Legal regulation of digital financial assets – requirements for the transfer of securities of a business entity
https://doi.org/10.52468/2542-1514.2025.9(3).124-133
Abstract
Introduction. In modern Russia, digital investment technologies are actively developing and legitimized at the level of law enforcement, including for such an economic entity as a non-public joint-stock company. For example, Federal Law “On Digital Financial Assets” establishes several types of digital rights; one of them is the requirement to transfer equity securities. The owner of digital financial assets has the right to demand the transfer of securities to him, which are provided for in the Decision on the issue of digital financial assets acquired earlier. The decision sets the deadline for the transfer of securities to him. The operator of the information system in which digital financial assets were issued provides access to the document on the issue of the relevant securities, as well as information on the pre-emptive right to purchase them, and the procedure for exercising such right. There is also a special feature that digital financial assets can certify the requirement to transfer not any equity securities. As such, only shares of a non-public joint-stock company and equity securities of the same company convertible into its shares are allowed.
Purpose. To investigate the algorithm of legal regulation of digital financial assets certifying the requirement to transfer shares of a non-public joint-stock company, to identify the cause-and-effect relationships of the lack of turnover of these digital requirements in Russia.
Methodology. On the ideological basis of materialistic positivism, general scientific, private scientific, special methods of cognition are used in combination: logic, analysis and synthesis, abstraction, modeling, analogy, induction and deduction, comparison, statistical, formal legal, hermeneutic, etc.
Results. The legislator has identified a type of digital financial assets – digital rights, which simultaneously combine a digital object for investment and a digital certificate of the special rights of their owner (investor) to demand shares of a non-public joint stock company in the future. A particular difficulty lies in the fact that digital financial assets themselves certify
the requirements for the counter-provision of equity securities, which in turn certify other rights; an overly cumbersome construction of “rights to rights to rights” is being built. The lack of demand for the design was proved in the course of research, as well as by actual investment practice and the absence of at least one issue of digital financial assets of this type in the 4th year of the said Federal Law. The improvement of investment tools, in its particular case, the studied variety of digital financial assets, should, together with the deep modernization of the domestic financial market, enter into the anti-sanctions legislation emerging in the Russian Federation.
About the Authors
A. I. Goncharov
Volgograd State University; Volgograd Branch of Plekhanov Russian University of Economics; Moscow University “Synergy”
Russian Federation
Russian Federation
Alexander I. Goncharov, Doctor of Economics, Doctor of Law, Professor; Professor at the Department
Department of Civil Law and Procedure; Department of Economics and Finance; Department of Banking
400062; 100, Universitetskii pr.; 400066; 11, Volgodonskaya ul.; Volgograd; 129090; build. 1, 9/14, Meshchanskaya ul.; Moscow
M. V. Goncharova
Moscow University “Synergy”
Russian Federation
Russian Federation
Marina V. Goncharova, Doctor of Economics, Professor; Professor at the Department
Department of Banking
129090; build. 1, 9/14, Meshchanskaya ul.; Moscow
A. A. Orlova
Moscow University “Synergy”
Russian Federation
Russian Federation
Alina A. Orlova, Master of Economics; Senior Lecturer
Department of Banking
129090; build. 1, 9/14, Meshchanskaya ul.; Moscow
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Review
For citations:
Goncharov A.I., Goncharova M.V., Orlova A.A. Legal regulation of digital financial assets – requirements for the transfer of securities of a business entity. Law Enforcement Review. 2025;9(3):124-133. https://doi.org/10.52468/2542-1514.2025.9(3).124-133
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