The economic and legal constructive nature of digital financial assets and digital currency in the Russian Federation

Yu. A. Kuzmenko () and A. N. Kuzminov ()

RSUH/RGGU BULLETIN. Series Economics. Management. Law, 2025, issue 1

Abstract: The relevance of the research is due to the issue of formalizing the nature of digital financial assets, which in modern economic practice perform basic, complementary and substitute functions at the same time, which complicates their normative regulation. In the article, the authors consider the understanding and essence of digital rights established at the legislative level and their impact on the business processes of the economy entities. The article studies the substantive part of the definition of “digital financial assets†from the perspective of law enforcement practice. A legal analysis of the norms of legislation from the perspective of the application of digital rights is given. The authors of the research went through and disclosed the conceptual and substantive context of legislation on digital financial assets, including a hermeneutic study of the interpretation of “digital currency†. They carried out the study of state legislative initiatives in the field of digital economy development from the point of view of the formation of special digital property rights as well as proposed the logic of classification of property rights to digital assets, which is based on the specifics of their accounting. The authors also discuss the dual nature of the circulation of digital financial assets and propose solutions to reduce legal risks. They argue that when using the term “digital financial assets†it is necessary to focus on their liquidity and contractual basis of financial requirements. As a result, it is concluded that the term “digital rights†should be replaced by “digitized rights†or “property rights represented in digital form†.

Date: 2025
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Persistent link: https://EconPapers.repec.org/RePEc:aca:journl:y:2025:id:629

DOI: 10.28995/2073-6304-2025-1-100-115

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