Fintekh and Redtekh: Boundaries of Legal Regulation

Abstract

The article is devoted to the definition of the legal nature and limits of the legal regulation of financial and regulatory technologies, including the creation of crypto-currencies using them. The interest of the authors of the article is related to the law enforcement requirement and the simultaneous uncertainty of the use of new categories for the Russian state that are of primary importance for its development in the conditions of the development of the digital economy. The aim is to determine the boundaries and objectives of legal regulation of Fintekh and Regtekh; to identify on the basis of scientific analysis the legal essence of these concepts, as well as related categories. The methods used are formal-logical, comparison, analysis, synthesis, comparison, generalization. The results are analysis of the current situation on the use and regulation of financial and regulatory technologies in the Russian Federation, as well as the approaches to determining their legal nature; identification of risks in the application of financial and regulatory technologies, formulating proposals for their prevention and leveling; identification of stages and main directions of legal regulation of financial and regulatory technologies in the Russian Federation; analysis of foreign experience in the legal regulation of financial and regulatory technologies, including in the field of taxation; formulation of proposals for the taxation of certain elements of Fintekh and Regtekh in the Russian Federation. The conclusion is that the state determined the need for legal regulation and identified the main vectors of the movement in the legal field. National legal regulation is at the stage of origin; at present, attempts are made to legalize key concepts in the financial and regulatory technologies market (digital financial asset, digital transaction, digital entry, digital transactions register, mining, crypto currency, token, smart contract, etc.). It is noted that the key objectives of the legal regulation should be the minimization of risks for the financial system of the state and national security, as well as replenishment of the revenue side of the budget through taxation of services rendered on the market of financial services and Regtekh, including taxation of operations with crypto currencies and tokens.