Current approaches to the formation of the legal foundations of domestic exchange control

Abstract

Aim. The presented study aims to substantiate approaches to the formation of the legal foundations of domestic exchange control based on the relevant features of currency relations.Tasks. The authors analyze currency relations to identify their distinctive features as monetary relations that are being formed and developing in the transboundary sphere. Based on the results of the analysis of currency relations, the authors develop initial positions for the formation of relevant legal foundations of domestic exchange control: provisions establishing the content of the basic concepts regulating the sphere of legal regulation and establishing the principles of exchange control as requirements to the norms of currency legislation.Methods. This study uses general scientific methods of cognition in various aspects to describe approaches to the formation of the legal foundations of exchange control for the purpose of establishing an up-to-date legal regulator of exchange transactions.Results. Analysis of the relevant provisions of Section VI of the Civil Code of the Russian Federation and Federal Law No. 173-FZ of December 10, 2003 on exchange regulation and exchange control makes it possible to substantiate: the objective necessity of forming a conceptual framework for currency legislation as demanded by legal reality; the essential features of current currency relations; approaches to the formation of the major principles of exchange control as requirements for a system of norms for exchange control; major principles of exchange control: recognition and application of foreign currency legislation as applicable law, a clause on the limits of application of foreign monetary law, autonomy of will, dominance of economic control methods, exclusion of unjustified non-interference of the state in the regulation of transboundary currency transactions.Conclusions. The actual subject of currency regulation is monetary relations complicated by a foreign element as a set of public and private relations regarding the possession, use, and disposal of currency values, national currency, and national domestic securities, the use of national and foreign currency as a means of payment, means of circulation, means of accumulation.