Digital technologies in investment activities

Введение. В статье рассмотрено развитие институтов, составляющих инфраструктуру рынка цифровых финансовых активов (ЦФА): операторов информационных систем, в которых осуществляется выпуск ЦФА, и операторов обмена ЦФА. Актуальность работы заключается в повышенном интересе, который вызывает рынок ЦФА как один из новейших сегментов финансового рынка. Материалы и методы. Проанализировано существующее законодательное и нормативное регулирование рынка ЦФА, подробно рассмотрены правила зарегистрированных на сегодняшний день организаций рыночной инфраструктуры, опубликованные в открытых источниках. Показаны общие и различные элементы подходов различных операторов информационных систем, в которых осуществляется выпуск ЦФА, к определению объектов сделок, в особенности с точки зрения прав, удостоверяемых ЦФА; к допуску в информационные системы различных участников и определению их статуса. Результаты исследования. Сделан вывод о том, что востребованными на рынке ЦФА остаются только активы, удостоверяющие денежные требования, а также цифровые права, сочетающие денежные требования и нефинансовые цифровые права. Рассмотрена роль первого зарегистрированного в России оператора обмена ЦФА на данном рынке, выявлены его достоинства и недостатки с точки зрения развития институциональной структуры рынка ЦФА и повышения его ликвидности. Обсуждение и заключения. Полученные данные могут быть использованы для дальнейших исследований институциональной инфраструктуры рынка ЦФА, еѐ количественной и качественной динамики, определения перспективных направлений данного исследования, изучения рынка ЦФА как нового явления в российской экономике. Дальнейшим направлением исследований представляется рассмотрение непосредственно количественных показателей рынка ЦФА в РФ. Introduction. The article considers the development of institutions that make up the infrastructure of the digital financial assets (DFA) market: operators of information systems in which DFA is issued and DFA exchange operators. The relevance of the work lies in the increased interest that causes the CFA market as one of the newest segments of the financial market. Materials and methods. The existing legislative and regulatory regulation of the DFA market is analyzed, the rules of the market infrastructure organizations registered to date, published in open sources, are considered in detail. General and different elements of the approaches of various operators of information systems of information systems in which, in which the release of the DFA is carried out to determine the objects of transactions, are shown, especially from the point of view of the rights certified by the DFA; access to information systems of various participants and determination of their status. Results. It is concluded that only assets that certify monetary claims, as well as digital rights that combine monetary claims and non-financial digital rights, remain in demand on the DFA market. The role of the first DFA exchange operator registered in Russia in this market is considered, its advantages and disadvantages are identified from the point of view of developing the institutional structure of the DFA market and increasing its liquidity. Discussion and conclusions. The data obtained can be used for further research on the institutional infrastructure of the DFA market, its quantitative and qualitative dynamics, identifying promising areas for this study, studying the DFA market as a new phenomenon in the Russian economy. A further direction of research is the consideration of directly quantitative indicators of the DFA market in the Russian Federation.

Following a comprehensive study and analysis of theoretical provisions and private law regulation, the author identifies specific features of the definition of digital rights as an object of civil rights and assesses the emergence of the new concept of «digital rights» for domestic civil law in the legislation. Particular attention is given to the wording of the concept of digital rights contained in the Civil Code of the Russian Federation. The main problems that gave rise to numerous discussions in the science of civil law regarding the legal definition of digital rights are identified. Attention is drawn to the fact that, according to the current civil legislation of the Russian Federation, digital rights include only those that are directly named as such in the law. Following a systematic analysis of the current legislation and doctrinal provisions in the area under study, the author concludes that the transferability of digital rights is limited. The adopted federal laws on attracting investments using investment platforms and on digital financial assets are considered, utilitarian digital rights and digital rights that relate to digital financial assets are analyzed. Attention is also given to other problems that arise as a result of the modernization of civil law regulation of public relations in the field of digital rights, for example, regarding the contradictions in the terminology used by the legislator that give rise to numerous discussions (in particular, «information systems» when defining the category «digital rights»), and possible mechanisms to overcome them. The conclusion is made about the importance of the appearance in the domestic civil legislation of norms on digital rights, indicating the desire of the legislator to respond in a timely manner to the challenges of the transforming digital reality, which will serve as a necessary prerequisite for further regulation of civil law relations that are rapidly changing under its influence.

