dirightDigital Law JournalЦифровое право2686-9136Maxim Inozemtsev10.38044/2686-9136-2024-5-3-95-108diright-267Research ArticleCOMMENTSЭКСПЕРТНЫЕ КОММЕНТАРИИLegal Issues in the Regulation of Accounting for Digital Financial Assets in RussiaПроблемы правового регулирования учета цифровых финансовых активов в Россииhttps://orcid.org/0009-0005-7327-4007НигматзяноваД. А.NigmatzyanovaD. A.

юрисконсульт первой категории, юридический департамент; магистрант, юридический факультет

107016, Москва, ул. Неглинная, 12а 

119991, Россия, Москва, Ленинские горы, 1/13 

Dana A. Nigmatzyanova — Legal Counsel of the First Category, Legal Department; Master Student, Law Faculty

12A, Neglinnaya str., Moscow, 107016 

1/13, Leninskie gory str., Moscow, 119991 

dananigmat999@gmail.comЦентральный банк Российской Федерации ; МГУ им. М.В. ЛомоносоваРоссияCentral Bank of the Russian Federation ; Lomonosov Moscow State UniversityRussian Federation2024260720255395108Copyright © Nigmatzyanova D.A., 20252025Нигматзянова Д.А.Nigmatzyanova D.A.This work is licensed under a Creative Commons Attribution 4.0 License.https://www.digitallawjournal.org/jour/article/view/267

The relevance of this study stems from the rapid development of the digital financial assets market in the Russian Federation against the backdrop of insufficiently developed accounting principles, which generates legal risks for market participants and impedes the widespread integration of digital assets into the financial sector. The research aims to identify key legal and technical challenges in digital financial assets accounting under current Russian legislation while conducting a comparative analysis of their accounting practices against established frameworks for securities. Particular attention is paid to accounting automation processes where smart contracts serve as instruments for autonomous obligation execution, alongside associated integration issues: risks of software code errors, conflicts with civil law norms, and protection mechanisms for transaction parties. The study includes a comparative analysis of DFAs and uncertificated securities, highlighting formal differences and similarities in their accounting. The author emphasizes complexities in establishing multi-tier digital financial assets accounting systems — specifically regarding the role of nominal holders — and identifies deficiencies in current regulatory approaches. The study concludes that further legislative adaptation to technological realities is imperative, requiring careful balance between state oversight and preservation of blockchain’s decentralized nature. This work contributes to the ongoing discourse on transforming traditional legal institutions within digitalized economies.

Актуальность исследования обусловлена стремительным развитием рынка цифровых финансовых активов в Российской Федерации при отсутствии адекватных и детально проработанных принципов их учета, что создает правовые риски для участников рынка и препятствует широкому внедрению цифровых активов в финансовый сектор. Целью исследования является выявление ключевых правовых и технических проблем учета цифровых финансовых активов в рамках действующего российского законодательства и сравнительный анализ особенностей их учета с устоявшейся практикой учета бездокументарных ценных бумаг. Особое внимание уделяется автоматизации процессов учета, где смарт-контракты выступают инструментом исполнения обязательств без участия третьих сторон, а также проблемам, связанным с их интеграцией: рискам ошибок в программном коде, коллизиям с традиционными нормами гражданского права и вопросам защиты прав сторон сделок. Исследование охватывает сравнительный анализ цифровых финансовых активов ЦФА и бездокументарных ценных бумаг (далее — БЦБ), выявляя формальные различия и сходства в их учете. Автор подчеркивает сложности формирования многоуровневой системы учета цифровых финансовых активов, в том числе роль номинальных держателей, и отмечает недостатки текущего регулирования. По результатам исследования автор приходит к выводу о необходимости дальнейшей адаптации законодательства к технологическим реалиям с учетом баланса между контролем со стороны государства и сохранением децентрализованной природы блокчейна. Статья вносит вклад в дискуссию о трансформации традиционных правовых институтов в условиях цифровизации экономики.

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The authors declare that there are no conflicts of interest present.