ABOUT PROSPECTS OF LEGISLATIVE REGULATION OF DIGITAL ASSETS IN THE RUSSIAN FEDERATION

Abstract

The article presents the results of a detailed analysis of the proposed legal concepts of regulation of digital financial assets in the Russian Federation. The key advantages and disadvantages of legal models, features of the mechanism of legal regulation, existing shortcomings and advantages are identified. In particular, the analysis identified conceptual contradictions and shortcomings of the bills ‘On alternative ways to attract investment (crowdfunding)', ‘On digital financial assets', ‘On amendments to parts one, two and four of the Civil code of the Russian Federation', as well as the final bill ‘On digital financial assets and on amendments to certain legislative acts of the Russian Federation'. On the basis of the detailed analysis the authors come to the conclusion about the inconsistency of the concept of the final bill. In particular, it is argued that the proposed regulation is unsystematic and illogical. The authors express concern about the inconsistencies in the interpretation of digital financial assets in the framework of the proposed bill, the global practice of understanding such assets, as well as the conceptual contradictions to the FATF position. In addition, the authors offer an analysis of the bill ‘On digital assets' developed by the Center for digital economy and financial innovation of MGIMO University.