Government Regulation of the Digital Asset Market: Approaches and Practice

The rapid development of the digital financial assets market (hereinafter referred to as CFA) in the world requires their government regulation. The task is to study and identify the positive aspects in the experience of advanced countries in regulating the digital asset market, to consider Russian practice, its advantages and disadvantages. The subject of the research is the state regulation of the digital asset market in the countries of the world and Russia. The purpose of the work is to summarize the foreign experience of regulating the digital asset market and to determine the priorities of CFA regulation in Russia. In the course of the study, comparative analysis and a systematic approach, as well as other general scientific methods, were used. The source data base consists of federal laws and by-laws, including regulations of the Bank of Russia, and other statistical data. Regulatory practices in a number of developed countries have been studied. The experience of the European Union is reviewed, where legislative initiatives are being promoted to simplify cross-border expansion and mitigate regulatory arbitration, which will allow the EU to form the world’s largest digital asset market with maximum legal and regulatory clarity. As a result of the study, it was found that cryptocurrencies are not legal in all jurisdictions. One third of countries do not have digital assets and do not plan to regulate them, and half of all countries want to create individual regulation. It is noted that the Russian law regulating digital financial assets, which recently came into force, imposes significant restrictions on the use of CFAs with simultaneous prospects for their use for those who are in the register of the Bank of Russia. The conclusion is drawn: the active development of the digital asset market requires new approaches to ensuring digital security and reducing risks from the introduction of new legal norms, more advanced government regulation that would take into account the experience of advanced countries of the world.

1. Rozhdestvenskaya T. E., Guznov A. G. Digital financial assets: Problems and prospects of legal regulation. Aktual’nyye problem rossiyskogo prava = Actual problems of Russian law. 2020;115(6):43–54. (In Russ.). DOI: 10.17803/1994–1471.2020.115.6.043–054

2. Rozhdestvenskaya T. E., Guznov A. G. Implementation of FATF approaches to regulation of virtual assets in the legislation of the Russian Federation: Development prospects. Vestnik Universiteta imeni O. Ye. Kutafina (MGYUA) = Bulletin of the O. E. Kutafin Moscow State Law University (MSAL). 2020;9:138–147. (In Russ.). DOI: 10.17803/2311–5998.2020.73.9.138–147

3. Belykh V. S., Bolobonova M. O. Prospects for legal regulation of digital financial assets in Russia: Controversial issues of theory and practice. Biznes, menedzhment i pravo = Business, management and law. Ekaterinburg. 2019;1:18–23. (In Russ.).

4. Rozhdestvenskaya T. E., Kartashov A. V. Sources of legal regulation of technologies in the financial market of Russia. Voprosy rossiiskogo i mezhdunarodnogo prava = Matters of Russian and International Law. 2024;14(8):14–25. (In Russ.).

5. Staroverova O. V. Legal regulation of digital financial assets and digital currency. Tsivilist = Civilist. 2022;3:6–15. (In Russ.).

6. Girich M., Ermokhin I., Levashenko A. Comparative analysis of the legal regulation of digital financial assets in Russia and other countries. Vestnik mezhdunarodnykh organizatsiy = International Organisations Research Journal. 2022;17(4):176–192. (In Russ.). DOI: 10.17323/1996–7845–2022–04–07

7. Abdullaeva Z. Yu. Legal Regulation of digital financial assets in the Russian Federation and the European Union. Vestnik Universiteta imeni O. Ye. Kutafina (MGYUA) = Courier of Kutafin Moscow State Law University (MSAL). 2022;(8):131–140. (In Russ.). DOI: 10.17803/2311–5998.2022.96.8.131–140

8. Lazareva N. A. Reflection of digital financial transactions in Russian accounting. Uchet. Analiz. Audit = Accounting. Analysis. Audit. 2024;11(1):58–66. (In Russ.).