Capital Market Law Research Articles

İLİŞKİLİ TARAF İŞLEMLERİNE YÖNELİK AVRUPA BİRLİĞİ “PAY SAHİPLERİNİN HAKLARI II DİREKTİFİ” HÜKÜMLERİ VE TÜRK SERMAYE PİYASASI MEVZUATININ DİREKTİF HÜKÜMLERİNE UYUM DURUMU

Halka açık anonim şirketlerin ilişkili taraflarla gerçekleştirdiği işlemler, ilişkili tarafın şirkete ait bir değeri kendi malvarlığına aktarması sonucunu doğurabileceğinden, şirket ve pay sahiplerinin menfaatlerini zarara uğratabilmektedir. Bu nedenle yapısı gereği menfaat çatışması içeren ilişkili taraf işlemlerinin hukuki zeminde düzenlenmesi gerekliliği oluşmuştur. Şirket kontrolünü elinde tutmaya bağlı fırsatçılığı önlemek üzere, ilişkili taraf işlemlerinin yoğunluğuna bağlı olarak farklı birçok hukuki teknik geliştirilmiştir. Bu kapsamda 2017 yılında AB tarafından 2007/36/EC Direktifi’nde[Pay Sahipleri Hakları Direktifi’nde (Shareholder Rights Directive/SRD)], değişiklik yapan (EU)2017/828 Direktifi [(Pay Sahipleri Hakları Direktifi II (Shareholder Rights Directive II/ SRD II)] yürürlüğe girmiştir. Anılan düzenlemede yer alan hususlardan biri olan m.9(c)’de ilişkili taraf işlemleriyle ilgili olarak kamuyu aydınlatmaya ve söz konusu işlemlerin onaylanmasına ilişkin olarak özel bir usul takip edilmesine dayanan bir sistem kabul edilmiştir. Türk hukukunda ilişkili taraf işlemlerinin yol açacağı menfaat çatışmalarına bağlı olarak halka açık ortaklığın malvarlığının azalmasına yol açabilecek işlemlerin önlenmesi amacıyla, anılan işlemler Sermaye Piyasası Kanunu (SPKn) ve ikincil düzenlemeler aracılığıyla özel bir düzenlemeye konu olmuş, bu tür işlemlerin gerçekleştirilmesi bazı özel kurallara bağlanmıştır. Bahsi geçen düzenleme, Türkiye’nin AB adaylık süreci kapsamında, müzakereye açık olan Şirketler Hukuku faslının konularından birini oluşturmaktadır. Bu çalışmada, ilişkili taraf işlemlerine ilişkin olarak AB’nin Pay Sahipleri Hakları Direktifi II ve Türk sermaye piyasası mevzuatında yer alan düzenlemeler karşılaştırmalı olarak incelenmiş, SPKn ile öngörülen sistemin Direktif hükümleriyle ne ölçüde uyumlu olduğu ve anılan sistemde Direktif’in ihtiyari bıraktığı konularda hangi yaklaşımların benimsendiği değerlendirilmiştir.

Perlindungan Hukum Terhadap Investor Pemegang Obligasi Atas Gagal Bayar Yang Dilakukan Oleh Emiten Selama Pandemi Covid-19

The development of the Indonesian Capital Market is currently running very rapidly. The rapid development Indonesian Capital Market can’t be separated from the role of Investors and Issuers as the main actors in the capital market. Bond as one of the investment instrument in Indonesian Capital Market which currently circulating in line with high demand among investor considering bond have lower risk than other capital market instruments. However, investing in bond is not without risk, because Issuer may fail to pay their obligation. The Coronavirus Disease 2019 (Covid-19) Pandemic has caused bond default rates to increase. Such condition can lead to a crisis of Investors confidence in Indonesian Capital Market. Therefore, this study aims to find out and understand the form of legal protection for Investors who suffer losses due to default during Covid-19 Pandemic and the legal actions that can be taken by Investors for losses arising from default. The research method used is normative juridical with descriptive analytical research specification. Based on the Indonesian Civil Code and Indonesian Capital Market Law, it can be concluded that the Issuer who issue bond is responsible for paying bond interest and returning the principal of the bond loan on the maturity date to Investors. Bond default give Investors the right to demand the return of their rights to bond interest and to the principal of maturing bond through the Trustee. Legal actions that can be taken by bondholders are internal dispute settlement, external dispute settlement through Integrated Alternative Dispute Resolution Institution, or through litigation.

