Prospects for the formation of the international legal regime of cryptocurrency

Authors


Russia, Russian State Academy of Intellectual Property
kolya.krasnov.2018@mail.ru


Candidate of Legal Sciences, Associate Professor of the Department of the State Property Management Committee
Russia, Russian State Academy of Intellectual Property
nskafedra@bk.ru

Abstract

The article is devoted to the currently topical issues - the prospects for the formation of an international legal regime for cryptocurrency. The author examines various legal approaches to understanding this phenomenon, highlights the main difficulties in its legal regulation on the example of different countries, including the Russian Federation. The characteristic of the formation of the international legal regime of cryptocurrency is given. Risks are assessed in cases of ignoring cryptocurrency as a phenomenon. As a result, the author proposes separate recommendations on the way of creating a unified international legal field regulating the cryptosphere.

Keywords

cryptocurrency, legal regulation, bitcoin, blockchain, mining, cryptocurrency exchanges, digital currency, digital asset, token, financial assets, legal interpretation

Print Friendly, PDF & Email

Categories of article:

Read also

Suggested citation

Krasnov Nikolay Aleksandrovich , Sergeyeva Natalya Yuryevna
Prospects for the formation of the international legal regime of cryptocurrency// Modern Management Technology. ISSN 2226-9339. – #1 (94). Art. # 9410. Date issued: . Available at: https://sovman.ru/en/article/9410/

Full article text is available only in Russian.
Please select from the menu Russian language and continue reading.


