On June 15, 2021, in Decision 942/QD-TTg, the Government assigned the State Bank of Vietnam to be the unit in charge of researching and piloting cryptocurrency based on blockchain technology (hereinafter referred to as cryptocurrency), the implementation period is from 2021 to 2023. According to the general trend, this type is expected to bring many advantages for payment activities compared to legal paper money, but it will certainly pose many challenges to the monetary policy of each country. Through the article, the authors focus on researching legal aspects of cryptocurrency and cryptocurrency management in the world and Vietnam, thereby making recommendations and suggestions to develop and improve the law on the management of cryptocurrency in Vietnam in the coming period. To ensure consistency, within the framework of this study, the cryptocurrency based on blockchain technology is studied as a cryptocurrency, not extended to others concepts.
Blockchain and its practical realization as cryptocurrency in particular, is the subject of serious discussions both in the world of computer technology and in the financial industry. People who have been able to access the basic aspects of blockchain networking principles are quite quick to conclude that the origin and subsequent development of this technology could significantly change the picture of the modern world. A document created by Satoshi Nakamoto in 2008 what's more, the Bitcoin project was the first practical implementation, based on blockchain technology, which turned out to be unnoticed by the world at that time. However, during this period, there were still people who paid their attention to it, it was also because they had a professional interest. However after some time when the society noticed how fast the price of one Bitcoin was rising and reached thousands of dollars they realized that it was not funny and on the contrary had a great future1 . The real representation of interest in blockchain projects started in the first half of 20162 From this period Georgia joins this project and the Public Registry is one of the first to start the land registration through blockchain3 .
The subject and the aim of the study. The article analyzes the approach to smart contract technology, which is reflected in the scientific literature and legislation of Russia and foreign countries, formulates the advantages and disadvantages of a smart contract that affect the implementation and protection of certain constitutional rights, including freedom of contract, the right to protect, the right to manage personal data. Methodology . Guided by formal dogmatic and comparative law methods in research, the author formulates approaches to the concept of a smart contract that has been developed in the practice of foreign countries and deduces how each of the approaches affects the implementation of constitutional human rights. The paper notes that the use of a smart contract based on the federal blockchain does not allow the full implementation of such rights as freedom of contract, the right to self-defense, and the right to manage personal data. In addition, the transnational nature of smart contracts usage, their pseudonymity and failure to unified concept of legal regulation create obstacles to the effective implementation of the right to judicial protection. The main results . The practice of legal regulation of smart contracts in foreign countries, aimed at minimizing the negative consequences of the use of technology is considered. Some countries follow to the concept of recognizing a smart contract as a form of contract (Italy, United States, Republic of Belarus) and a way of guaranteeing fulfilment of obligations (China, Italy, Republic of Belarus, Russian Federation). The second concept is considered as being the most restrictive for digital progress from one side but being able to guarantee protection of human rights such as right to judicial protection or freedom of contract. The first concept which shows smart contract being a type of contract carries additional risks associated with conclusion of a treaty - inconsistency of the smart contract with the actual will of the parties. The third concept considered smart contract as a type of contract is accepted in the Republic of Malta. The Republic of Malta regulated procedure of voluntary certification for smart contracts that allow to eliminate such threats as violation of human rights and the use of smart contracts for criminal purposes. The experience of legal regulation of smart contracts in the Republic of Malta is recognized as reasonable and effective, however, it is concluded that certification will achieve its goals only if it will be implemented in the legal system of wide range of the countries. Conclusions. It is concluded that despite the fact that the smart contract technology has high potential for its implementation in various fields of social and economic life, the effective implementation of smart contract technology in various spheres of society requires the formation of general legal principles for their application, the definition of areas in which the use of smart contracts is prohibited, as well as the development of international standards for their safe execution.
