Regulation of the development of the market infrastructure of digital payments and the use of tokenized assets

Abstract

Classic banking operations, such as granting loans, accepting deposits and participating in payment transactions, are on the verge of revolution thanks to the potential use of web 3.0 technologies and tokenized assets. These new financial horizons run the gamut from unsecured virtual assets (like cryptocurrencies) and shadow payments to central bank digital currencies and widespread circulation of money rights. The potential of digital transformations in the financial sphere is best illustrated by distributed ledger technology (blockchain) and new solutions based on it – decentralized digital platforms and tokenized assets. However, there are other forms of decentralized financial instruments, payment services and financing that can allow households and companies to access credit and share unbreakable financial risks, bypassing traditional financial intermediaries. This scientific article discusses relatively new methods of providing access to low-cost and "seamless" payment systems from the point of view of their implementation in small or regional banks. The drive to innovate through alternative financing mechanisms involves the integration of many disparate customers into mainstream and even new financial systems. Tokenized assets can become a means that are available to those who are deprived of access to classic banking services, and even to those who are outside the scope of services of traditional banks.