Managerial Ability and Investors Protect: Test of Stimulating Decision-Making Functions by Devil's Advocate Theory

The efforts of the developers of capital market laws and regulations over the past years have been aimed at increasing the level of information transparency to create more symmetry between companies and shareholders so that they can be more attractive to investors to invest in the stock market. But given the interplay of individual characteristics of corporate decision-makers with the interests of shareholders and investors, it seems that focusing on behavioral functions in the area of promoting managerial ability can more effectively lead to increased protection of shareholder interests. The purpose of this study is to investigate the effect of management ability on the protection of investors based on the development of the theory of the devil's advocate. Therefore, the present study, using the structural equation modeling approach and partial least squares analysis (PLS), while fitting the model's desirability, examined the impact of management ability on protecting investors. In this study, in order to measure the in-field variable, ie protection of shareholders' interests, a researcher-made questionnaire was created through meta-analysis with the participation of 15 research experts. Then the criterion of Demirjan et al (2013) was used to measure managerial ability as an exogenous variable in partial least squares analysis. The researcher-made questionnaire was sent to 142 CEOs of companies listed on the Tehran Stock Exchange, and finally, after many follow-ups, 105 questionnaires were completed and returned and used as a final sample for analysis. After ensuring the acceptable fit of the measurement and structural models of the research, according to the theory of the devil's advocate, the results showed that the ability of management has a positive and significant effect on protecting the investors. Managerial ability, as one of the specialized decision-making capacities, puts the company on the path of effective interaction with stakeholders and provides the ground for investors to Protect in companies' priorities to gain their trust.

Tindak Pidana Penipuan Investasi Fiktif di Pasar Modal Menggunakan Skema Piramida

The rise of investment fraud in Indonesia has been driven by several factors, such as a lack of public awareness of the financial sector, especially legal investments, and the plight of those seeking high returns ignoring risk. The victims of fictitious investment are not only from the lower middle class, but also the educated or upper class with higher education. This research aims to find out how the legal arrangements for investment managers to commit fraud in the capital market using a pyramid scheme, and the criminal sanctions they will receive. This research is normative legal research conducted with a case and legislation approach. As a result, in cases of fraud, two sides can be found, namely the side that is deceived (the victim) and the side that deceives (the perpetrator). Capital Market Law stipulates a regulation whereby parties are required to follow the principle of transparency in trading securities and conducting public offerings on the secondary market. The criminal sanction for fictitious investment managers to commit fraud in the capital market using a pyramid scheme is where the perpetrator performs deviant behavior that meets certain requirements to be subject to criminal sanctions.

Akibat Hukum terhadap Investor karena Adanya Penghapusan Pencatatan (Forced Delisting) Perusahaan Terbuka di Pasar Modal

The advancement of the technology era has made the Capital Market the most popular investment instrument today. The capital market is a high risk investment instrument due to the forced delisting of shares in the Capital Market. The purposes of this study are to reveal the regulation of forced delisting in the capital market and the legal consequences for investors due to forced delisting of public companies in the capital market. This research is a normative legal research with a statutory and conceptual approach. The sources of legal materials used are primary and secondary sources of legal materials which are collected using an inventory technique and then analyzed normatively in order to interpret the law (interpretation). Based on the results of the study, it is known that the regulation regarding delisting has been stated in the Capital Market Law and the Indonesian Stock Exchange regulations but there is no form of regulation that protects investors if the company experiences Forced Delisting. The legal consequences that are felt are the contamination of the company's reputation and the company's shares will lose interest, and for investors, investors will lose their investment.

Updates on Indonesian Tax and Capital Market Law

This article will focus on updates in tax regulations and the capital market sector in Indonesia throughout the period from 2019 to 2021.

Accounting Data Quality Evaluation Method Based on Improved Particle Swarm Algorithm

With the continuous improvement of the capital market and related laws and regulations, accounting as a reflection of the corporate capital movement will have a significant impact on the quality of the entire accounting information. Moreover, for investors, whether accounting information can meet their needs is an important basis for assessing the feasibility of investment projects. Therefore, the importance of accounting information is becoming more and more important, and it has gradually become the focus of attention of all parties. In order to improve the effect of accounting quantity and quality evaluation, this article improves the particle swarm optimization algorithm. It improves the particle swarm optimization algorithm from the three aspects—extreme value selection, particle diversity, and inertia weight, and establishes an optimization algorithm suitable for solving the accounting data audit optimization problem. The experimental research results show that the accounting data quality evaluation system based on the improved particle swarm algorithm proposed in this article has a good accounting data quality evaluation effect and meets the basic requirements of this article to build the system.