Vasiliy A. Laptev, Sergey Yu. Chucha, Daria Rinatovna Feyzrakhmanova
The subject. Digital technologies have been integrated into all aspects of public life, including politics, law, finance, business, education, science, and society. Yet, digitalization exerts an even greater impact on the economy, which should prompt the State, represented by its legislative and executive bodies, to take timely action to ensure the legal regulation of diverse aspects of the digital economy. Digital transformation of the economy has redefined the approaches to the issues of legal capacity, corporate governance and management of business processes. Traditional management mechanisms are no longer competitive, unless used in conjunction with dynamically developing digital technologies. This article explores the issues related to digital legal personality of a corporation (online registration (e-residency) of corporations and the digital footprint that companies leave in public registers), digital corporate governance, and discuss the operation of digital corporations, including networked and decentralized autonomous organizations. The authors distinguish three types of digital corporate governance: remote management (exercised by human individuals), smart management (based on algorithms designed by human engineers), and artificial intelligence (AI) management (that does not require human involvement). Some tools of digital corporation management are illustrated, replacing traditional forms of management of the human cognitive system. Finally, we provide an overview of the operational characteristics of decentralized autonomous organizations. Purpose of the research . This article is devoted to the transformation of management tools for modern corporations in the digital economy. In order to comply with the Russian corporate legislation of the existing digital reality, it is necessary to develop a comprehensive scientific and legal concept of corporate governance, ensuring the balance and protection of the rights and legitimate interests of all participants in corporate relations and others related to corporate relations, as well as increasing the transparency and efficiency of corporations. Methodology. The methodology of this study was based on the following methods of scientific knowledge: general scientific empirical methods (observation (over the course of development of the use of digital technologies in corporate law), comparison (of the effectiveness of the use of digital technologies in corporate law of different countries)); methods of theoretical knowledge (analysis (of advantages and disadvantages of digitalization of individual institutions of corporate law), formal legal method (in the formulation and research of various concepts, determination of their characteristics and classification), theoretical modeling (of the prospects and areas of possible application of digital technologies in corporate law). The main results . Digitalization of corporate management is bound to increase business profitability and improve competitiveness on the market. We believe that in the coming years science will have to tackle the issues of assessing the implications of the introduction of digital technologies, determining technical, economic and legal prerequisites for their implementation, and identifying their limits. In addition, issues related to professional training / retraining of personnel capable of working with modern technologies are of importance. Conclusions. The authors came to the conclusion that the main direction of improving corporate legislation in the context of digitalization is currently the creation and provision of conditions for effective interaction between corporate actors and persons directly associated with them in the digital environment.
The purpose of the study is to assess changes in Russian legislation and legislative initiatives related to cryptocurrencies and digital financial assets. The article focuses on the possible economic consequences of using cryptocurrency for Russian business; determining the degree of impact of transactions with digital assets on the country's economy in connection with the introduction of the Federal Law of the Russian Federation regarding cryptocurrency. The scientific novelty lies in the development and theoretical justification of the legal principles of regulation of cryptocurrency and its place in the domestic legal system, the need to improve the legislation of the Russian Federation in relation to cryptocurrency is substantiated. As a result, the existing legal framework governing the circulation of cryptocurrencies and digital assets in Russia was analyzed, measures of responsibility for failure to report on transactions with cryptocurrencies were identified, and the need to eliminate disagreements on the legalization of cryptocurrencies in the country was substantiated.
The relevance of the research topic is related to the distribution and development of a new financial instrument, aimed at studying and developing such issues as the features of the object and subject of crimes committed in the circulation of cryptocurrency in our country and in other countries, international cooperation in the field of cryptocurrency circulation and the experience of foreign countries in this direction. These questions are important not only for understanding the relationship between the use of cryptocurrencies by transnational criminals, but also for finding measures to control and prevent such cybercrimes. It is necessary to make one more note, in this final qualification work such terms as cryptocurrency, virtual currency, digital currency and digital cash will be used interchangeably to describe cryptocurrency. In the era of globalization, the accelerated development of technology, it is impossible not to notice and feel the influence of the virtual world. This virtual world, referred to as the Internet, has simplified many life processes. In the recent past, crimes were more local and less transnational
Viktor S. Gorbatov, Dmitriy A. Dyatlov, Roman V. Natalichev
One of the most promising solutions for optimizing logistics processes is the creation of automated supply management systems based on distributed registry technology, in particular a smart contract. However, in addition to the well-known economic advantages of such a technology, the expediency of its practical application will largely be determined by the stability of the functioning of these control systems in modern conditions of the threat of destabilizing influences. Currently, the solution to the security issues of smart contracts as programs are reduced to checking the source code of applications. Obviously, this is clearly not enough to ensure the reliability of logistics management, the stability of which can be determined on the basis of known methods for assessing the complex security of the corresponding IT system. This study adapts existing methods for auditing and assessing information security risks for an IT system using a smart contract, and the subject is to substantiate the applicability of such an approach to assessing the security of logistics processes, considering the features of smart contracts. The paper considers the features of the use of smart contracts in logistics processes, outlines appropriate approaches to audit and risk assessment of the functioning of the logistics management system based on smart contracts. Recommendations have been developed for the practical implementation of specific methods for assessing the security of an IT system using a smart contract, which is set by the authors as the goal of further work. The results of the study can be useful to specialists in the field of optimization of logistics processes and information security when developing new logistics schemes based on smart contracts.