The article is dedicated to the realization of digital and information human rights under martial law. Active use of digital and information technologies in human life led to the development of such categories as digital and information human rights and digitalization of society are stated. Connection between digital and information rights is installed, authors highlight that information rights unlike digital rights can be realized not only by digital technologies, but digital rights can`t be realized without digital and information technologies.Authors of the research conducted an electronic survey of citizens using social networks and platform Google Forms for detection of the level understanding and violation of digital and information human rights under martial law. Results of the survey demonstrates that 27,3% respondents always experienced with violation of digital and information human rights, 30,3% – quite rarely, 24,2% – rarely, 18,2% – never. 90,9% respondents agreed that we need to create special institutions which will have functional powers aimed at protection of digital human rights nowadays, 9,1% people don’t consider it appropriate. Authors proposed to adopt a unique international normative-legal act at the level of the Organization of United Nations namely «Convention of digital and information human rights» and creation of the Committee on security of safety functional of digital and information spaces to the United Nations General Assembly. Powers of the Committee will be aim at adoption of reports from States parties on the results of state policy implementation in the area of security of digital and information rights; development and improvement the available remedies of security of digital and information rights; expand international cooperation in the area of prevention of new offenses in digital and information spaces; initiate creation of Convention of digital and information human rights.

Introduction: to date, transactions with complex new investment objects are investigated, including utilitarian digital rights, digital financial assets, and digital currency. In this regard, the author sets a goal: to analyze and investigate the features of remote investment transactions made by individuals (private investors) on the Internet. Methods: the methodological framework for the study was the methods of scientific cognition, among which the main ones are the methods of systematicity, analysis and comparative law. Results: the specifics of the circumstances justified by the fact that the category “electronic equivalents of obligations and requirements” should be fixed as the key concept that should be included in the title of the Federal Law “On Digital Financial Assets” instead of the word formation “digital financial assets”. Conclusions: based on the analysis of the legislation, it is necessary to simplify and modernize the structure of interaction between a private investor, an information system operator, an investment recipient and eliminate unnecessary irrational stages of their interaction using digital computer technologies of a smart contract. Based on the results of the study, the author offers recommendations for the development of standard smart contracts.

As the case is elsewhere in the world, Library and Information Science (LIS) education in Africa is largely lagging behind industry developments with reference to the legal and policy framework regulating digital content and technology. Notwithstanding the importance of information ethics, LIS programmes in Africa tend to predominantly focus on ethical issues at the expense of legal issues. For most LIS programmes, the national legal and policy infrastructure regulating digital technology and content is simply missing in the curriculum. Others only have sprinklings of legal knowledge in the curriculum. Digital technology and content is fundamentally changing the way people in Africa access and consume information. The fundamental question is how prepared are librarians for the ever-changing digital rights associated with digital technology and content? In this paper digital rights refer to the application of traditional human rights to digital technology or digital environments. Second, are LIS programmes in Africa preparing professionals that are capable of navigating the difficult terrain of digital rights as well as engaging in legal and policy discourse on digital rights that affect LIS institutions? The paper is the first step in understanding what is taught by LIS programmes in Africa based on the analysis of course titles and descriptions from 11 programmes. Courses reviewed generally touched on some of the legal and technological issues associated with digital content. However, several of the contemporary issues associated with digital content and rights are missing from the courses and curriculum.

