Formation of normative regulation system for the digital assets market

Abstract

Purpose: the authors determine and form of a regulatory framework for the digital asset market at the current and future stages of development in the Russian Federation, taking into account the negative and positive scenario of the electronic financial instruments introduction in the modern model of the financial market. Discussion: continuous quantitative growth and expansion of the influence sphere for digital assets allows us to correctly assess the value of this instrument on the functioning model of the modern financial market. The significance of these forecasts is due to the unpredictable influence of decentralized payment systems on the monetary system of not only Russia, but also other developing and developed states. Wide coverage of all possible manifestations impact for digital assets on existing financial institutions with the help of formulated norms and legislative acts mitigates the negative shock effects of the traditional and digital financial assets integration into a single system. To date, there are no uniform rules and regulations that would regulate digital currencies, tokens or other decentralized financial instruments. Most regulators are consistently following the path of tightening control over such assets, which entails the alienation of decentralized assets from the traditional financial system. Considering that modern methods of banking regulation are not able to directly influence decentralized systems, the observed tightening only increases the negative effects that are manifested in the growth of the shadow sector of the economy. In many respects, the reason for such a policy is the lack of precedents for such situations in economic history, when a social contract (in this case, concerning circulating means of exchange and goods) becomes mandatory without any guarantee whatsoever. Distribution of payment systems based on a distributed registry poses new questions in economics and finance, to which no one has answered so far. That is why today the study of this issue is the most important task for research. Results: the authors presented the regulatory framework implemented in different scenarios for the development of the digital asset market in Russia. The basic proposals that require implementation in the near future, contributing to the improvement of the investment climate in the financial markets and promoting the digitalization of the economy, and two options aimed at a longer period and taking into account the positive or negative effect of basic legislative changes are presented.