В эпоху цифровизации человечество использует актуальные концепции и технологии, которые помогают упростить жизнь. Развитие информационных технологий оказало значительное влияние на экономическую трансформацию, и привело к появлению электронных денег. Достижения в информационных технологиях облегчили их транзакцию, возникла новая система – криптовалюта, не нуждающаяся в финансовых посредниках. Криптовалюты существуют уже более десяти лет, и их популярность стремительно набирает обороты. Одна из современных технологий, используемых для транзакций с криптовалютами, преимущества и недостатки которой до сих пор неясны, называется блокчейн. По мнению одних экспертов, это технология будущего, но по мнению других – это угроза конфиденциальности пользователей. В статье предпринята попытка обозначить отношение пользователей к криптовалютам. Так как природа криптовалюты неконтролируема, она вызывает множество вопросов у экспертов в данной области. В этом исследовании был произведён систематический библиометрический анализ, в котором, основываясь на мнениях экспертов в области криптовалютного рынка, представлены положительные и отрицательные стороны использования криптовалют. Статья будет полезна исследователям, которые изучают вопросы криптовалюты и блокчейна в области экономических наук. In the era of digitalization, humankind uses up-to-date concepts and technologies that allow simplifying life. The development of information technology has had a significant impact on the economic transformation, and led to the emergence of cyber money. Advances in information technology facilitated the money transaction, and a new system emerged, that is cryptocurrency which does not require financial intermediaries. Cryptocurrencies have been around for over a decade and their popularity is still growing. One of the modern technologies used for cryptocurrency transactions, the pros and cons of which are unclear to date, is blockchain. Some experts claim this is the technology of the future, while others say it is a threat to user privacy. This article attempts to outline users' attitudes to cryptocurrencies. Since the nature of cryptocurrency is uncontrollable, it raises many questions from experts in the field. Based on their views, this study employs a systematic bibliometric analysis showing both positive and negative aspects of using cryptocurrencies. The paper could be useful for researchers specializing in cryptocurrency and blockchain issues in the field of economic sciences
Introduction. The transition to digital technologies stimulated the emergence of new accounting objects in the form of digital assets whose features are problematic for being displayed in a rather tightly regulated system of accounting and reporting standards. In the context of emerging new ways of using crypto assets in business practice and increasing the volume of transactions with them, accounting has problems with displaying digital assets in part of confirming their controllability, their assessment at various stages of the life cycle, and identification of participants of cryptocurrency transactions. The paper deals with impact of economy digitalization on accounting methodology in the context of the Industry 4.0, in particular, the prospects for a separate display of digital assets in financial statements. Purpose. This article is aimed at the systematic substantiation of the exclusive status of digital assets as a fundamentally new accounting object in order to further develop, on this basis, the strategy for the development of their accounting and displaying them in the companies’ reporting. Methods. The paper contains a critical analysis of scientific publications devoted to the essence, status and features of the digital assets’ use, as well as the formation of information about them in the accounting and financial statements. The authors have carried out a bibliometric analysis of the frequency of use of terminology in the field of digital assets with the help of special software (VOSviewer and Google Trends). Results. The authors have developed a taxonomy of digital assets based on the use of distributed ledger technology and cryptography. The paper also explores the issue of the differentiated application of existing valuation bases for various types of digital assets. The article systemizes approaches to the deanonymization of participants in transactions with crypto assets which are used to control their origin and the legal regime of applying, for the purpose of rational organization and accounting of them. Conclusions. There is a need to introduce a separate standard designed to regulate accounting and display of digital assets in financial statements, in order to provide stakeholders with relevant information in the process of making managerial and investment decisions.
