Legal Issues in the Regulation of Accounting for Digital Financial Assets in Russia
https://doi.org/10.38044/2686-9136-2024-5-3-95-108
Abstract
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.
About the Author
D. A. Nigmatzyanova
Central Bank of the Russian Federation ; Lomonosov Moscow State University
Russian Federation
Russian Federation
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
References
1. Bondar, K. A. (2020). Tekhnologiya blokcheyn i poyavleniye smart-kontraktov v sovremennoy deystvitel’nosti [Blockchain technology and the emergence of smart contracts in modern reality]. Problems of Science, 6, 71–73.
2. Evstigneev, E., & Velichko, V. (2019). Tsifrovyye prava v Rossii: Dvizheniye vpered ili beg po krugu? [Digital rights in Russia: Moving forward or running in circles?]. Zhurnal RSHCP [Journal of the Russian School of Private Law], 2, 48–59.
3. Efimova, L. G. (2019). Kriptovalyuty kak ob”yekt grazhdanskogo prava [Cryptocurrencies as an object of civil law]. Khozyaystvo i pravo, 4, 17–25.
4. Kirichenko, D. (2016). Korporativnyye deystviya i osushchestvleniye korporativnykh prav [Corporate actions and exercise of shareholder rights]. Depositarium, 1, 24–32.
5. Kolesnikova, M. S. (2008). Sravnitel’naya kharakteristika rossiyskoy i zarubezhnykh depozitarnykh system. [Comparative Characteristics of Russian and Foreign Depository Systems]. Digest-Finance, 5, 48–53.
6. Cheng, J., Daum E., & Alioto, M. (2021). Bank-FinTech partnerships: A practitioner’s guide to the evolving policy landscape and key regulatory considerations. In J. Madir (Ed.), FinTech: Law and regulation (3rd ed., pp. 75–93). Edward Elgar Publishing.
7. Matytsin, D. E. (2022). Tsifrovyye finansovyye aktivy v distantsionnykh investitsionnykh sdelkakh [Digital financial assets in remote investment transactions]. Bankovskoye Pravo, 1, 39–47.
8. Novoselova L. A., Gabov A. V., Savel’ev A., Genkin A. S., Sarbash S. V., Asoskov A. V., Semenov A., Yankovskij R. M., Zhuravlev A. S., Tolkachev A., Kamel’kova A., Uspenskij M., Krupenin R., Kislyj V., Zhuzhzhalov M. B., Popov V., & Agranovskaya M. (2019). Tsifrovyye prava kak novyy ob”yekt grazhdanskogo prava [Digital rights as a new object of civil law]. Zakon, 5, 31–54.
9. Novoselova, L. (2017). O pravovoy prirode bitkoyna [On the legal nature of bitcoin]. Khozaystvo I Pravo, 9, 3–16.
10. Obukhova, E. V. (2018). Osobennosti prav na bezdokumentarnyye tsennyye bumagi pri oposredovannom uchete [Specific characteristics of entitlement to indirectly held secutiries]. Zakon, 2, 163–174.
11. Podkopalov, I. A. (2021). Nekotoryye aspekty pravovogo regulirovaniya transgranichnogo oborota tsennykh bumag, uchityvayemykh cherez posrednika [Some aspects of legal regulation of cross-border transactions with securities through intermediaries]. Vestnik ekonomicheskogo pravosudiia Rossiiskoi Federatsii, 12, 56–85.
12. Puchkovskaya, I. I. (2012). O sposobakh obespecheniya ispolneniya obyazatel’stv kak sposobakh zashchity [On the means of the ensuring of obligations as methods of protection]. Vestnik Bryanskogo gosudarstvennogo universiteta, 2-2, 229–234.
13. Rozhdestvenskaya, T. E., & Guznov, A. G. (2020). Tsifrovyye finansovyye aktivy: Problemy i perspektivy pravovogo regulirovaniya [Digital financial assets: Problems and prospects of legal regulation]. Actual Problems of Russian Law, 15(6), 43–54. https://doi.org/10.17803/1994-1471.2020.115.6.043-054
14. Savelyev, A. I. (2016). Dogovornoye pravo 2.0: “Umnyye” kontrakty kak nachalo kontsa klassicheskogo dogovornogo prava [Contract law 2.0: “Smart contracts” and the beginning of the end of classic contract law]. Vestnik Grazhdanskogo Prava, 16(3), 32–60.
15. Sannikova, L. V., & Kharitonova, Yu. S. (2020). Tsifrovyye aktivy: Pravovoy analiz [Digital assets: Legal analysis]. 4 Print.
16. Selin, F. (2019). Ocherednoy proryv — zakon o tsifrovykh pravakh: Na puti k vershinam yuridicheskoy tekhniki [Another breakthrough — the law on digital rights: On the path to the heights of legal technology]. Zhurnal RSHCP [Journal of the Russian School of Private Law], 2, 60–69.
17. Tolkanov, I. A. (2019). Pravovyye aspekty emissii i obrashcheniya kriptovalyut: problemy i perspektivy regulirovaniya v Rossii [Legal aspects of issue and circulation of cryptocurrencies: Problems and regulation prospects in Russia]. Konkurentnoye pravo, 3, 28–31.
18. Shiriev, V. A. (2010). Imushchestvennyye prava: Problemy normativnoy modeli [Property right: Problems of normative model]. Probely v rossiyskom zakonnodatelstve, 3, 108–111.
19. Enneccerus, L. (1949). Kurs germanskogo grazhdanskogo prava [Course of German Civil Law] (Vol. 1, Part 1, 13th Ed., K. A. Grave & G. N. Polyanskaya, Trans.; I. B. Novitskiy, Ed.). Izdatel’stvo inostrannoy literatury. (Original work published 1931).
Review
Views:
75
Email this article 