Abstract
The chapter of the monograph contains a study of digital financial assets (DFA). The authors consider these digital assets as a certain segment of digital rights. It is argued that digital rights are attributed by the Russian legislator to one of the heterogeneity of rights to property, which, in turn, belong to the more general category of “property”. Russian legislator as a way of certifying certain rights also considers DFA, in addition to their understanding as a certain segment of objects of civil rights-requirements (OCR). Authors explore a dual understanding of the category of “DFA” at a specific time of the advancement of Russian legislation. Building a digital economy in modern Russia is impossible without deep computer algorithmization of procedures for interaction between financial market participants, including its Internet investment segment. According to the authors, within a period of up to 10 years, there will be a total replacement of all documentary and non-documentary securities with digital analogues. In addition, during this period there will be a final transition to a remote Internet format for conducting transactions with all securities and other financial instruments. Authors do not suggest abandoning the investment technology of DFA. Since this technology is significantly more variable compared to any securities, if only because a whole package of different securities may appear inside one DFA, both by their issuers and by types of securities themselves, hybrid options and their combinations are possible: DFA+ utilitarian digital rights. Authors concluded that the legal nature of DFA is determined by an innovative way of fixing the fact of ownership and the volume of obligations and corporate rights known to civil law to participants in civil turnover. Digital technologies of a distributed registry and the functioning of information systems in which counterparties interact remotely carry out the fixation. The understanding of the category of “DFA” as special objects of civil law, previously unknown to civil science, is controversial.
This is a preview of subscription content, log in via an institution to check access.
Access this chapter
Tax calculation will be finalised at checkout
Purchases are for personal use only
Similar content being viewed by others
References
“On Amendments to Parts One, Two and Article 1124 of Part Three of the Civil Code of the Russian Federation”: Federal Law No. 34-FZ of March 18, 2019. Collection of Legislation of the Russian Federation. 2019. No. 12. St. 1224.
“On Digital Financial Assets, digital currency and on Amendments to Certain Legislative Acts of the Russian Federation”: Federal Law No. 259-FZ of July 31, 2020. Collection of Legislation of the Russian Federation. 2020. No. 31 (Part I). Article 5018
On the approval of the Program “Digital Economy of the Russian Federation”: Decree of the Government of the Russian Federation No. 1632-r dated July 28, 2017. https://www.garant.ru/products/ipo/prime/doc/71634878/.Expired/. Accessed 10 March 2023
“Part One of the Civil Code of the Russian Federation”: Federal Law No. 51-FZ of November 30, 1994 (with the latest amendments and additions). Collection of Legislation of the Russian Federation. 1994. No. 32. St. 3301.
About the use of “virtual currencies” in transactions, in particular, “Bitcoin”: Press release of the Central Bank of Russia dated January 27, 2014. https://www.cbr.ru/press/PR/?file=27012014_1825052.htm/. Accessed 16 March 2023
Bitcoin Virtual Currency: Intelligence Unique Features Present Distinct Challenges for Deterring Illicit Activity. Federal Bureau of Investigation.—24.04.2012. https://www.wired.com/images_blogs/threatlevel/2012/05/Bitcoin-FBI.pdf/. Accessed 15 March 2023
Bolt, U.: How a Digital-Assets Ecosystem Could Jumpstart an Inclusive Digital Economy June 11, 2019. https://internationalbanker.com/technology/how-a-digital-assets-ecosystem-could-jumpstart-an-inclusive-digital-economy/. Accessed 11 March 2023
European Central Bank: Bitcoin a Risky Alternative to Euro. CoinDesk.—21.05.2014. https://www.coindesk.com/markets/2014/05/21/european-central-bank-bitcoin-a-risky-alternative-to-euro/. Accessed 15 March 2023
Federal Portal of draft regulatory legal Acts. https://regulation.gov.ru/projects/List/AdvancedSearch#StartDate=3.10.2014&departments=3&EndDate=3.10.2014/. Accessed 10 March 2023
Gongalo, B.M., Novoselova, L.A.: Is there a place for “digital rights” in the system of objects of civil law. Perm Legal Almanac. 2, 179–180 (2019)
Nakamoto, Satoshi, Bitcoin: a digital peer-to-peer cash system. https://bitcoin.org/files/bitcoin-paper/bitcoin_ru.pdf/. Accessed 14 March 2023
Novoselova, L., Gabov, A., Savelyev, A., Genkin, A., Sarbash, S., Asoskov, A., Semenov, A., Yankovsky, R., Zhuravlev, A., Tolkachev, A., Kamelkova, A., Uspensky, M., Krupenin, R., Sour, V., Zhuzhzhalov, M., Popov, V., Agranovskaya, M.: Digital rights as a new object of civil law. Moscow, 2021. ConsultantPlus Legal Reference System. Accessed 14 March 2023
Razdorozhny, K.B.: Financial and legal regulation of digital financial assets in the Russian Federation and in foreign countries, p. 10. Dissertation of the Candidate of Legal Sciences, Moscow (2021)
Sannikova, L.V., Kharitonova, Y.S.: Digital Assets: Legal Analysis: monograph. Moscow, 2020. ConsultantPlus Legal Reference System. Accessed 14 March 2023
Singh, K.: The new wild west: preventing money laundering in the bitcoin. Northwest. J. Technol. Intellect. Prop. 1(13), 327–344 (2015)
Stepanchenko, A.V.: On the question of the legal essence of cryptocurrency. Perm Legal Almanac. 1, 510–519 (2019)
Tapscott, D.: The Digital Economy: Promise and Peril in the Age of Networked Intelligence, vol. 1, p. 114. McGraw-Hill, New York (1996)
Virtual Currencies: Emerging Regulatory, Law Enforcement, and Consumer Protection Challenges. https://www.gao.gov/products/gao-14-496/. Accessed 15 March 2023
Windsor, R.: Defining Digital Assets. https://digitalassetnews.org/assets/defining-digital-assets/. Accessed 12 March 2023
Acknowledgements
Russian Science Foundation (project № 23-28-00475) supported this scientific research.
Author information
Authors and Affiliations
Corresponding author
Editor information
Editors and Affiliations
Rights and permissions
Copyright information
© 2024 The Author(s), under exclusive license to Springer Nature Switzerland AG
About this chapter
Cite this chapter
Goncharov, A.I., Sadkov, A.N., Sadkov, V.A., Davudov, D.A. (2024). Digital Financial Assets as the Objects for Remote Digital Investment Transactions: Evolution and Worldwide Experience. In: Inshakova, A., Matytsin, D., Inshakova, E. (eds) Remote Investment Transactions in the Digital Age. Intelligent Systems Reference Library, vol 250. Springer, Cham. https://doi.org/10.1007/978-3-031-51536-1_14
Download citation
DOI: https://doi.org/10.1007/978-3-031-51536-1_14
Published:
Publisher Name: Springer, Cham
Print ISBN: 978-3-031-51535-4
Online ISBN: 978-3-031-51536-1
eBook Packages: Intelligent Technologies and RoboticsIntelligent Technologies and Robotics (R0)