The intensive development of digital technologies, their penetration into business and everyday life calls for the assessment of theoretical validity and practical feasibility of including the concepts of “digital rights” in civil law legislation. The purpose of the study is to develop a methodology for identifying digital rights as an object of accounting and control. The article analyzes the definitions of the concept “digital rights”, “obligation and other rights”, evaluates the forms of digital rights implementation and restrictions on the disposal of digital rights, proposed in Law No. 34-FZ. The authors consider the applied value of the phenomenon of digital rights not only in civil paper work, but also in accounting and control processes. The concepts developed by accounting methodologists to post transactions with digital rights in ledgers are revealed. On the basis of generalization of the initial technological foundations of asset tokenization in business projects, a conclusion is made that a shared problem in digital rights management involves the choice of digital algorithms, financial platforms for their issuance and circulation. The analysis of the Russian and international rules for the identification of digital financial assets (DFA) (tokens) as an object of the accounting policy of companies and their use in preparation of reports makes it possible to state that DFA can be considered a financial instrument with all subsequent accounting and control and analytical operations only when a specific right, for example, participation in the replacement of real shares, is exercised. It is recommended to make some amendments related first, to the accounting and reporting methodology to facilitate the identification and assessment of digital rights holders (investment tokens) that replace securities, and, second, to account 58 “Financial Investments”, namely to open an additional subaccount to account for securities which are replaced by digital assets or digital currency.

Introduction: modern society has transitioned into the neo-industrial era, bringing with it technological innovations that impact social relations. The latest investment objects – crypto objects – have entered into circulation. Utilitarian digital rights, digital financial assets, and digital currencies as new objects of civil rights are called by the legislator as a set of electronic data. Cryptographic records represent electronic equivalents of obligations and claims, are allowed by the legislator as objects of investment, and are the next stage in the development of the form of non-documentary securities. All this has led to the need to create a new legislative framework for citizens and business participants in the field of banking and investment. The purpose of the study: the author aims to analyze two main approaches, whereby today there is a statutory regulation of public relations in the field of investment in the information space – the process of applying existing normative acts to regulate the turnover of electronic equivalents of obligations and claims of business entities and the regulation of investment relations by introducing new normative acts that will be changed and supplemented with taking into account the changes in the external environment. Research objectives: to achieve this goal, the main body of the legal norms regulating public relations in the field of investment in the information space, primarily the civil legislation, is studied. Among the analyzed acts regulating the turnover of electronic equivalents of obligations and claims in investments: the Civil Code of the Russian Federation, Federal Law No. 39-FZ of April 22, 1996 on the Securities Market, Federal Law No. 259-FZ of July 31, 2020 on Digital Financial Assets, Digital Currency and Amendments to Certain Legislative Acts of the Russian Federation, Federal Law No. 259-FZ of August 2, 2019 on Attracting Investments using Investment Platforms and Amendments to Certain Legislative Acts of the Russian Federation, Federal Law No. 86-FZ of July 10, 2002 on the Central Bank of the Russian Federation (Bank of Russia), and other federal laws and regulations. Methods: the chosen methodological approach to analyzing the statutory regulation of public relations in the field of investment in the information space, as well as the specifics of legal relations between investors of digital financial assets and other entities, have led to the use of special research methods. Among the general scientific methods, along with analysis, synthesis, deduction, and induction, the empirical method of legal modeling is used. The specific scientific methods are also used: dogmatic (formal-logical) and formal-legal, as well as the methods of legal forecasting, legal analogy, and technical-legal. Results: it is established that the general principles of the legal regulation of relations arising in the implementation of electronic payments determine the basic principles that should be followed when making transactions with electronic equivalents, such as the freedom of contractual relations, the principle of indivisibility, the principle of security, and the principle of transparency. These principles help regulate the turnover of electronic equivalents of obligations and claims and ensure the security and protection of the rights of participants in such transactions. The legislative regulation of electronic equivalents of obligations and claims in investments of the Russian Federation and the European Union, as well as some foreign countries such as the USA, Canada, and Germany, is compared. The concept of “Internet platform” is studied, and the legislative and doctrinal approaches that determine its essence based on the scope of application are analyzed. The essence of investing in the Internet space is revealed. It is noted that remote Internet sites related to the investment sphere should be differentiated into three groups according to the initiators of interaction: banking sites, sites of investment intermediaries, and websites of direct recipients of investments. Conclusions: the issues of the national legal regulation are highlighted, which require further detailed study to be fixed in the relevant legislation in order to properly regulate the sphere of legal relations under study and ensure the rights and legitimate interests of individuals and legal entities. The definition of the concept of “Internet platform” any transactions that do not contradict the law. It is established that to profit from invested assets and (or) increase their value, Russian individuals and legal entities intensively use Internet sites and remotely participate in the turnover of investment objects. The concept of the turnover of investment objects is defined, which is a systematic transaction with cash and other objects of civil rights (property) that have a monetary value for the alienation and acquisition of rights to them, as a rule, at changing prices. The transactions provide for investors to receive offers through the Internet sites on the alienation and acquisition of rights to assets from the recipients of investments, as well as related services from investment intermediaries. It is proved that the Internet platforms are effective tools for expanding and modernizing the turnover of electronic equivalents of obligations and claims, which helps to reduce the time and financial costs of making calculations and increase the efficiency of processes in investment activities.