The Protection of Investor Rights in Margin Transactions By Securities Companies when Force Selling is Performed

The purpose of this study is to analyze investor rights protection arrangements in the analysis of margin transaction financing and the implementation of investor rights protection arrangements in the analysis of margin transaction financing by Stock Exchange Companies when a share sale is forced. The research method applied is sociological juridical.The results of this study show The regulation on the protection of investor rights in the analysis of margin transaction financing by a Stock Exchange Company when a share sale is made by force has actually been regulated in a letter of agreement, which is stated in Bapepam-LK Rule Number VD6. The existence of these regulations has fulfilled the legal protection aspects for investors as regulated in the Civil Code, but has not fulfilled the investor legal protection aspects as regulated in the Capital Market Law and the Consumer Protection Law. The implementation of the protection of investors' rights in the analysis of margin transaction financing by the Stock Exchange Company when a forced sale of shares is carried out has been carried out through a contract accompanied by the implementation of an internal control system and the implementation of haircuts by the IDX.Keywords: protection, margin transactions, forced sell.

Juridical Study of Legal Protection at the Digital-Based Crowdfunding Service Agency

Background: The concept of financial technology, adapted to technological advances and combined with the financial sector, is expected to introduce a more practical, secure and modern financial transaction process. Products that can be categorized into the field of fintech include payment processing (payments), investment, financial planning, financial research, transfers, buying and selling shares, and financing (lending) etc.
 Aim: This study aims to analyze the legal protection of digitalized crowdfunding agencies.
 Method: This study uses a normative and empirical legal approach. There are two types of data used: secondary data and primary data. Data collection through library and field surveys. The data analysis used is juridical qualitative.
 Findings: With regard to consumer protection, violations of criminal acts committed in the implementation of SCF may be subject to criminal sanctions. In this case, the Criminal Sanction is not regulated in the POJK SCF. However, criminal sanctions are regulated in the Capital Market Law concerning Capital Market Crimes. Sanctions for violations of Capital Market Crimes are regulated in Articles 103 to 110 of the Capital Market Law and are also regulated in POJK No. 3/POJK.04/2021. Sanctions for criminal acts in capital market activities include fines, confinement to imprisonment.

Legal Study of Consumer Protection in Using Blockchain Based on Government Law

Background: The concept of financial technology, adapted to technological advances and combined with the financial sector, is expected to introduce a more practical, secure and modern financial transaction process. Products that can be categorized into the field of fintech include payment processing (payments), investment, financial planning, financial research, transfers, buying and selling shares, and financing (lending) etc.
 Aim: This study aims to analyze the legal protection of digitalized crowdfunding agencies.
 Method: This study uses a normative and empirical legal approach. There are two types of data used: secondary data and primary data. Data collection through library and field surveys. The data analysis used is juridical qualitative.
 Findings: With regard to consumer protection, violations of criminal acts committed in the implementation of SCF may be subject to criminal sanctions. In this case, the Criminal Sanction is not regulated in the POJK SCF. However, criminal sanctions are regulated in the Capital Market Law concerning Capital Market Crimes. Sanctions for violations of Capital Market Crimes are regulated in Articles 103 to 110 of the Capital Market Law and are also regulated in POJK No. 3/POJK.04/2021. Sanctions for criminal acts in capital market activities include fines, confinement to imprisonment.

