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Российское законодательство о цифровых финансовых активах
 
Код статьиS123456780015711-3-1
DOI10.18254/S123456780015711-3
Тип публикации Статья
Статус публикации Опубликовано
Авторы
Санникова Лариса Владимировна  
Должность: Руководитель Центра правовых исследований цифровых технологий
Аффилиация: Государственный академический университет гуманитарных наук
Адрес: Российская Федерация, Москва
Название журналаLaw & Digital Technologies
ВыпускТом 1 № 1
Страницы3-9
Аннотация

Статья посвящена новому российскому закону о цифровых финансовых активах. Принятие этого закона стало важным шагом на пути к формированию правовой базы для криптоактивов в России. Выделены четыре типа моделей правовой базы для криптоактивов во всем мире: адаптационная, фрагментарная, экспериментальная и инновационная. Российская модель нормативно-правовой базы цифровых финансовых активов отнесена к числу  инновационных. В статье анализируются легальные определения новых правовых понятий, таких как «цифровые права», «цифровые финансовые активы» и «цифровая валюта». Они представляют различные типы криптоактивов и рассматриваются в качестве "иного имущества" в российском гражданском законодательстве. Для оператора обмена цифровыми финансовыми активами и оператора информационной системы, в которой выпускаются цифровые финансовые активы, установлен специальный правовой статус. В статье описаны юридические требования к таким участникам крипторынка, установленные для защиты потребителей от мошенничество и злоупотреблений. Особое внимание уделяется правовому регулированию выпуска и обращения криптовалют, которые в законе называются цифровыми валютами. Цифровая валюта не признана в качестве легального платежного средства в России. Ее можно выпускать и распространять только с использованием российской информационной инфраструктуры. На основании анализа нового закона делается вывод о том, что российские денежные власти не заинтересованы в создании всеобъемлющей и непротиворечивой правовой базы для участников крипторынка, их новые инициативы направлены на ужесточение регулирования обращения цифровых финансовых активов, особенно цифровой валюты.

Ключевые словацифровые права, цифровые финансовые активы, цифровая валюта, криптоактивы, криптовалюта
Источник финансированияРабота выполнена при поддержки гранта РФФИ № 18-29-16145 МК «Механизм правового регулирования отношений с использованием технологии распределенных реестров».
Получено02.07.2021
Дата публикации02.07.2021
Кол-во символов27499
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1 Introduction
2 On January 1, 2021, the Federal Law dated 31.07.2020 No 259-FZ "On the Digital Financial Assets, Digital Currency and on Amendments to Certain Legislative Acts of the Russian Federation" (hereinafter - the Law on DFA) came into force in Russia. The Law on DFA is intended to provide legal certainty for Russian holders of cryptoassets. Russia, like many other countries in the world, has gone a long way towards legalising crypoassets. At first, the Russian monetary authorities attempted to ban cryptocurrencies and other cryptoassets. Later, the necessity of creating legal regulation of crypto assets for the development of the digital economy in Russia was recognised. The federal project "Legal Regulation of the Digital Environment" became the starting point for the formation of the legal framework for cryptoassets. To ensure the legal conditions for the implementation and use of innovative technologies in the financial market, it was planned to adopt a federal act which was aimed at “regulating the circulation of cryptocurrencies and conducting ICOs (Initial Coin Offering), determining the status of digital technologies used in the financial sector and their concepts”. However, a more general concept – “digital rights” – was the first to appear in legislation. For this, the corresponding amendments were made to the Civil Code of the Russian Federation. Digital financial assets are recognized as a type of digital rights in accordance with the Law on DFA. The concepts of "digital rights" and "digital financial assets" raise many questions for both legal scholars and practicing lawyers (Novoselova et al. 2019). The first section of this article analyses models of legal frameworks for cryptoassets in countries with crypto-friendly jurisdictions. Next, we discuss the legal essence of digital rights. The third section considers the legal definition of digital financial assets and their types. Section four describes the legal statuses of operators of information systems, in which DFAs are issued, and the legal statuses of DFA exchange operators. The fifth section deals with the legal regulation of the issue and circulation. Finally, we discuss digital currency (cryptocurrency).
3 1. Models of legal frameworks for cryptoassets
4 While many countries are in process of cryptoassets legitimization, there is still no country in the world with a comprehensive regulation of cryptoassets. There are several reasons for this. Firstly, cryptoassets, could not be comprehensively regulated by any national legislation, due to their extraterritorial character. Secondly, any legal regulation could slow down of an introduction of new technologies, such as blockchain, into economic activities. The legal regime of different countries of the world in relation to cryptoassets can be friendly, unfriendly or neutral. Countries with crypto-friendly jurisdictions establish various models of legal frameworks for crypto-assets which can be classified into several categories (Sannikova and Kharitoniova 2020): 1) An adaptation model, in which cryptoassets are regulated by existent legislation. For example, in the USA the Securities and Exchange Commission determines, based on the Howey test, whether tokens are securities like shares or bonds. If tokens are recognized as security tokens, then the legislation on securities applies to their issue. 2) A fragmentary model, in which cryptoassets are regulated by specific amendments made to existent legislation. For example, in Japan, cryptoassets’ legislation was formed by amending existing laws: Payment Services Act No 59 of 2009; Financial Instruments and Exchange Act No 25 of 1948. 3) An experimental model in which cryptoassets are regulated by the legislation related to special economic zones. The Republic of Belarus has created a legal regulation of crypto activity only for residents of Hi Tech Park. Belarus Hi Tech Park is a special economic zone. The Decree of the President of the Republic of Belarus No 8 dated 21.10.2017 “On the Development of the Digital Economy” legalized crypto assets, but their circulation is limited and controlled. 4) An innovative model, in which the cryptoassets regulation is based on special legal acts. Malta became the first country in the world to regulate blockchain and cryptoassets by special laws. The Malta Digital Innovation Authority Act of 2018 establishes the Malta digital innovation centre to certify distributed ledger technology platforms. The Innovative Technology Arrangement and Services Act of 2018 regulates the registration procedures for crypto exchanges and other crypto markets. The Virtual Financial Assets Act of 2018 defines the legal regime of DLT (Distributed Ledger Technology) assets, including ICO procedures. Virtual financial assets include cryptocurrencies and payment tokens and exclude virtual tokens, electronic money and financial instruments. In 2019, Liechtenstein passed the Token and Trusted Technology Service Provider Act, known as the "Blockchain Act". Under this act, a token is recognized as a tool for the digital representation of a right. This is based on the concept of the Token Container Model. A security token contains a real asset. It may be a share, a bond, gold, real estate, and so on. If the token is not secured, it is an “empty container” that exists as a digital code, such as a bitcoin. Utility tokens within this concept contain the right to use the software (Software Usage Right). The examples of Malta and Liechtenstein shows the trend of national legislatures developing special legislation. However, the efficiency of such legislation is still questionable. The Russian legislation model is closest to the innovative model. However, it is not as comprehensive as as the legislation in Malta and Lichtenstein.

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Russian legal framework for digital financial assets

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