Legal Regulation of Cryptocurrency Turnover in Russia

Abstract

The study attempts to assess the interim results of the digital transformation in Russia and legislative changes that make it possible to include various digital assets in civil circulation. Special attention is paid to the problems of legal regulation of cryptocurrencies. Based on the analysis of a number of international documents, Russian policy documents defining the main trends in the development of digitalization, the significance of digital transformation is revealed, the problems slowing down the processes of the formation of the digital economy in Russia are identified. A review of research by Russian and foreign scientists devoted to the formation of the cryptocurrency market is conducted; the advantages and disadvantages of cryptocurrency trading are outlined. Cryptocurrency trading is a developed system in which trading goals, risk control, honesty and transparency must be present, and the capital market, the underlying asset, the investment plan and successful strategies must be taken into account. The analysis of changes in civil legislation allowed us to come to the conclusion that many important issues related to the use of digital currency and digital assets have remained unresolved. The lack of clarity in legal regulation will naturally lead to problems in law enforcement practice, which in turn will slow down the implementation of the designated goals for creating a competitive digital economy that occupies a leading position in the world and will not allow achieving the goal of forming an information space taking into account the needs of citizens and society in obtaining high-quality and reliable information, the development of information infrastructure. It was also noted that the restriction of cryptocurrency turnover does not correspond to the policy pursued by the FATF and the goals and principles that were outlined in international and regional documents.