terminologies in the context of blockchain technology.

scholarly journals Legal Principles of the Scientific and Technological Integration of the EAEU Member States: Conceptual Analysis

Legal Concept ◽  
2021 ◽  
pp. 24-32
Author(s):  
Mark Shugurov
Keyword(s):  
Legal Framework ◽  
Legal Regulation ◽  
Member States ◽  
Scientific Methods ◽  
Legal Principles ◽  
Technology And Innovation ◽  
Science Technology ◽  
Technological Integration ◽  
Science Technology And Innovation

Introduction: in the context of the implementation of the declared technological modernization of the EAEU economy, the issue of developing the legal framework for the integration in the field of science, technology and innovation, and especially the issue of developing a system of its legal principles, is being updated. The purpose of the study is to develop a comprehensive conceptual understanding of the nature, system and functions of the legal principles that are the core of the legal regulation of the integration cooperation of the EAEU member states in the field of science, technology and innovation. The objectives of the study are the following: 1) to relate the legal principles of the regulation of scientific and technological integration with the principles of the Eurasian integration in general; 2) to carry out a consistent analysis of the degree of consolidation of the principles of scientific and technological integration in Union law; 3) to carry out the doctrinal classification of the principles. Methods: general scientific methods (system, structural and functional), specific scientific methods (comparative legal, dogmatic legal). Results: a classification of the legal principles of scientific and technological integration is proposed, the system of which includes a subgroup of general principles, as well as a subgroup of industry (structural-institutional, integration-legal and organizational) principles. Conclusions: the systematized legal principles are conceptualized as the key legal tools for managing integration processes in the field of science, technology and innovation, the formal consolidation of which will serve as a factor for expanding and deepening the regional scientific and technological integration of the member states.

Legal framework for improvement of agroecology by cultivating jerusalem artichoke

2020 ◽  
pp. 59-66
Author(s):  
Mykhailo Kosmii ◽  
Vasyl. Kasiianchuk ◽  
Ruslan Zhyrak ◽  
Ivan Krykhovetskyi
Keyword(s):  
Environmental Protection ◽  
Organic Farming ◽  
Alternative Energy ◽  
Building Materials ◽  
Environmental Law ◽  
Jerusalem Artichoke ◽  
Legal Framework ◽  
Legal Regulation ◽  
Practical Application ◽  
Scientific Cognition

The purpose of this paper is to analyze and research the legal mechanisms which make it possible to improve agroecology through the organization of cultivation of Jerusalem artichoke.Methodology. The methodology includes comprehensive analysis and generalization of available scientific, theoretical, practical and applied material and development of relevant conclusions and recommendations. During the research, the following methods of scientific cognition were used: dialectical, terminological, historical and legal, logical and normative, systemic and structural, functional, normative and dogmatic, generalization methods. Results. The process of analysis and research highlighted the possibilities of cultivating Jerusalem artichoke for improving agroecology, namely improving the ecological state of the atmosphere air and soil, preparing them for organic farming. The article contains examples of practical application of tubers of Jerusalem artichoke and herbage for the production of therapeutic and prophylactic products, alternative energy and highly efficient building materials. Scientific novelty. The study found that the authors summarized and systematized the levels of legal regulation in the field of using Jerusalem artichoke for improving agroecology, preparing soil for organic farming, in particular: the inter-sectoral level which covers the interaction of agricultural and environmental law in terms of cultivation and use of Jerusalem artichoke; the level of integrated environmental and legal regulation; level of individual resource (floristic) legal regulation; the level of environmental protection (anthropoprotection) legislation.Practical importance. The results of the study can be used in law-making and environmental protection activities related to issues of cultivating and using the Jerusalem artichoke as a means of improving agroecology.

PROSPECTS FOR THE DEVELOPMENT OF THE LEGAL MECHANISM FOR THE FUNCTIONING OF PAYMENT SYSTEMS

2020 ◽  
Vol 13 (3) ◽  
pp. 079-084
Author(s):  
ELIZAVETA SALINA ◽  
Keyword(s):  
Legal Framework ◽  
Legal Regulation ◽  
Payment System ◽  
State University ◽  
Payment Systems ◽  
Proper Functioning ◽  
Money Transfer ◽  
Level Of Significance ◽  
Transfer Services ◽  
Legal Mechanism

1 Lomonosov Moscow State University, Moscow, Russia The presented research reveals an approach to the construction of a legal mechanism for the functioning of payment systems. The proposed approach is based on the application of the principles of legal regulation. The purpose of a work is to determine the existing legal mechanism for the functioning of payment systems, identify its drawbacks and propose a new approach to legal regulation to ensure the proper functioning of payment systems. The proposed approach to legal regulation takes into account the specifics of the functioning of payment systems, which consists in the presence of three elements in its activities: institutional, procedural and organizational. These elements reflect the subject structure of the payment system, the process of providing money transfer services by them, and the ways in which payment system entities interact during providing payment services. Each of the elements must be defined within the legal framework of the payment system to ensure its proper functioning. The proposed principles of legal regulation take into account the features of these elements, in particular, the principles are classified into three groups, depending on the element they affect. The paper describes ways to implement the principles in the legal mechanism: the possibility of their direct application, depending on the type of significance of the payment system, is analyzed. It is also concluded that the implementation of the principles in the legal mechanism will reduce the regulatory burden on payment systems by using an approach depending on the level of significance of the payment system. The paper defines the role of the principles, which is that the principles allow to eliminate the legal gaps in the legislation on the national payment system, and prevent the emergence of new gaps.

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