References

  1. Decree of the President of the Russian Federation of May 9, 2017 N 203 “On the Strategy for the Development of the Information Society in the Russian Federation for 2017 – 2030” [O Strategii razvitiya informatsionnogo obshchestva v Rossiyskoy Federatsii na 2017 – 2030 gody]/ IPO Garant. [Electronic resource] URL: //www.garant.ru/ (date of access: 20.02.2021).
  2. Report by Satoshi Nakamoto “Bitcoin: A Peer-to-Peer Electronic Cash System” with notes and explanations [Bitcoin: A Peer-to-Peer Electronic Cash System]/ Yandex. Zen. [Electronic resource] URL: //zen.yandex.ru/media/id/ (date of access: 20.02.2021).
  3. Hern, A. Bitcoin is legally property, says US IRS. Does that kill it as a currency? [Bitcoin is legally property, says US IRS. Does that kill it as a currency?]/ The Guardian [Electronic resource] URL: //www.theguardian.com/technology/ (date of access: 20.02.2021).
  4. Prokof’yev, M.N., Borisova, Ye.S., Vorob’yeva, A.V. Prospects for the use of virtual currencies for the socio-economic development of the country [Perspektivy ispol’zovaniya virtual’nykh valyut v tselyakh sotsial’no-ekonomicheskogo razvitiya strany]// Journal “Economy. Taxes. Right”. – 2018, N 4. – S. 117-125. / IPO Guarantor. [Electronic resource] URL: //www.garant.ru/ (date of access: 20.02.2021).
  5. Information Paper for the Payments System Board [Information Paper for the Payments System Board]// Reserve Bank of Australia. May 2013 / RBAFOI-131419 – digital currencies [Electronic resource] URL: // www.rba.gov.au/ (date accessed: 20.02.2021).
  6. Australian Regulator: Bitcoin is Not a Financial Product [Australian Regulator: Bitcoin is Not a Financial Product]// CoinDesk. 12.16.2014 / COINDESK [Electronic resource] URL: //www.coindesk.com/ (date of access: 20.02.2021).
  7. ATO weighs Bitcoin rules [ATO weighs Bitcoin rules]// The Australian Financial Review. 02/09/2014 / Australian regulators open to Bitcoin ETF with “rules in place” [Electronic resource] URL: // www.pro-blockchain.com ›en / (date accessed: 20.02.2021).
  8. China Releases First Regulatory Report on Bitcoin Businesses [China Releases First Regulatory Report on Bitcoin Businesses]// Bitcoin Magazine. 05.12.2013 / Yahoo: finance [Electronic resource] URL: //www.ca.finance.yahoo.com/ (date accessed: 20.02.2021).
  9. Overview of the main changes in the regulatory environment in the ICO market. Review of SayenkoKharenko, 2017 [Obzor osnovnykh izmeneniy regulyativnoy sredy na rynke ICO. Obzor firmy SayenkoKharenko, 2017]/ vc.ru [Electronic resource] URL: // www.vc.ru/flood/ (date of access: 20.02.2021).
  10. Decree of December 21, 2017 No. 8 “On the development of the digital economy” [Dekret ot 21 dekabrya 2017 g. № 8 «O razvitii tsifrovoy ekonomiki»]/ ATP ConsultantPlus [Electronic resource] URL: //www.consultant.ru/ (date of access: 20.02.2021).
  11. Porter, S. Bitcoin is money, says US judge. What does that mean for business? 11 Christian Science Monitor. 2016, September 20: n / a. [Bitcoin is money, says US judge. What does that mean for business? 11 Christian Science Monitor. 2016]/ Yahoo: finance [Electronic resource] URL: //www.ca.finance.yahoo.com/ (date accessed: 20.02.2021).
  12. Federal Law of July 31, 2020 N 259-FZ “On digital financial assets, digital currency and on amendments to certain legislative acts of the Russian Federation” [Federal’nyy zakon ot 31 iyulya 2020 g. N 259-FZ «O tsifrovykh finansovykh aktivakh, tsifrovoy valyute i o vnesenii izmeneniy v otdel’nyye zakonodatel’nyye akty Rossiyskoy Federatsii»]/ IPO Garant. [Electronic resource] URL: //www.garant.ru/ (date of access: 20.02.2021).
  13. Federal Law of July 31, 2020 N 259-FZ “On digital financial assets, digital currency and on amendments to certain legislative acts of the Russian Federation” [Federal’nyy zakon ot 31 iyulya 2020 g. N 259-FZ «O tsifrovykh finansovykh aktivakh, tsifrovoy valyute i o vnesenii izmeneniy v otdel’nyye zakonodatel’nyye akty Rossiyskoy Federatsii»]/ IPO Garant. [Electronic resource] URL: //www.garant.ru/ (date of access: 20.02.2021).
  14. The Constitution of the Russian Federation (adopted by popular vote on 12.12.1993) (taking into account the amendments introduced by the Laws of the Russian Federation on amendments to the Constitution of the Russian Federation dated 30.12.2008 No. 6-FKZ, dated 30.12.2008 No. 7-FKZ, dated 05.02.2014 No. 2 –FKZ, dated 01.07.2020 No. 11 –FKZ) [Konstitutsiya Rossiyskoy Federatsii (prinyata vsenarodnym golosovaniyem 12.12.1993) (s uchetom popravok, vnesennykh Zakonami RF o popravkakh k Konstitutsii RF ot 30.12.2008 № 6–FKZ, ot 30.12.2008 № 7–FKZ, ot 05.02.2014 № 2–FKZ, ot 01.07.2020 № 11–FKZ)]/ IPO Garant. [Electronic resource] URL: //www.garant.ru/ (date of access: 20.02.2021).
  15. Letter of the Tax Policy Department of the Ministry of Finance of Russia dated November 17, 2020 N 03-11-11 / 99914 On taxation of digital financial assets [Pis’mo Departamenta nalogovoy politiki Minfina Rossii ot 17 noyabrya 2020 g. N 03-11-11/99914 O nalogooblozhenii tsifrovykh finansovykh aktivov]/ IPO Garant. [Electronic resource] URL: //www.garant.ru/ (date of access: 20.02.2021).
  16. Report by Satoshi Nakamoto “Bitcoin: A Peer-to-Peer Electronic Cash System” with notes and explanations [Doklad Satoshi Nakamoto «Bitcoin: A Peer-to-Peer Electronic Cash System» s primechaniyami i poyasneniyami]/ Yandex.Zen. [Electronic resource] URL: //www.zen.yandex.ru/media/id/ (date of access: 20.02.2021).
  17. European Central Bank [European Central Bank] URL: // www.ecb.europa.eu/ (date of access: 20.02.2021).
  18. Mehdi Bali. Les crypto-monnaies, une application des block chain technologies lamonnaie. Revue de droit bancaireet financier – revue bimestri-ellelexisnexisjurisclasseur. Mars-avril 2016 [Mehdi Bali. Les crypto-monnaies, une application des block chain technologies lamonnaie. Revue de droit bancaireet financier – revue bimestri-ellelexisnexisjurisclasseur. Mars-avril 2016]/ CVRIA. [Electronic resource] URL: // www.curia.europa.eu/jcms/jcms/j_6/sl/ (date of access: 20.02.2021).
  19. Directive 2018/1673 of the European Parliament and of the Council of the European Union of 23 October 2018 on combating money laundering through criminal measures [Direktiva Yevropeyskogo Parlamenta i Soveta Yevropeyskogo Soyuza 2018/1673 ot 23 oktyabrya 2018 g. o bor’be s otmyvaniyem deneg posredstvom ugolovno-pravovykh mer]/ IPO Garant. [Electronic resource] URL: //www.garant.ru/ (date of access: 20.02.2021).
  20. Directive 2019/713 of the European Parliament and of the Council of the European Union of April 17, 2019 on the fight against fraud and counterfeiting of non-cash means of payment, as well as on the replacement of the Framework Decision 2001/413 [Direktiva Yevropeyskogo Parlamenta i Soveta Yevropeyskogo Soyuza 2019/713 ot 17 aprelya 2019 g. o bor’be s moshennichestvom i poddelkoy beznalichnykh platezhnykh sredstv, a takzhe o zamene Ramochnogo Resheniya 2001/413/PVD Soveta YES]/ PVD of the Council of the EU / IPO Garant. [Electronic resource] URL: //www.garant.ru/ (date of access: 20.02.2021).
  21. United Nations Convention on the Law of the Sea of ​​December 10, 1982, Montego Bay [Konventsiya Organizatsii Ob”yedinennykh Natsiy po morskomu pravu ot 10 dekabrya 1982 g., Montego-Bey]/ IPO Garant. [Electronic resource] URL: //www.garant.ru/ (date of access: 20.02.2021).