scholarly journals Digital currency: features of regulation in the Russian Federation

2021 ◽  
Vol 5 (1) ◽  
pp. 58-67
Author(s):  
T. E. Rozhdestvenskaya ◽  
A. G. Guznov
Keyword(s):  
Civil Rights ◽  
Russian Federation ◽  
Financial System ◽  
Legal Regulation ◽  
The State ◽  
Financial Assets ◽  
Digital Rights ◽  
Digital Currency ◽  
The Russian Federation ◽  
The Impact

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.

Digital Financial Assets: Problems and Prospects of Legal Regulation

2020 ◽  
Vol 15 (6) ◽  
pp. 43-54
Author(s):  
T. E. Rozhdestvenskaya ◽  
A. G. Guznov
Keyword(s):  
Information Systems ◽  
Russian Federation ◽  
Legal Regulation ◽  
Financial Assets ◽  
Federal Law ◽  
Digital Rights ◽  
The Russian Federation ◽  
Federal Laws ◽  
And Diffusion ◽  
Digital Assets

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.

scholarly journals DIGITAL CURRENCY AS A SUBJECT OF CRIME AND A MEANS OF COMMITTING CRIMES

2021 ◽  
pp. 5-8
Author(s):  
A.A. Korennaya
Keyword(s):  
Civil Rights ◽  
Russian Federation ◽  
Criminal Law ◽  
Legal Status ◽  
Legal Regulation ◽  
Federal Law ◽  
Digital Currency ◽  
The Subject ◽  
The Russian Federation ◽  
Official Recognition

In this article, the author examines the issues of the criminal legal status of digital currency as an objectand as a means of committing a crime. In 2020, a special Federal law was adopted defining the legal status ofdigital assets, as well as amendments were made to the Civil Code of the Russian Federation concerning theestablishment of the legal status of cryptocurrency or digital currency in the terminology of these regulationsas an object of civil rights. Significant changes in the civil legal regulation of cryptocurrencies have led to achange in approaches to assessing the criminal legal status of virtual money. In particular, the recognitionof digital currency by other property has allowed solving a number of qualification issues, but until now,criminal law is very cautious about the official recognition of cryptocurrency as the subject of a crime. Theauthor of the work offers options for the qualification of crimes committed using digital currency, in theabsence of changes in the criminal law and explanations of the Highest Court.

scholarly journals Legal regulation of digitalization processes in the Russian Federation: civil law aspect

2021 ◽  
pp. 51-62
Author(s):  
Anna Iurievna Iakovleva-Chernysheva ◽  
Anna Valentinovna Druzhinina
Keyword(s):  
Russian Federation ◽  
Civil Law ◽  
Legal Regulation ◽  
Financial Assets ◽  
Systematic Analysis ◽  
Digital Rights ◽  
Legal Science ◽  
Civil Discourse ◽  
The Russian Federation ◽  
Equity Securities

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.

scholarly journals The Impact of External Risks on Ensuring the Financial and Economic Security of the Russian Federation

2020 ◽  
Vol 16 (2) ◽  
pp. 68-75
Author(s):  
E. M. Aminova
Keyword(s):  
Russian Federation ◽  
Legal Regulation ◽  
Economic Security ◽  
The State ◽  
Financial Risks ◽  
Forming Process ◽  
Legal Method ◽  
Russian State ◽  
The Russian Federation ◽  
The Impact

Introduction. The article discusses the impact of financial risks on the financial and economic security of the state. In modern economies, the financial sector dominates the economy. Moreover, the development of financial markets has been seen in the past two decades as an independent driver of economic growth. At the same time, “negative processes that occur in a small number of financial market players in one country can cause crisis events throughout the world economy.” Among the main strategic risks and threats to national security in the economic sphere are the low stability and security of the national financial system.Materials and methods. The work uses the following general scientific and special methods of cognition: the method of system-structural analysis, synthesis, induction, deduction, comparative-legal and formal-legal method.Results. As the experience of the last decade shows, the financial and economic security of the Russian state is more influenced by the environmental factors (general economic crisis, geopolitical situation, inflation, payment crisis, climate and biological (epidemiological) risks, etc. The state governance  of ensuring financial and economic security should be a permanent, integrated part of the forming process of state economic policy and legal regulation of russian economy. In order to achieve financial and economic security it is necessary to establish an effective financial and legal mechanism capable to resist emerging risks.Discussion and conclusion. The article revealed the impact of external financial risks that have a significant impact on the financial and economic security of the state. The need to establish an effective state mechanism to ensure the financial security of the Russian Federation is justified. The proposed measures are directed to improve the legal provision of financial and economic security of the Russian Federation. 

scholarly journals Digital Currencies: Problems of Legal Regulation

2020 ◽  
Vol 15 (11) ◽  
pp. 103-113
Author(s):  
A. A. Sitnik
Keyword(s):  
Public Relations ◽  
Russian Federation ◽  
Legal Regulation ◽  
Comprehensive System ◽  
Financial Assets ◽  
Federal Law ◽  
Financial Instrument ◽  
Digital Currency ◽  
The Russian Federation ◽  
First Time

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.

scholarly journals Digital rights under the civil law of the Russian Federation

2021 ◽  
Vol 109 ◽  
pp. 01024
Author(s):  
Armine Mograbyan
Keyword(s):  
Civil Rights ◽  
Russian Federation ◽  
Civil Law ◽  
Civil Code ◽  
Financial Assets ◽  
Digital Rights ◽  
The Russian Federation ◽  
Russian Law ◽  
Definition Of ◽  
Positive Nature