Цифровые финансовые активы (криптоактивы) получили широкое распространение после закрепления в гражданском законодательстве цифровых прав как объектов гражданских прав и принятия специального закона, регламентирующего операции с указанными активами. В настоящее время вопросы правовой регламентации операций с цифровыми финансовыми активами не получили однозначного решения, что обусловлено непродолжительной практикой введения цифровых финансовых активов в гражданский оборот. Правовое регулирование цифровых финансовых активов сопряжено с принятием соответствующего федерального закона, одноко правоотношения, связанные с осуществлением операций с цифровыми финансовыми активами, имеют комплексное регулирование, поскольку регламентируются нормами различных отраслей права. Российский законодатель ориентирует содержание цифровых финансовых активов на цифровые права и особенности их гражданско-правового регулирования. Поскольку появление цифровых финансовых активов обусловлено формированием цифровой экономики, операции с цифровыми финансовыми активами регулируются также финансово-правовыми нормами. В качестве основного направления финансово-правового регулирования операций с цифровыми финансовыми активами признается налогообложение. Отмечается, что до недавнего времени законодательство не регламентировало особенности налогообложения операций с цифровыми финансовыми активами, в связи с чем автор анализирует режимы налогообложения, используемые в законодательстве зарубежных стран. Процесс организации и осуществления оборота цифровых финансовых активов в большинстве своем регулируется операторами информационных систем, в связи с чем автор выделяет положительные и негативные стороны саморегулирования, а также указывает на необходимость разработки, внедрения и законодательного закрепления единых требований к таким системам, что позволит повысить эффективность осуществления контроля за операциями с цифровыми финансовыми активами. Digital financial assets (crypto assets) have become widespread after the consolidation of digital rights as objects of civil rights in civil legislation and the adoption of a special law regulating transactions with these assets. Currently, the issues of legal regulation of transactions with digital financial assets have not received an unambiguous solution, due to the short practice of introducing digital financial assets into civil circulation. The legal regulation of digital financial assets is associated with the adoption of the relevant federal law, however, along with this, legal relations related to the implementation of transactions with digital financial assets have complex regulation, since they are regulated by the norms of various branches of law. The Russian legislator focuses the content of digital financial assets on digital rights and the specifics of their civil law regulation. Since the emergence of digital financial assets is due to the formation of the digital economy, transactions with digital financial assets are also regulated by financial and legal norms. Taxation is recognized as the main direction of financial and legal regulation of transactions with digital financial assets. It is noted that until recently, the legislation did not regulate the specifics of taxation of transactions with digital financial assets, in connection with which the author analyzes the taxation regimes used in the legislation of foreign countries. The process of organizing and implementing the turnover of digital financial assets is mostly self-regulated by information system operators, in connection with which the author highlights the positive and negative aspects of such self-regulation, and also points out the need to develop, implement and legislate uniform requirements for such systems, which will improve the effectiveness of monitoring operations with digital financial assets.

