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Efimtseva T.V., Liapkina T.S.
Digital Financial Assets and Their Operators in the Russian Federation
Keywords: digital economy, digital legal relations, digital intermediaries, digital financial assets, uncertificated securities, information system operator, digital financial assets exchange operator, information system based on a distributed register, register of information system operators, issuance of digital financial assets, accounting and trading of digital financial assets
The relevance of the research topic is to consider the genesis of the legislative consolidation of the legal status of digital intermediaries, namely, the operator of the information system and the operator of the exchange of digital financial assets. The purpose of the study is to determine the role of an information system operator and a digital financial assets exchange operator in the Russian Federation. The scientific novelty of the article is manifested in the formulation of the provision that one of the main advantages of an information system based on a distributed registry is that the very technical properties of such a system allow for the issuance, accounting and circulation of digital financial assets without the participation of digital intermediaries due to the fact that this digital system already contains records of all changes being made, and therefore a priori is valid. Materials and methods. The paper presents an analysis of the current legislation, judicial practice and scientific doctrine on the problematic issue of the legal status of digital intermediaries – the operator of the information system and the operator of the exchange of digital financial assets. In addition, it provides comments on the relevant provisions of the digital financial assets Law. Results. In accordance with the legislation on the digital financial assets, the operator of an information system where digital financial assets are issued is recognized as a legal entity whose personal law is the Russian law and who is included in the register of information system operators by the Bank of Russia. The tasks of the information system operator mainly include ensuring the proper uninterrupted functioning of information systems. To complete the tasks, the information system operator must approve the rules of its information system and coordinate them with the Bank of Russia. Transactions permitted by the Russian law with the digital financial assets are made through the digital financial assets exchange operator, which collects and compares applications for such transactions or participates at its own expense in the transaction as a party in the interests of third parties. Digital financial assets exchange operators are credit organizations, trade organizers, as well as other legal entities that meet the requirements and are included by the Bank of Russia in the register of digital financial assets exchange operators. The theoretical and practical significance of the study consists in the identification by the authors of such a fundamental feature of the digital financial assets as non-mediation, which is a priori inherent in the digital financial assets, but, unfortunately, the Russian legislator rejected the corresponding legal regime of the digital financial assets. In this regard, third parties – digital intermediaries, namely the operator of the information system and the operator of the exchange of digital financial assets, are actually involved in the relations that are developing regarding the issuance, accounting and circulation of digital financial assets. Conclusions. The authors concluded on the basis of judicial practice that the viability of the legal norms considered in the article is questionable, since at the moment there are no disputes around the digital financial assets.
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About authors
- Efimtseva Tatyana V.
- Doctor in Law Sciences, Associate Professor, Head of the Department of Business and Natural Resource Law, Orenburg Institute (Branch) of the Moscow State Law University named after O.E. Kutafin (MSLA); Professor, Department of Civil Law and Process, Orenburg State University, Russia, Orenburg (tve-26@mail.ru; ORCID: https://orcid.org/0000-0003-4295-6046)
- Liapkina Tatyana S.
- Legal Adviser, LLC "Adviser", Russia, Orenburg (miss.lyapkina@mail.ru; )
Article link
Efimtseva T.V., Liapkina T.S. Digital Financial Assets and Their Operators in the Russian Federation [Electronic resource] // Oeconomia et Jus. – 2024. – №1. P. 59-69. – URL: https://oecomia-et-jus.ru/en/single/2024/1/6/. DOI: 10.47026/2499-9636-2024-1-59-69.