Public procurement is one of the priority areas of economic development in the Russian Federation due to the need to ensure targeted and efficient spending of budget funds. Without a doubt, the use of innovative digital tools in the procurement sector will lead to an increase in the quality of public procurement. The purpose of this study is to analyze the digitalization prospects of public procurement, highlighting the main stages of digitalization of public procurement in the Russian Federation, methods of using digital tools in the procurement of goods, work, services for state and municipal needs. The article also explores the possibility of using distributed ledger technology (blockchain) in public procurement in Russia.The methodological basis of the study was made up of both general scientific and private scientific methods of cognition. As a result of the study
The paper is devoted to the application of the principles of law in contractual relations, the emergence or implementation of which are associated with the use of digital means. The development of digital technologies has caused objective changes in the structure and qualities of economic turnover. At the same time, objective changes mean those that are formed due to changes in the behavior of private entities at the micro level. The author substantiates the thesis according to which, in conditions of a lack of regulatory regulation, the relevant principles of law are in demand sources of law for resolving potential conflicts of interest. The author states that in conditions when the main categories of civil law are being revised — subjects (identity identification), objects (tokenization), transactions (ways of expressing will in the digital economy), fulfillment of obligations (smart contracts), the main thing that law will remain unchanged is its principles. The principles of law are lawthemselves; the rest is either changing forms of relations that law affects, or a changing mechanism for the implementation of legal ideas. In turn, it is the principles of law that contain invariable methods of resolving conflicts of interest, which is the main subject of law. Complicating the contractual relationship with a digital element not only does not cancel the application of principles to such relations, but at the stage of insufficient regulatory regulation as a means of implementing the principles of law requires their active use to resolve conflicts of interest. The paper classifies some cases of digital means application at the stage of concluding a contract, fulfilling obligations, and enforcement. The potential of the principles of law for resolving disputable situations in digital contractual relations at each stage of the development of contractual legal relations is shown.
The rapid development of the cryptocurrency market makes us think about the need and subject of regulation of activities related to their issuance, placement, storage and circulation. The question arises whether the activities that are related to them are entrepreneurial or professional, related to the commodity or financial market, subject exclusively to state regulation, exclusively self-regulation or both types of regulation at the same time. The authors come to conclusions that will allow building a theoretical basis for a more systematic perception of the cryptocurrency market in the future, including revealing the concept and legal nature of cryptocurrencies, the features of these objects of civil rights that require their free circulation in the financial market, the role of private entities in their creation and use. It is concluded that the activities related to the turnover of cryptocurrencies are entrepreneurial, unregulated activities in the capital market as part of the financial market. Special attention is given to public interest in the framework of the circulation of cryptocurrencies, in particular to national security issues, protection of the weak side of transactions using cryptocurrencies, protection of personal data. In particular, the authors acknowledge that intermediary activities in the cryptocurrency market involving financial services consumers should be regulated and recognized as professional. The authors, on the one hand, point to the need to ensure state regulation of the use of cryptocurrencies, on the other hand, emphasize that a balance must be achieved between public and private interests in this area, that it cannot be over-regulated, which will ensure stable economic growth in the digital environment.
Современный период развития российского общества характеризуется цифровизацией основных институтов общества, которая, однако, идёт гораздо интенсивнее, чем развитие российского законодательства. Статья посвящена анализу сущности невзаимозаменяемого токена (NFT, nonfungible token), особенностям их создания и обращения, а также необходимостью внедрения данного феномена в законодательство РФ как предмета интеллектуальной собственности, цифровых прав, а также урегулирование вопроса перехода исключительных прав на сами NFT объекты. Автор видит перспективы для введения института цифровых прав, в частности таких правовых феноменов, как NFT, в законодательство отдельных стран. В статье предложены конкретные изменения в статьи гражданского, а также уголовного и семейного законодательства, направленные на устранение существующих пробелов правового регулирования данного вопроса и развитие NFT в будущем. The modern period of development of Russian society is characterized by the digitalization of the main institutions of society, which, however, is much more intensive than the development of Russian legislation. The article is devoted to the analysis of the essence of NFT, the peculiarities of their creation and circulation, as well as the need to introduce this phenomenon into the legislation of the Russian Federation as a subject of intellectual property, digital rights, as well as the settlement of the issue of the transfer of exclusive rights to the NFT objects themselves. The author sees prospects for the introduction of the institution of digital rights, in particular, such legal phenomena as NFT, into the legislation of individual countries. The paper proposes specific changes to articles of civil, as well as criminal and family law, aimed at eliminating the existing gaps in the legal regulation of this issue and the development of NFT in the future.