В статье рассмотрены особенности цифровых финансовых активов (ЦФА) – качественно новой экономической категории, имеющей значительный потенциал в качестве инструмента инвестирования и финансирования бизнеса. Представлена краткая характеристика правового регулирования ЦФА, необходимая для понимания их сущности и состава входящих объектов. Выявлены основные преимущества, недостатки и возможные перспективы развития ЦФА в России. Introduction. Among the most promising cutting-edge tools that can significantly transform and improve the efficiency of business operations are, first and foremost, artificial intelligence, digital and cloud technologies, distributed ledger technologies, robotization, and many others. The emergence of fundamentally new objects, such as digital rights, including digital financial assets, cryptocurrency and others, necessitates an examination of their economic substance and an evaluation of the opportunities and challenges associated with their practical application. This article aims to present the findings of a study on the economic nature of digital financial assets (DFAs), their legislative and regulatory mechanisms, the benefits and risks they pose, and an analysis of their potential use in Russia. Results. The article focuses on the critical aspects of legal regulation of the new economic categories, including digital rights and DFAs. It uncovers their essence and features and presents various perspectives of specialists on the primary characteristics of DFAs. The article outlines the crucial prerequisites for the development of the global and domestic DFA market (the active use of blockchain technology, widespread use of cryptocurrencies, and global and macroeconomic changes). It provides data on the volume of transactions with DFAs in Russia for 2022-2023 and an evaluation of market growth prospects. The article also presents the main advantages of DFAs, such as investment attractiveness, security and transparency of records entered into the blockchain, the possibility of "splitting" a significant investment asset into parts, the lack of risk of unauthorized changes, and others. It also discusses the challenges of their practical use. The study concludesthat the use of DFAs as a tool for attracting investment (also by medium and small businesses) and financing, with an understanding of their inherent risks, will facilitate effective financial and investment decision-making. It will also assist in the optimization of business processes and interactions with business partners.

The article considers digital human rights as a relatively new social-legal phenomenon which has recently become the focus of scientific discussions. Some scientists believe that digital rights have specific determinants which explain their character of sui generis , i.e., digital rights represent a new - fourth - generation of human rights. The author considers digital rights in their international-legal and social dimensions in order to clarify their nature and definitions, and argues that the scientific-expert community lacks a single understanding of digital rights; therefore, such rights should be named information-digital, which would reflect their information nature as a construct of reality (including virtual reality). The social dimension of digital rights is manifested in the unprecedented impact of the digitalization of social relations, which penetrates all spheres of contemporary society, determines various ethical and legal problems and becomes an issue of such philosophical concepts as transhumanism. In particular, transhumanism, supported by some leaders of the developed countries, implies negative consequences and challenges for traditional human rights since it insists on the transformation of human nature. The internationallegal dimension of digital law is expressed in the symbolic connection between ‘traditional’ and digital rights. When interpreting digital rights as information-digital, there are no differences between the above-mentioned types of rights, since they form an organic whole. Digital rights are a new type of the ‘traditional’ information rights, the provision and protection of which are sufficiently regulated (set) by the norms of the so-called Bill of Rights that includes the Universal Declaration of Human Rights (1948) and the International Covenants on Human Rights (1966). Certainly, for new types of digital rights, it is necessary to develop additional protocols for the International Treaties. However, already now we need to seriously consider the implementation mechanism for digital rights, for instance, such as specialized groups of experts (lawyers and specialists in digital technologies) in the UN. The author proposes to develop an International Information-Digital Code of Rights in order to ensure a comprehensive regulation of digital human rights and freedoms.

In modern Russia, digital investment technologies are actively developing and legitimized at the level of law enforcement, including for such an economic entity as a non-public joint-stock company. For example, Federal Law No. 259-FZ dated 07/31/2020 "On Digital Financial Assets" establishes several types of digital rights; one of them is the requirement to transfer equity securities. The owner of the specified type of digital financial assets has the right to demand the transfer to him of securities that were previously provided for in the Decision on the issue of these digital financial assets acquired by the owner. The Decision sets a deadline or event that determines the transfer of securities to him. The operator of the information system in which digital financial assets were issued provides access to the document on the issue of the relevant securities, as well as information on the pre-emptive right to purchase them, and the procedure for exercising such right. There is also a special feature that digital financial assets can certify the requirement to transfer not any equity securities. As such, only shares of a non-public joint-stock company and equity securities of the same company convertible into its shares are allowed. However, there is not a single non-public joint-stock company in Russia that has issued such digital financial assets. The lack of demand for the design was proved in the course of research, as well as by actual investment practice and the absence of at least one issue of digital financial assets of this type in the 4th year of the said Federal Law. The improvement of investment tools, in its particular case, the studied variety of digital financial assets, should, together with the deep modernization of the domestic financial market, enter into the anti–sanctions legislation emerging in the Russian Federation.

