On the Formation of the Mechanism of Legal Regulation of Relations Related to Cryptoassets in the Era of Global Digitalization

Abstract

The sphere of relations in the fi eld of digitalization is conceptually new and requires understanding and regulation as an international phenomenon. The article examines the historical and technological determinants of the creation of cryptoassets, the peculiarities of the legal regulation of relations related to crypto assets in Russia and foreign countries. Taking into account the achievements in the field of digital technologies, the economic and legal actuals of the global digital market, various types of cryptoassets are characterized, their attributes are listed, and a classification of digital phenomena in the field of law is proposed. The correlation is analyzed and the criteria for distinguishing the new concepts of «digital law», «token», «cryptoassets», «digital currency» and «cryptocurrency» are defined. The paper presents a comparison of the legal regulation of new technological phenomena in Russia and other countries. After analyzing the legal regime of crypto assets, the author comes to the conclusion that the concept of «digital rights» used in international law differs from the concept of «digital rights», which has entered Russian civil law. Conceptual approaches to the legal regulation of digital assets are at the stage of formation, modern practice demonstrates many conflicts, the presence of gaps and the absence of regulatory legislation. The technological aspects of the creation and turnover of cryptoassets are considered, revealing the advantages of blockchain technology, thanks to which a unique digital asset was created that has a revolutionary potential to change the entire global financial system. It is concluded that Russia, as a technological power, should take part in the development of adequate and clear rules for mediating the turnover of digital assets as an extraterritorial phenomenon.