Legal approaches to the regulation of digital financial assets in foreign countries

Tsupikov A.

Subject. With the advent of digital financial assets in the world (primarily "cryptocurrencies" and "tokens") and the emerging economic relations regarding the creation (issue), circulation (sale, exchange) of such assets, an approach to the legal regulation of this sphere began to form in different countries of the world with different legal systems. A number of countries, primarily with developed economies and stable legal systems, have decided to legalize the issuance and circulation of digital assets, others have chosen a more cautious path, limiting their circulation, and some have banned any transactions with such assets. This article will consider three approaches of foreign countries to the issue of legal regulation of the issuance and circulation of digital financial assets – "liberal", "cautious" and "prohibitive". Purpose. Analysis of different approaches of foreign countries to the legal regulation of digital financial assets and law enforcement experience in order to understand the prevailing trends in the development of legislation in the future. Conclusion. In the process of analyzing three different approaches to the issue of regulating the sphere of digital financial assets in different foreign countries, a conclusion was made about the counter productivity of prohibitive measures, the danger of complete liberalization of this sphere, both for the economies of countries and for individual subjects of relations. The main trend for the future will be a restrained approach with the development of principles for the issuance and circulation of digital financial assets, the adoption of an appropriate regulatory framework and the establishment of responsibility for all participants in relations in this area.

Keywords:digital financial assets; cryptocurrency; token, legal regulation, digital financial asset, bitcoin, virtual currency, digital law.