Legal Standing Influencer Saham di Indonesia

Investment is one of the factors driving economic growth in realizing economic equality and eradicating poverty. Economic Activities Investment plays a role in the development of companies or projects with the aim of obtaining profit sharing. The investment currently discussed in this study is a stock investment in the capital market. The growth of investors in the Indonesian capital market is considered quite good but is still relatively lagging behind other countries. One strategy to increase economic activity in the capital market sector is to utilize stock influencers. This study uses a literature study technique in collecting data in which the authors collect information related to legal reviews of the role of stock influencers in Indonesia. The formulation of the problem in this study focuses on (1) the influence of stock influencers on the number of investors, (2) prohibitions in the capital market industry, and (3) the role of stock influencers in terms of the Capital Market Law. The conclusion explains that stock Influencers provide information about stock investment well so that it can increase the number of investors, but requires a persuasive and educational approach to Influencers in order to know the risks and impacts as a whole and how to educate the public to invest properly. Then explained that the prohibition on the capital market and the role of stock influencers according to the Capital Market Law have not been explicitly regulated so it must be noted that influencers are not investment advisors and cannot be investment advisors, Influencers are not capital market supporting profession, Information submitted by influencers must heed Article 79 of the Capital Market Law, Influencer behaviour is viewed from actions that are prohibited in the capital market sector according to the provisions of articles 90-96 of the Capital Market Law.

ASPEK HUKUM PASAR MODAL SYARIAH DI INDONESIA

Along with the development of the times in the capital market experienced several developments such as the existence of the Islamic capital market. Indonesia is one of the countries that has developed a sharia capital market, therefore the role of the government and MUI should be to make legal regulations that regulate and become the basis for capital market activities so that they are in line with sharia principles so that as Indonesian Muslims it is important to know and apply them. This study aims to analyze the legal aspects of the Islamic capital market in Indonesia. The method used in this study is a normative juridical research method with a qualitative approach, analyzing the laws and concepts of the Islamic capital market in Islamic law. The results of the study show that in Indonesia the Islamic capital market was officially launched on March 14, 2003 along with the signing of the MoU and BAPEPAM-LK with the National Sharia Council of the Indonesian Ulema Council (DSN-MUI). In 2003, the DSN-MUI issued a fatwa regarding the permissibility of transactions in the capital market as long as the mechanism and object did not conflict with sharia principles. The fatwas issued by the DSN relate to the general provisions of the sharia capital market, its principles, issuers issuing sharia securities, criteria and types of sharia securities, prohibited transactions and determination of share prices.Keywords: Sharia Capital Market, Sharia Capital Market Law

Jurisdiction Regarding The Objective Rights Of Buyer Asset-Backed Securities In Secondary Housing Financing

Secondary housing financing is a facility that makes it easier for banks to liquidate their less liquid financial assets in the form of receivables arising from the distribution of Home Ownership Loans (KPR). This needs to be done to avoid mismatch funding. The title of this research is “Juridic Review On The Objective Rights Of The Buyer Of Asset-Backed Securities In Secondary Housing Financing”. The research was conducted to find out what are the material rights of asset-backed securities holders in housing secondary financing, how is the transition mechanism, what is the legal protection for asset-backed securities holders and whether national laws need to be adjusted to the concept of secondary housing finance. As for this writing, it can be concluded that the material rights attached to asset-backed securities in housing secondary financing owned by the buyer/holder of asset-backed securities include the right to receive payments, the right to transfer ownership of the asset-backed securities, the right to charge or make asset-backed securities as collateral for the settlement of debts from asset-backed securities holders, the right to obtain settlement of receivables due to mortgage rights on houses and land used as collateral for mortgages (KPR), the right to obtain disclosure of material facts, the right to obtain interest (for asset-backed securities that are debt), the right to Get Settlement of Receivables from the Issuer's Assets. Apart from that, it can also be concluded that the mechanism for the transfer of rights to the issuance of asset-backed securities in secondary housing financing generally consists of 4 phases, namely, among others, the emergence of receivables (receivables) through the distribution of housing loans, sales of receivables by original creditors to third parties. issuer, transfer of material rights in the form of receivables to investors with the issuance of asset-backed securities, transfer of asset-backed securities between one investor to another. Regarding legal protection for buyers/holders of asset-backed securities, it can be concluded that legal protection for buyers/holders of asset-backed securities in secondary mortgage financing is broadly divided into two, namely preventive legal protection and repressive legal protection. Preventive legal protection for holders of asset-backed securities in secondary housing financing lies in implementing the disclosure principle in capital market law, especially in secondary housing financing. Meanwhile, repressive legal protection for asset-backed securities holders consists of 2, namely, legal protection against unlawful acts and legal protection against default acts, both of which must go through a judicial process and cannot be carried out individually but can only be implemented by investment managers in If the asset-backed securities are in the form of securities (equity security)/unit of participation, while if the securities are debt security, the legal action must be carried out through a trustee.

