Legal Aspects of Integration and Prospects for Cross-Border Settlements in Digital Financial Assets

Cover Page

Cite item

Full Text

Open Access Open Access
Restricted Access Access granted
Restricted Access Subscription or Fee Access

Abstract

The article is devoted to the legal regulation of digital financial assets in Russia and the international practice of initial placement of tokens. Special attention is paid to the analysis of the interaction between issuers and information system operators, as well as the role of the Central Bank in overseeing their activities. The peculiarities of approaches to the legal regulation of foreign countries are highlighted: India, China, Brazil, and the Republic of South Africa, as these countries are members of the BRICS community. The prospects of using CFA in cross-border settlements are considered using the example of the BRICS Bridge initiative. The opinions of scientists and practitioners on the opportunities and challenges of integrating the CFA into international financial processes are presented. The conclusions are formulated on the balance of the legal approach of legal regulation in the Russian Federation in the field of ICO and digital financial asset turnover, based on a clearly regulated interaction between the issuer and the operator of the information system, which ensures a high level of transparency, predictability and protection of investors' interests, as well as on the prospects of creating a BRICS Bridge using CFA in cross-border settlements to strengthen financial independence. the BRICS member countries.

Full Text

Restricted Access

About the authors

Elena Yu. Barakina

Financial University under the Government of the Russian Federation

Author for correspondence.
Email: elenabarakina@inbox.ru
ORCID iD: 0000-0003-3091-7525
SPIN-code: 1364-7169

Cand. Sci. (Law), Associate Professor the Department of International and Public Law of the Faculty of Law

Russian Federation, Moscow

Vladimir V. Musatov

Financial University under the Government of the Russian Federation

Email: musatov.vladimir2001@gmail.com
ORCID iD: 0009-0005-6312-5817
SPIN-code: 7748-3859

Chief Specialist of the Center for Research and Expertise of the Faculty of Law

Russian Federation, Moscow

References

  1. Barakina E.Y. The legal status of a digital platform operator: theory and practice // Financial Law. — 2023. — No. 2. — Р. 23–25. (in Russian).
  2. Dyudikova E.I. Digital financial assets as a legitimate tool for cross-border settlements // Financial Research. — 2019. — № 3 (64). — P. 23–37. (in Russian).
  3. Ermokhin I.S., Ivanov A.A., Petrov B.V. Comparative analysis of the legal regulation of digital financial assets in Russia and other countries // Legal and financial research. — 2021. — No. 4. — Р. 45–62. (in Russian).
  4. Ryabukhin S.N., Minchenkov M.A., Kokorev I.A., Meletidi K.L., Lyukshin A.M. Digital financial assets as an instrument of international settlements // The World of New Economics. — 2024. — Vol. 18. — No. 2. — Р. 59–68. (in Russian).
  5. Deng H., Huang R.H., Wu Q. The Regulation of Initial Coin Offerings in China: Problems, Prognoses and Prospects // European Business Organization Law Review. — 2018. — Vol. 19. — No. 3. — P. 465–502.

Supplementary files

Supplementary Files
Action
1. JATS XML