Models of Legal Regulation of Digital Rights and Digital Currency Turnover
Currently all countries form or are in process of forming rules of law regulating
turnover of new digital objects of rights that are called differently as digital rights,
tokens, digital assets, digital currency, and cryptocurrency. The difference in
wording does not allow to develop common international approaches to the crossborder turnover of such new objects of rights. States are only looking for ways to
regulate relations in the digital economy. To find optimal solutions, a comparative
legal research is needed to evaluate models of regulation and find effective ways
and means of response to the modern challenges. Aim of the research is to analyze
models of legal regulation of the turnover of digital rights and digital currency and
offer model of regulation that allow such objects of rights to be fully included in the
Russian civil turnover. The following tasks are being solved: choice of jurisdictions
and analysis of legal norms that regulate turnover in the field; formulation of regulative
models of the turnover of digital rights and digital currency based on legislation,
doctrine and law enforcement; study of measures and means of regulation used in
various states; analysis of different points of researchers on regulation of relations in
the digital economy in Russia and abroad; proposal to the legislator of measures and
means of regulation, based on the chosen regulative model of the turnover of digital
rights and digital currency. Such methods as comparative legal, formal legal, legal
modeling methods were used to compare experience of various jurisdictions and
formulate regulative models in need. Also general methods of synthesis, analysis,
induction, deduction, comparison, analogy, etc. were used. The study showed that
the approaches used in the legal regulation in the field differ both in terms of legal
norms and in creation of institutions and conditions for functioning digital market.
Models of the corresponding legal regulation also differ. States use both prohibitive
model of turnover regulation (prohibition of their issuance and turnover), partially
prohibitive (restrictions on the turnover of digital rights and digital currency), partially
permissive (admission of turnover of digital rights and digital currency, subject to
conditions — licensing, regulatory sandboxes, etc.) and permissive model (allowing
the turnover of digital rights and digital currency to all market participants, subject
to minimum requirements). Terms like cryptocurrency, tokens, crypto assets, digital
assets are more popular abroad, while in Russia the concepts of digital rights and
digital currency are used to refer to similar legal phenomena. It would be necessary
to compare categories under consideration for the possibility of their use in
supranational regulation, and cross-border relations, in order to be able to speak
with representatives of other jurisdictions in the same language. From the foreign
experience, attention of legislator should be drawn to the need and possibility of
licensing in relation to participants in the digital market, as well as to the success
of regulatory sandboxes in this area, for example in Britain. At the same time,
when establishing law enforcement practice in Russia in the field, especially with
participation of consumers, experience in US, Britain, Australia as well as the legal
regulation of the crypto industry in Japan shall be considered.
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