The Factors Affecting the Market Value/Book Value and Profitability of REITs in Turkey

Increasing income level and the desire to live a more comfortable life in countries with an increasing population are constantly driving the demand for real estate. Real estate investment trusts (REITs) are capital market institutions that can invest in real estate, real estate-based capital market instruments, real estate projects, real estate-based rights and capital market instruments. In addition, they establish partnerships to realize specific projects, engage in other permitted activities, and are organized by the Capital Market Law in Turkey. In this study, the fixed effects panel data regression model is used to determine the financial indicators that affect the market value and profitability of the Turkey REITs that are traded in the Borsa İstanbul REITs Index. The study covers 21 REIT companies. The data set is in the period between 2010:Q1 to 2019:Q4 in the analyses. The results show that return on assets (ROA), return on equity (ROE), asset turnover, leverage, equity multiplier and current asset turnover are effective on the market to book ratio (MBR). The ratios that affect the ROA are MBR, ROE, acid-test, leverage, equity multiplier, EBITDA/sales and current asset turnover. Moreover, the ratios that affect the ROE are the ROA, MBR, acid-test, asset turnover, leverage, and equity multiplier.

A Comparatıve Overvıew Of Mutual Funds, Pension Funds, Real Estate Investment Funds And Venture Capital Investment Funds

The purpose of this study is to review emerging capital market institutions that are considered as ‘collective investment undertakings’ under Turkish Capital Market Law: Mutual funds, pension funds, real estate investment funds and venture capital investment funds. In this paper, data is retrieved from official website of Capital Market Board. With ‘VAR’ and ‘Johansen Co-Integration analysis’ and with ‘Vector-Error-Correction Model’, the impact of FX rates on net asset values of pension funds are examined for the period between 2015-2021 in Turkey. Findings indicate that in the long run, there is a co-integration relation between FX rates and net asset values. It is argued that net asset values of both pension funds and mutual funds have increased steadily in Turkey despite economic turbulances, an emerging economy. This study concludes that portion of funds as collective investment undertakings in financial industry will incline further with new products and legislation.

Wirecard and European Company and Financial Law

Abstract Wirecard constitutes not only a major scandal in Germany but also touches some fundamental concepts of European corporate and capital market law and will therefore dominate the discussion for further reforms for several years. This discussion will touch general questions of corporate governance, the examination of financial reports, the role of auditors, the (current) market abuse regime and yet again short sellings. Some reforms are in a way self-evident and will probably be undertaken within this or next year. This is especially the case for a (further) reform of the regulation of auditors and for a reform of the regulation of the examination of financial reports. For both areas – usually stricter – concepts already exist and will this time have a better chance to be enacted. Therefore, Wirecard might turn to be a bad case that hopefully does not make bad law. However, there also are other aspects such as the relation of the market abuse regime and financial reporting that might require a deeper and longer analysis before concrete legislative measures can be put into place. The same applies for a further reform of the corporate governance of listed corporations, the regulation of short sellings and especially for the creation of a European framework for invalid (or false) financial reports. For these aspects Wirecard might constitute some kind of promoter for a further harmonization. This paper gives a short summary of the already publicly known facts of the Wirecard scandal, analyses how European Company and Financial Law was involved and identifies the challenges for a reform of European Company and Financial Law.