The article is devoted to a new type of electronic money – cryptocurrencies. The history of creation is studied and the analysis of existing formulations of cryptocurrencies in the conditions of digitalization of the economy is carried out. The prerequisites for the emergence of bitcoin and other cryptocurrencies were established and the advantages of their use were emphasized. The concept of digitalization of the economy and its impact on the economic processes that determine economic growth is considered
The emergence of the digital economy and increased activity in cyberspace have led to the creation of new technologies and digital products such, as non-fungible tokens (NFT). The article presents the arguments that justify the need to study NFT as an object of legal relations and an object of accounting. A brief description of these items has been given; their types and market of circulation have been studied, and, also the current legal provisions, Russian accounting standards and international financial reporting standards have been analysed. To define NFT as an accounting object, the types of accounting objects enshrined in Federal Law No. 402-FZ “On Accounting” have been considered and the criteria for their attribution in relation to NFT have been analysed. The legal and accounting problems associated with the emergence of a new object have been highlighted and the ways for further research in the field of creating an accounting methodology for NFT as a specific and highly promising digital product have been defined.
The current U.S. regulatory framework for cryptocurrency is burdened by unclear rules and opaque administrative guidelines. While there is no uniform definition of cryptocurrency, the IRS has defined cryptocurrency as “a digital representation of value that functions as a medium of exchange, a unit of account, and/or a store of value.” Cryptocurrency does not have legal tender status in the U.S., even though it is frequently digitally traded, purchased for currency, and exchanged for currency. The document will primarily focus on the U.S. approach to cryptocurrency regulation and compare the approach to more restrictive countries like China and India. In the U.S., the primary approach adopted has been an administrative one. At the federal administrative and agency level, the Securities and Exchange Commission (SEC), the Commodity Futures Trading Commission (CFTC), the Federal Trade Commission and the Department of the Treasury, through the Internal Revenue Service (IRS), the Office of the Comptroller of the Currency (OCC), and the Financial Crimes Enforcement Network (FinCEN) have been the primary drivers of cryptocurrency regulation. Due to federal agencies and policymakers’ positive assessment of the technology, claiming it to be an “important part of the U.S.’s future infrastructure,” few formal rulemaking measures regarding the technology has been adopted. The “crypto-friendly” U.S. approach can be directly compared to the restrictive approach in China and India. In May 2021, China banned financial institutions and payment companies from providing services related to cryptocurrency transactions, and sent out warnings to investors against speculative crypto trading. Under the ban, banks and online payments channels cannot offer clients any cryptocurrency service. The China ban against cryptocurrency services was a direct response to issues relating to unstable values, frequent price manipulation, and trading contracts that did not comport with Chinese law. India has adopted a moderate approach to cryptocurrency regulation, nearly approaching an outright ban until February 2022, when the Reserve Bank of India announced it will launch a digital currency this year starting on April 1. India has been critical of cryptocurrency for years, effectively banning crypto transactions in 2018 until the Supreme Court struck down the restriction in March 2020. There have been consistent efforts to apply stricter rules regarding cryptocurrency, mainly due to concerns that an unregulated crypto-framework would draw more domestic household savings towards volatile assets, leaving many households and consumers vulnerable to a market crash. This paper will analyze the U.S. cryptocurrency regulatory framework in the following categories: Public Policy Concerns, Sales Regulations and Securities Laws, Money Transmission Laws, and Ownership and Licensing Requirements for Funds. In addition, it will assess the state-level approach to cryptocurrency regulation and analyze the general trend of friendly legislative bills over since 2021. Then, this paper will argue that the current U.S. cryptocurrency regulatory framework leaves Americans vulnerable to serious risks without adequate safeguards. Specifically, this paper will focus on the risks associated with clear market manipulation and the destabilizing of broader financial markets. Lastly, by engaging in a comparative analysis with the Chinese and Indian governments’ approach to regulation, this paper will argue that the only viable approach to preventing fraud, waste, and abuse arising from cryptocurrency activities is an outright ban on cryptocurrency services. 2008 should have been a lesson in allowing highly speculative adventures to run rampant, leaving everyday taxpayers to pick up the tab. Cryptocurrency presents the same scenario, and without immediate action, it will result in further economic inequity.