The article discusses a new object of civil rights, which appeared as a result of the addition of the Civil Code of the Russian Federation with article 141.1 “Digital rights”. The features of the definition of digital rights in Russian civil law are revealed. Particular attention is paid to the formulation of the concept of digital rights contained in the Civil Code of the Russian Federation. The author draws attention to the fact that according to Russian civil law, digital rights include only those that are directly named as such in the law, which indicates a legislative limitation of their turnover. In addition, the adopted laws on crowdfunding and digital financial assets were reviewed, as well as utilitarian digital rights and digital rights that relate to digital financial assets were analyzed. Attention is also drawn to other problems raised in the science of civil law regarding the modernization of Russian civil legislation in the field of digital rights. The author emphasizes the positive nature of the appearance in the Russian law of norms on digital rights, as an indicator of a legislative response to the digitalization of the economy and law, and a necessary prerequisite for further regulation of civil law relations changing under its influence.

scholarly journals Innovative Digital Rights in Corporate Relations

2019 ◽  
Vol 8 (6) ◽  
pp. 5176-5179
Keyword(s):  
Civil Rights ◽  
Russian Federation ◽  
Legal Protection ◽  
Digital Economy ◽  
Economic Life ◽  
Financial Assets ◽  
Digital Rights ◽  
Foreign Countries ◽  
The Russian Federation ◽  
The Government

This article aims to consider a promising trend for developing the digital economy, i.e. innovative digital rights in corporate relations. The authors of the article have determined that innovative technologies are being introduced into the economic life of Russia and foreign countries but legal protection issues remain insufficiently settled. Since October 1, 2019, new provisions of the Civil Code of the Russian Federation will have come into force. According to these provisions, digital rights will become a new object of civil rights; citizens and corporate legal entities will receive additional guarantees that will allow them to more actively participate in the development of the future economy. The authors have concluded that the adoption of these innovations will contribute to the improvement of the Russian legislation on digital financial assets. They suggest that transaction methods via electronic and other technical means should be further elaborated. The authors emphasize the fact that the Government of the Russian Federation approved the program "Digital Economy of the Russian Federation" aimed at developing the digital economy. This program dwells on provisions of the Strategy of information society development in Russia for the years 2017-2030.

scholarly journals The Bank of Russia as a Regulator in the Market of Financial Technologies

2021 ◽  
Vol 16 (3) ◽  
pp. 45-51
Author(s):  
K. B. Razdorozhnyy
Keyword(s):  
Russian Federation ◽  
Legal Status ◽  
Legal Framework ◽  
Legal Regulation ◽  
Financial Asset ◽  
Financial Assets ◽  
Integrated Development ◽  
Digital Currency ◽  
The Russian Federation ◽  
Asset Exchange

The paper is devoted to the study of the legal status of the Bank of Russia in the market of financial technologies. The author highlights that the Central Bank of the Russian Federation is consistently given powers to regulate, control and supervise the activities of operators of investment, financial platforms, digital financial asset exchange operators, as well as information platforms issuing digital financial assets. At the same time, the author concludes that measures taken for the integrated development of this industry are insufficient. In this regard, the author proposes to give the Bank of Russia powers to regulate, control and supervise activities directly associated with the issuance and circulation of cryptocurrencies (digital currencies). The study reveals the lack of the legal framework necessary for the issuance and circulation of the national digital currency that is proposed to be considered as electronic funds, with the Bank of Russia acting as an electronic funds operator. The author also concludes that there is a need to combine both general ways of financial and legal regulation of relations associated with the development of new financial technologies and specific ones providing for the application of experimental legal regimes.

Human Rights Activities as a Function of the Prosecutor’s Office

2020 ◽  
Vol 3 ◽  
pp. 88-93
Author(s):  
K.N. Golikov ◽  
Keyword(s):  
Human Rights ◽  
Civil Rights ◽  
Russian Federation ◽  
The State ◽  
Main Function ◽  
Federal Law ◽  
The Subject ◽  
The Russian Federation ◽  
The Law

The subject of this article is the problems of the nature, essence and purpose of prosecutorial activity. The purpose of the article is to study and justify the role of the human rights function in prosecutorial activities in the concept of a modern legal state. At the heart of prosecutorial activity is the implementation of the main function of the Prosecutor’s office – its rights and freedoms, their protection. This means that any type (branch) of Prosecutor's supervision is permeated with human rights content in relation to a citizen, society, or the state. This is confirmed by the fact that the Federal law “On the Prosecutor's office of the Russian Federation” establishes an independent type of Prosecutor's supervision-supervision over the observance of human and civil rights and freedoms. It is argued that the legislation enshrines the human rights activities of the Prosecutor's office as its most important function. It is proposed to add this to the Law “On the Prosecutor's office of the Russian Federation”.

Taxation Issues for Digital Financial Assets

2021 ◽  
pp. 089443932110039
Author(s):  
Viktor Shestak ◽  
Alla Kiseleva ◽  
Yuriy Kolesnikov
Keyword(s):  
Russian Federation ◽  
Income Tax ◽  
Legal Regulation ◽  
Capital Gains ◽  
International Standards ◽  
Financial Assets ◽  
State Budget ◽  
The Russian Federation ◽  
Digital Assets ◽  
Tax Accounting

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.

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