Cryptocurrencies and Digital Assets in the Modern Legal and Financial System of Russia: Problems of Terminology and Classification
The article is devoted to the problem of terminological uncertainty and the lack of a unified classification of cryptocurrencies and digital assets in modern Russian legislation. Despite the adoption of Federal Law from 31.07.2020 No. 259-FZ “On Digital Financial Assets, Digital Currency and Amendme...
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| Main Authors: | , |
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| Format: | Article |
| Language: | Russian |
| Published: |
Government of the Russian Federation, Financial University
2025-06-01
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| Series: | Мир новой экономики |
| Subjects: | |
| Online Access: | https://wne.fa.ru/jour/article/view/510 |
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| _version_ | 1849343504269967360 |
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| author | A. V. Krupochkin I. P. Khominich |
| author_facet | A. V. Krupochkin I. P. Khominich |
| author_sort | A. V. Krupochkin |
| collection | DOAJ |
| description | The article is devoted to the problem of terminological uncertainty and the lack of a unified classification of cryptocurrencies and digital assets in modern Russian legislation. Despite the adoption of Federal Law from 31.07.2020 No. 259-FZ “On Digital Financial Assets, Digital Currency and Amendments to Certain Legislative Acts of the Russian Federation”, there are many controversial issues in law enforcement practice regarding the legal status of cryptocurrencies and their place in the financial system. The article analyzes existing approaches to defining digital assets in Russian and international regulations, as well as in scientific literature. The variety of classifications and the variety of functional characteristics inherent in different types of cryptocurrencies and tokens are noted. Key contradictions between the decentralized nature of cryptocurrencies and attempts at government regulation are identified. The author’s definitions of digital currency, cryptoasset and cryptocurrency are formulated, taking into account technological, economic and legal aspects. Recommendations are proposed for improving legislation and developing agreed standards in the field of digital financial assets. The authors emphasize the need to balance the interests of the state, business, and society to ensure the successful development of the digital economy in Russia. |
| format | Article |
| id | doaj-art-55a9250faf6349239dfdf4d5688b2e81 |
| institution | Kabale University |
| issn | 2220-6469 2220-7872 |
| language | Russian |
| publishDate | 2025-06-01 |
| publisher | Government of the Russian Federation, Financial University |
| record_format | Article |
| series | Мир новой экономики |
| spelling | doaj-art-55a9250faf6349239dfdf4d5688b2e812025-08-20T03:42:57ZrusGovernment of the Russian Federation, Financial UniversityМир новой экономики2220-64692220-78722025-06-01192223210.26794/2220-6469-2025-19-2-22-32467Cryptocurrencies and Digital Assets in the Modern Legal and Financial System of Russia: Problems of Terminology and ClassificationA. V. Krupochkin0I. P. Khominich1Plekhanov Russian University of EconomicsPlekhanov Russian University of EconomicsThe article is devoted to the problem of terminological uncertainty and the lack of a unified classification of cryptocurrencies and digital assets in modern Russian legislation. Despite the adoption of Federal Law from 31.07.2020 No. 259-FZ “On Digital Financial Assets, Digital Currency and Amendments to Certain Legislative Acts of the Russian Federation”, there are many controversial issues in law enforcement practice regarding the legal status of cryptocurrencies and their place in the financial system. The article analyzes existing approaches to defining digital assets in Russian and international regulations, as well as in scientific literature. The variety of classifications and the variety of functional characteristics inherent in different types of cryptocurrencies and tokens are noted. Key contradictions between the decentralized nature of cryptocurrencies and attempts at government regulation are identified. The author’s definitions of digital currency, cryptoasset and cryptocurrency are formulated, taking into account technological, economic and legal aspects. Recommendations are proposed for improving legislation and developing agreed standards in the field of digital financial assets. The authors emphasize the need to balance the interests of the state, business, and society to ensure the successful development of the digital economy in Russia.https://wne.fa.ru/jour/article/view/510cryptocurrencydigital assetdigital currencyblockchaindistributed ledgerlegal regulationclassificationdecentralized finance |
| spellingShingle | A. V. Krupochkin I. P. Khominich Cryptocurrencies and Digital Assets in the Modern Legal and Financial System of Russia: Problems of Terminology and Classification Мир новой экономики cryptocurrency digital asset digital currency blockchain distributed ledger legal regulation classification decentralized finance |
| title | Cryptocurrencies and Digital Assets in the Modern Legal and Financial System of Russia: Problems of Terminology and Classification |
| title_full | Cryptocurrencies and Digital Assets in the Modern Legal and Financial System of Russia: Problems of Terminology and Classification |
| title_fullStr | Cryptocurrencies and Digital Assets in the Modern Legal and Financial System of Russia: Problems of Terminology and Classification |
| title_full_unstemmed | Cryptocurrencies and Digital Assets in the Modern Legal and Financial System of Russia: Problems of Terminology and Classification |
| title_short | Cryptocurrencies and Digital Assets in the Modern Legal and Financial System of Russia: Problems of Terminology and Classification |
| title_sort | cryptocurrencies and digital assets in the modern legal and financial system of russia problems of terminology and classification |
| topic | cryptocurrency digital asset digital currency blockchain distributed ledger legal regulation classification decentralized finance |
| url | https://wne.fa.ru/jour/article/view/510 |
| work_keys_str_mv | AT avkrupochkin cryptocurrenciesanddigitalassetsinthemodernlegalandfinancialsystemofrussiaproblemsofterminologyandclassification AT ipkhominich cryptocurrenciesanddigitalassetsinthemodernlegalandfinancialsystemofrussiaproblemsofterminologyandclassification |