Digitalization and Digital Economy: Issues of Legal Regulation and Its Prospects

Abstract

The relevance of issue under exploration is explained by the need for the legal regulation of the digital economy and the insufficient development of theoretical, substantive-technological and scientific-conceptual aspects of developing a base of legal concepts in terms of their application in legal arrangements. Purpose: The purpose of this article is to develop scientifically based and time-tested terms of digital economy in the context of a system-activity approach and their testing to establish a complex legal system that allows arranging a system of prohibitions on the processing of big data for mercenary and other sinister purposes and so on by restricting the access of various actors to these data. Materials and Methods: Formal-law method is a principal research method, which allows us to consider this issue as a process of deliberate and conscious acquisition of knowledge, skills, and abilities by specialists to make legal acts in the digital field only provided that the respect for rights and freedoms of man and citizen will be ensured. Findings: The article presents the author’s concept of the digital economy, reveals legal foundations for the development of relations in a virtual environment, and offers methods of developing these relations. As it seems to the authors, it’s not blockchain technology, but rather the Value Web, precisely its paradigm, which is a much more wide-scale phenomenon, will determine the development of these relations in the digital economy. Uniqueness/value: The developed theoretical principles and recommendations are aimed at adapting legislative and law-enforcement authorities to the new conditions of professional activity in the digital economy and are directed at developing a scientific and methodological framework of the legal regulation of the digital economy in legal science and practice.