The authors note that the digitization of public services has taken place, which has led to the transition of most or at least a significant number of public services to an electronic format and allowed us to talk about the emergence of concepts of electronic state (government) (e-government). The step-by-step transformation of state data management based on digital technologies, the development of complex super-services for citizens and businesses to receive public services in one click (DIY) was called «digital public administration». However, a clear definition and framework of the concept of «digital human rights» has yet to be developed. They seem to cover all human rights in the context of digitization and the development of modern information and communication technologies. It can be considered that this is the field of information law, which regulates human rights related to the use of information technologies. This includes the regulation of relations in the field of personal data processing, publication of information on the network, processing of big data, application of artificial intelligence, etc. The purpose of the scientific article is to consider the concept of digital rights and their implementation in the Ukrainian and European legal space, taking into account the contribution of Ukrainian scientists. The digital revolution that has swept the world has significantly changed the way people communicate, work and live. However, this rapid technological development brings with it new challenges for the protection of human rights. This article examines the concept of digital human rights and their dimensions in the Ukrainian and European context. It is indicated that the study and protection of digital human rights in the modern world requires a comprehensive approach, taking into account both Ukrainian and European experience. The works of domestic scientists testify to the urgency of the problem and indicate the need for further research in this area. Digital human rights are becoming an integral part of modern society, where technology is rapidly changing the way we live and interact. Ukraine, like other countries, faces many challenges in the field of digital rights, which are caused by the rapid development of information and communication technologies. From this context: first, understanding digital rights and their importance becomes a necessity for every member of society. People should be aware of their rights and responsibilities in the digital space, especially regarding the protection of privacy and personal data; secondly, the development of digital rights in Ukraine should take into account the best practices of European countries and global standards. Improving legislation, increasing public awareness and developing cyber defense are aspects that require immediate attention; thirdly, the importance of cooperation between the state, citizens, business and the scientific community. Effective and sustainable solutions to ensure the digital rights of Ukrainians can only be created through joint efforts.

The authors note that the digitization of public services has taken place, which has led to the transition of most or at least a significant number of public services to an electronic format and allowed us to talk about the emergence of concepts of electronic state (government) (e-government). The step-by-step transformation of state data management based on digital technologies, the development of complex super-services for citizens and businesses to receive public services in one click (DIY) was called “digital public administration”. However, a clear definition and framework of the concept of “digital human rights” has yet to be developed. They seem to cover all human rights in the context of digitization and the development of modern information and communication technologies. It can be considered that this is the field of information law, which regulates human rights related to the use of information technologies. This includes the regulation of relations in the field of personal data processing, publication of information on the network, processing of big data, application of artificial intelligence, etc. The purpose of the scientific article is to consider the concept of digital rights and their implementation in the Ukrainian and European legal space, taking into account the contribution of Ukrainian scientists. The digital revolution that has swept the world has significantly changed the way people communicate, work and live. However, this rapid technological development brings with it new challenges for the protection of human rights. This article examines the concept of digital human rights and their dimensions in the Ukrainian and European context. It is indicated that the study and protection of digital human rights in the modern world requires a comprehensive approach, taking into account both Ukrainian and European experience. The works of domestic scientists testify to the urgency of the problem and indicate the need for further research in this area. Digital human rights are becoming an integral part of modern society, where technology is rapidly changing the way we live and interact. Ukraine, like other countries, faces many challenges in the field of digital rights, which are caused by the rapid development of information and communication technologies. From this context: first, understanding digital rights and their importance becomes a necessity for every member of society. People should be aware of their rights and responsibilities in the digital space, especially regarding the protection of privacy and personal data; secondly, the development of digital rights in Ukraine should take into account the best practices of European countries and global standards. Improving legislation, increasing public awareness and developing cyber defense are aspects that require immediate attention; thirdly, the importance of cooperation between the state, citizens, business and the scientific community. Effective and sustainable solutions to ensure the digital rights of Ukrainians can only be created through joint efforts.