Purpose of the article is to assess legal possibilities of using cryptocurrencies by the Russian Federation in order to evade international economic sanctions and formulate appropriate proposals.Research methods.The paper is executed by applying the general research and special methods of scientific cognition.Results.The article is devoted to the legal assessment of the possibilities of using cryptocurrencies by the Russian Federation in order to evade international economic sanctions with further substantiation of relevant proposals.It is proved that the cryptocurrency market cannot fully replace classical financial mechanisms for the Russian Federation, as the aggressor country.Therefore, we can talk about individual cases of withdrawal by residents of the Russian Federation of their own assets out of sanctions in the form of cryptocurrency with their subsequent conversion into fiat currencies.It is noted that legal operators of the virtual assets market, as well as professional participants involved in the chain of transactions with virtual assets, carry out their activities in accordance with the requirements of FATF and national legislation on prevention of funds laundering and combating terrorism.At the same time, it is established that the use of decentralized cryptocurrency exchange (DEX) and technologies increasing the anonymity of transactions (in particular, bitcoin mixer (tumbler), private, decentralized cryptocurrency (Monero), shadow banking), creates grounds to evade the norms of prevention and counteraction money laundering, terrorist financing and financing of the proliferation of weapons of mass destruction, and negate the effect of international economic sanctions.Conclusions.International initiatives regarding the legal regulation of stablecoins create risks for the Decentralized Finance industry and for using the decentralized crypto-asset market for fraud, including circumventing sanctions, but, at the same time, do not fully mitigate the risks associated with the circulation of stablecoins.Accordingly, the arguments in favor of taking appropriate international legal measures aimed at combating shadow banking and organizing the circulation of virtual assets are expressed.Thus, only cryptocurrencies, which are secured by currency values, securities or derivative financial instruments at the moment of their introduction and during the whole period of their stay in circulation, should be subject to conversion into fiat currencies.
The article is devoted to the features of protection the weak party in the situation when the parties to the banking agreement use the “smart contract” technology from the point of view of Russian and foreign doctrine. The author proposes particular changes and additions to the current regulation and the established judicial practice, while the general principles of legislation remain unchanged.
Introduction: smart contracts helps solve the problems of intercorporate interaction by providing the possibility of fast and secure automatic transactions. However, the development and application of this digital technology are prevented by a number of factors. Their analysis from the viewpoint of diffusion of innovation theory will allow developing a strategy for managing the growth of this technology. Objectives: to determine the state policy directions in the field of regulation and use of smart contracts based on the systematization of factors that prevent their wide diffusion, and assessment of the influence of key actors associated with the development of this technology. Methods: meta-analysis of studies, survey of 170 Russian companies, comparative analysis, statics and dynamics method, formal-logical method. Results: the article defines the position of smart contracts on the diffusion curve for Russian companies, and systematizes the factors that prevent the wide diffusion of smart contracts by taking into account the characteristics of innovations. Further, the influence of key actors on the diffusion process has been assessed. The state policy directions in the field of regulation and use of smart contracts are determined. Conclusions: in Russia, the only users of smart contracts tend to be innovators and early adopters, while the key factors for diffusion are the characteristics of relative advantage, organizational and institutional compatibility, and risks related to using the technology. The average level of influence of technology developers, the regulator (state authorities) and companies on the diffusion process is approximately the same. The priorities of state policy in the field of regulation and use of smart contracts should be to provide conditions for organizational and institutional compatibility of innovation, reduce the legal risks of using this digital technology, and train personnel.
The article examines the economic and legal nature of cryptocurrency as an object of civil rights. The article analyzes the current problems of the civil law mechanism for fulfilling obligations in the sphere of digital rights turnover. The system of characteristic features of the cryptocurrency is revealed. To clarify and integrate doctrinal, legislative and law enforcement approaches, the author proposes a definition of cryptocurrency based on its qualifying features. The author defines cryptocurrency as a transferable complex thing within a given specific digital system, which is characterized by both material signs of money, currency values and information, and legally significant qualities of the property, digital and intellectual rights, and intangible benefits (business reputation). Currently, it is necessary to sыolve the problem with the lack of theoretical, legislative, and law enforcement approach to the concept of cryptocurrency and the systematization of its qualifying features. The legal definition of cryptocurrency will serve as a methodological basis for the effective legal regulation of relations both in the specialized market of digital financial instruments and relations in the rapidly developing sphere of digital rights, which is necessary for economic growth and serves as an institutional basis for the digital economy and the state.