證券型代幣發行市場投資人保護框架之建構：英國法及德國法之比較法分析

建構證券型代幣發行（STO）市場的法律及規範性框架，係創造投資人信心的關鍵。英國金融行為監理局（FCA）現行有關首次公開發行（IPO）市場之法規範，經評估可適用於STO市場，以消弭投資人與發行人間之不對稱，並促進其使用金融服務。英國的公司法，則作為辨認投資人經濟（現金流）及政治（治理）權存在風險與否之架構。英國法之比較法分析，可提供藉由發展智慧合約以實行STO並落實投資人權利之指引。再者，德國法之比較法分析結果顯示，風險不只僅存在於特定國家之資本市場或公司法規範，其他法律體系亦尚未充分辨認許多風險之態樣，也未將之納入現行立法項目之考量。最後，本文檢視投資人之資料權，並主張資料權應同時作為經濟及政治上之權利，故資料紅利應被分派予證券型代幣之持有者，且資料治理上應確保中心化管理不會有獨占資訊而影響代幣持有者決策之情形。<br />Embedding securities token offering (STO) within a law and a regulatory framework is critical for its market to develop with investor confidence. The UK’s Financial Conduct Authority (FCA) current laws and regulations, which were designed for the initial public offering (IPO) market, are assessed for suitability in an STO market that aims to bring investors closer to issuers and to increase access to finance. UK Company law is then used as a framework to identify risks to investors’ economic (cash flow) and political (governance) rights. The analysis provides guidance for developing smart contracts to implement STO and fulfilling investors’ rights. Furthermore, a comparative analysis with German law shows that although the risks do not only exist in country-specific capital market or company law regulations, other legal systems have neither sufficiently identified many of the risks nor taken them into account in current legislative projects. Finally, the author examines investor’s data rights and argues that they should be recognised as both an economic and a political right. Data dividends should be distributed to security token holders and data governance should ensure that centralised management does not monopolise information to influence token holders’ decision making.<br />

ASPEK HUKUM PENAWARAN UMUM EFEK SECARA ELEKTRONIK

The main issue discussed here, using a juridical normative method, regards the legal validity and implementation of, and legal protection given to investors, found in the Financial Services Authority Regulation No. 41/POJK.04/2020 re. Electronic Public Offering of Equity, Debt Securities and/or Syaria’ Undivided Share. Important to note is the fact that the Financial Services Authority is established by virtue of Law No. 21 of 2011 to replace and take over the functions of the Capital Market and Financial Institution Supervisory Agency and the Central Bank in regulating and supervising Indonesian Banks and Capital Markets and lastly protect consumers in the financial services industry. Here should also mentioned the fact that the Capital Market Law (No. 8/1995) and its implementing regulations has yet to respond to how advances in information technology can be utilized to regulate-control and supervise public offering of shares or equity in the Capital Market.

Digital asset capital market law - a new discipline of private law

The research objective of the publication is expressed in its content devoted to the general analysis of the solutions adopted in the draft regulation of the European Union on the digital asset market. The entry of this legal act into force will fill the so-called ‘regulatory gap’ as the digital asset sector is not regulated in the EU. The research approach has been determined by the subject of the legal analysis, namely the provisions of the proposed new EU regulation on the digital asset market. The study describes the proposed legal regulation and its systemic importance, as well as indicates the similarity of the proposed solutions to well-known legal institutions in the area of the capital market. The main theses are as follows: the proposed legal act will order the digital asset market in terms of law (firstly); the proposed legal act in terms of content is based on solutions provided for in the capital market law (secondly); the proposed legal act provides for legal institutions ensuring the so-called safety of trading (thirdly). The results should be considered original because the publication constitutes a pioneering study on the proposed legal act. With its entry into force (the date is unknown), a discussion on specific topics will begin in the science of law. Therefore, it is worth speaking up and evaluating the proposed regulation before the new law is passed. The cognitive value of the publication results from its pioneering nature, and the impact on social relations is significant. The digital asset market is developing extremely dynamically, and the interest in this sector is very high.

Zanim uznamy karę za uzasadnioną…Legitymacja polityczna państwa jako warunek karania

The research objective of the publication is expressed in its content devoted to the general analysis of the solutions adopted in the draft regulation of the European Union on the digital asset market. The entry of this legal act into force will fill the so-called ‘regulatory gap’ as the digital asset sector is not regulated in the EU. The research approach has been determined by the subject of the legal analysis, namely the provisions of the proposed new EU regulation on the digital asset market. The study describes the proposed legal regulation and its systemic importance, as well as indicates the similarity of the proposed solutions to well-known legal institutions in the area of the capital market. The main theses are as follows: the proposed legal act will order the digital asset market in terms of law (firstly); the proposed legal act in terms of content is based on solutions provided for in the capital market law (secondly); the proposed legal act provides for legal institutions ensuring the so-called safety of trading (thirdly). The results should be considered original because the publication constitutes a pioneering study on the proposed legal act. With its entry into force (the date is unknown), a discussion on specific topics will begin in the science of law. Therefore, it is worth speaking up and evaluating the proposed regulation before the new law is passed. The cognitive value of the publication results from its pioneering nature, and the impact on social relations is significant. The digital asset market is developing extremely dynamically, and the interest in this sector is very high.