Issue page

DOI: 10.47026/2499-9636-2020-4-58-63

Blinov V.G., Blinova V.V.

Legal Regulation of Using Distributed Ledger Technology in the Securities Market

Keywords: securities, distributed ledger, blockchain, cryptocurrency, token, blockchain technologies, transactions, digital rights, digital assets, shareholder register, trading, financial assets

Blockchain technology currently occupies one of the central places in the economy and business; it has the potential to create new foundations for existing economic systems. For this reason there is a huge interest in studying the use of distributed ledger technology in the legal literature. However, at the same time it is necessary to note that this topic is understudied, which is due to this phenomenon's novelty. The relevance of the research topic is determined by the need to analyze in a holistic way the definitions of the concept of distributed ledger technology (blockchain), features of using the blockchain technology. The need for such research is due to the absence of a comprehensive legal regulation for the use of distributed ledger technology in the securities market. In this article the concept of blockchain technology is considered, features of its use are highlighted. It is concluded that blockchain technology can be selected for the use in the securities market, including when placing securities, conducting transactions with securities and carrying out accounting activities in the securities market, in organizing trading of financial assets and services.

References

  1. Arkhipov A. Blokchein vygoden tam, gde ego primenit’ slozhnee vsego [Blockchain is profitable where it is the most difficult to apply]. Depozitarium, 2016, no. 4, pp. 4–7.
  2. Doklad dlya obshchestvennykh konsul’tatsii. Razvitie tekhnologii raspredelennykh reestrov. Bank Rossii. 2017 [Report for public consultation. The development of distributed ledger technology. Bank of Russia. 2017]. Available at: https://www.cbr.ru/content/document/file/ 36007/reestr_survey.pdf (Access Date 2020, Mar. 1).
  3. Duvanov A. Global’nyi vyzov [Global challenge]. Depozitarium, 2016, no. 4, pp. 8–11.
  4. Egorova M.A., Belykh V.S., Reshetnikov S.B. Tekhnologiya blokchein: perspektivy primeneniya i znachenie dlya tselei razvitiya informatsionnogo obshchestva [Blockchain technology: the prospects of application and importance for the development of the information society]. Yurist, 2019, no. 7, pp. 4–16.
  5. Novoselova L. «Tokenizatsiya» ob”ektov grazhdanskogo prava [“Tokenization” of civil rights objects]. Khozyaistvo i pravo, 2017, no. 12, pp. 29–44.
  6. Novoselova L. Blokchein dlya golosovaniya aktsionerov [Blockchain for shareholder voting]. Khozyaistvo i pravo, 2017, no. 10, pp. 10–21.
  7. Savel’ev A.I. Dogovornoe pravo 2.0: “umnye” kontrakty kak nachalo kontsa klassicheskogo dogovornogo prava [Contract law 2.0: “smart” contracts as the beginning of the end of classic contract law]. Vestnik grazhdanskogo prava, 2016, no. 3, pp. 23–34.
  8. Savel’ev A.I. Elektronnaya kommertsiya v Rossii i za rubezhom: pravovoe regulirovanie. 2-e izd. [E-commerce in Russia and abroad: legal regulation. 2nd]. Moscow, Statut Publ., 2016, 640 p.
  9. Swan M. Blockchain: Blueprint for a New Economy. O’Reilly Media, 2015, 152 p. (Russ. ed.: Blokchein: skhema novoi ekonomiki. Moscow, Olimp-Biznes Publ., 2017, 240 p.).
  10. Sidorenko E.L. Pravovoi status kriptovalyut v Rossiiskoi Federatsii [Legal status of cryptocurrencies in the Russian Federation]. Ekonomika. Nalogi. Pravo, 2018, vol. 11, no. 2, pp. 129–137.
  11. Skovannye odnoi tsep’yu. Po materialam Otcheta o rabote XVIII Simpoziuma Mezhdunarodnoi assotsiatsii po voprosam obsluzhivaniya tsennykh bumag (ISSA), podgotovlennogo Dominikom Khobsonom, iyul’ 2016 g. [Chained together. Based on the International Securities Service Association (ISSA) 18th Symposium Report, July 2016]. Depozitarium, 2016, no. 4, pp. 16–20.
  12. Egorova M.A., Blazheev V.V., eds. Tsifrovoe pravo [Digital right]. Moscow, Prospekt Publ., 2020, 640 p.
  13. Tsifrovye prava: «tokeny» Grazhdanskogo kodeksa [Digital rights: “tokens” of the Civil Code]. Available at: https://pravo.ru/news/209250 (Access Date 2020, Mar. 3).
  14. Campbel J. Why should you care about blockchain? Available at: https://www.finextra.com/blogposting/12575/why-should-you-care-about-blockchain?utm_medium=rss&utm_source=finextrablogs.
  15. Karp N. Blockhain Technology: The Ultimate Disruption in the Financial System. BBVA Research U. S. Economoc Watch., 2015, July 10.
  16. Satoshi Nakamoto. Bitcoin: A Peer-to-Peer Electronic Cash System. Available at: https://bitcoin.org/bitcoin.pdf (data obrashcheniya: 01.09.2020).

About authors

Blinov Vladimir G.
Candidate of Legal Sciences, Associate Professor of Civil Disciplines Department, Chuvash State University, Russia, Cheboksary (bvg160467@mail.ru; )
Blinova Viktoriya V.
Master’s Program Student, Lomonosov Moscow State University, Russia, Moscow )

Article link

Blinov V.G., Blinova V.V. Legal Regulation of Using Distributed Ledger Technology in the Securities Market [Electronic resource] // Oeconomia et Jus. – 2020. – №4. P. 58-63. – URL: http://oecomia-et-jus.ru/en/single/2020/4/8/. DOI: 10.47026/2499-9636-2020-4-58-63.