The article is devoted to the study of the tax and legal aspects of the ruble-backed stablecoin A7A5, which is a foreign digital right and is qualified in the Russian Federation as a digital financial asset. The subject of the study is the specifics of the legal regime of foreign digital rights classified as digital financial assets in the Russian Federation, and the taxation of transactions with such an asset. As a result of the conducted research, the author comes to the conclusion that, despite the creation of a legal framework for the integration of foreign digital rights into the Russian legal order, their tax and legal regime remains insufficiently developed. It is shown that this category is of an auxiliary (technical) nature and serves primarily as a tool for legitimizing a certain range of foreign assets in Russia, without being a full-fledged and independent legal construct. It is noted that the Tax Code of the Russian Federation lacks special provisions regulating the taxation of foreign digital rights, except for transactions within the experimental legal regime, which creates legal uncertainty. The author argues that recognizing foreign digital rights as digital financial assets represents a new phase in Russia's digital financial assets market, driven significantly by the A7A5 asset's integration with a public blockchain. This not only expands the opportunities for the circulation of such assets but also gives rise to unique transactions with such assets in the decentralized finance environment, which directly raises the issue of the need to develop special approaches to accounting for income, expenses and losses from such transactions for tax purposes. It is concluded that the economic nature of such transactions may be similar to transactions with derivative financial instruments and hedging. This similarity justifies extending the special tax rules for such analogous instruments to transactions with foreign digital rights. The results of the study can be applied to the further development of legislation on the taxation of foreign digital rights.

The subject of research, relevance. The development of digital technologies has an impact on almost all areas of society, including the financial sphere. This is the reason for a serious controversy to develop recently and to continue both at the international and national levels in terms of approaches to their legal regulation. This discussion affects both public law and private law. The emergence of such a phenomenon as digital currencies raises the question of their legalization for legislators of various states. The answer to such a question cannot be found without studying the legal consequences of making such a decision for both individuals and the financial system of the state. The purpose. The article puts forward and substantiates a hypothesis that the choice of legal methods for regulating virtual assets is a matter of legal policy, and not just matter of research in the field of defining virtual assets as objects of law or type of property. As a result, when choosing methods of legal regulation of virtual (digital) assets, not only the impact of these legal entities on legal turnover (including such issues as the possibility of using excess generated electricity or taxation issues) should be assessed, but also the risk of stimulating illegal economic turnover (turnover of things and services in the Darknet, limited turnover of things, for example, drugs), as well as the impact on the financial system. The methodological basis. Various scientific methods of cognition were used to write the article, including system-structural, formal-logical, comparative-legal and dialectical. The research is based on the principles of interdependence and interconnectedness of social processes. The main results, scope of application. The article examines the main approaches to the regulation of digital currencies, studies the phenomenon of digital currency itself, assesses the circumstances that aroused massive interest and enthusiasm for cryptocurrencies. An analysis of current positive legal material is presented, in particular, the approach to the regulation of digital currency contained in the Russian Federal Law of July 31, 2020 No. 259- FZ On digital financial assets, digital currency and on amendments to certain legislative acts of the Russian Federation. The main differences between digital currencies and such a legal phenomenon as digital rights (including utilitarian digital rights and digital financial assets) are noted. It is noted that in most Russian scientific works in the field of law devoted to digital currencies, attention is paid to the definition of digital currency as an object of civil rights, the foreign experience of attempts of legal regulation of cryptocurrency is considered, emphasis is placed on the positive aspects of the legalization of cryptocurrency for individuals, the risks of legalization of cryptocurrency for individuals, as well as the tasks of regulators in the digital economy are investigated. In addition, some scientific works are devoted to issues related to the digitalization of the economy and digital security. However, little attention is paid to the consequences of the legalization of digital currencies for the monetary system of the state and the potential risks for the stability of monetary systems. Conclusions. Interest in digital currencies may decrease in following situations. Firstly, if the services provided by payment systems are more efficient, reliable, affordable and cheap for the consumer. Secondly, during the implementation of the central bank digital currency project (in Russian case - the digital ruble), since digital currencies issued by central banks have the advantages of private digital currencies, but are devoid of their disadvantages.