Roman Yankovskiy

Cryptovalues in the Russian Law: Surrogates,«Other Property» and Digital Money

2020. No. 4. P. 43–77 [issue contents]
The article describes the key issues of legal regulation of cryptocurrency, which emergedin Russian doctrine and jurisprudence in 2015-2020. The article considers nature of“ownership” of cryptocurrency, status of cryptocurrency as an object of property rights,legal ratio of “cryptocurrency”, “money” and “money surrogate” in Russian law. Authordescribes the chronology of legislative activity concerning cryptocurrency and relatedissues, marks the main milestones. The author compares the problems arising in practicewith the solutions proposed by the Russian law. The structure of the article fits thepurpose of the research — to determine the problems of cryptocurrency’ legal regimeand to evaluate how Russian Law coped with arising tasks. The first two parts of thearticle are devoted to civil and financial issues of the legal regime of the cryptocurrencyand to the proposed legal options. The third part of the article is devoted to the bills andadopted laws on the legal regime of the cryptocurrency. The work of the legislator hasbeen reviewed and evaluated from various perspectives. As a result, the conclusion wasmade that the Russian regulator gravitates towards a prohibitive cryptocurrency policy.Such policy is determined both by the traditions of the Russian market regulation and byRussia’s international obligations as a member of FATF. The author states that during thedevelopment of Russian laws on cryptocurrency, a full analysis of the consequences ofthe regulatory ban was not carried out, the volume of the cryptocurrency market was notestimated, and alternative bills were not considered by officials. The courts, which could,to a certain extent, assume the role of filling the legal gap, failed to take on this role andhave only noted the legal uncertainties regarding the cryptocurrency. It is expected thatsoon the Russian legislator will establish sanctions for violations of cryptocurrency lawsand define obligations and prohibitions in the area of crypto asset issuance and trading.After that discussion about the nature of cryptocurrency rights and the civil law regime ofcryptocurrency will be closed.
For citation: Yankovskiy R.M. (2020) Cryptovalues in the Russian Law: Surrogates, «Other Property» and Digital Money. Pravo. Zhurnal Vysshey shkoly ekonomiki, no 4, pp. 43–77 (in Russian) DOI: 10.17323/2072-8166.2020.4.43.77
Citation: Yankovskiy R. (2020) Kriptovalyuty v rossiyskom prave: surrogaty, «inoe imushchestvo» i tsifrovye den'gi [Cryptovalues in the Russian Law: Surrogates,«Other Property» and Digital Money]. Pravo. Zhurnal Vysshey shkoly ekonomiki, no 4, pp. 43-77 (in Russian)
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