The Legislative Regulation and Modernization of the Turnover of Electronic Equivalents of Obligations and Claims of Business Entities in Russia and Some Foreign Countries

Introduction: modern society has transitioned into the neo-industrial era, bringing with it technological innovations that impact social relations. The latest investment objects – crypto objects – have entered into circulation. Utilitarian digital rights, digital financial assets, and digital currencies as new objects of civil rights are called by the legislator as a set of electronic data. Cryptographic records represent electronic equivalents of obligations and claims, are allowed by the legislator as objects of investment, and are the next stage in the development of the form of non-documentary securities. All this has led to the need to create a new legislative framework for citizens and business participants in the field of banking and investment. The purpose of the study: the author aims to analyze two main approaches, whereby today there is a statutory regulation of public relations in the field of investment in the information space – the process of applying existing normative acts to regulate the turnover of electronic equivalents of obligations and claims of business entities and the regulation of investment relations by introducing new normative acts that will be changed and supplemented with taking into account the changes in the external environment. Research objectives: to achieve this goal, the main body of the legal norms regulating public relations in the field of investment in the information space, primarily the civil legislation, is studied. Among the analyzed acts regulating the turnover of electronic equivalents of obligations and claims in investments: the Civil Code of the Russian Federation, Federal Law No. 39-FZ of April 22, 1996 on the Securities Market, Federal Law No. 259-FZ of July 31, 2020 on Digital Financial Assets, Digital Currency and Amendments to Certain Legislative Acts of the Russian Federation, Federal Law No. 259-FZ of August 2, 2019 on Attracting Investments using Investment Platforms and Amendments to Certain Legislative Acts of the Russian Federation, Federal Law No. 86-FZ of July 10, 2002 on the Central Bank of the Russian Federation (Bank of Russia), and other federal laws and regulations. Methods: the chosen methodological approach to analyzing the statutory regulation of public relations in the field of investment in the information space, as well as the specifics of legal relations between investors of digital financial assets and other entities, have led to the use of special research methods. Among the general scientific methods, along with analysis, synthesis, deduction, and induction, the empirical method of legal modeling is used. The specific scientific methods are also used: dogmatic (formal-logical) and formal-legal, as well as the methods of legal forecasting, legal analogy, and technical-legal. Results: it is established that the general principles of the legal regulation of relations arising in the implementation of electronic payments determine the basic principles that should be followed when making transactions with electronic equivalents, such as the freedom of contractual relations, the principle of indivisibility, the principle of security, and the principle of transparency. These principles help regulate the turnover of electronic equivalents of obligations and claims and ensure the security and protection of the rights of participants in such transactions. The legislative regulation of electronic equivalents of obligations and claims in investments of the Russian Federation and the European Union, as well as some foreign countries such as the USA, Canada, and Germany, is compared. The concept of “Internet platform” is studied, and the legislative and doctrinal approaches that determine its essence based on the scope of application are analyzed. The essence of investing in the Internet space is revealed. It is noted that remote Internet sites related to the investment sphere should be differentiated into three groups according to the initiators of interaction: banking sites, sites of investment intermediaries, and websites of direct recipients of investments. Conclusions: the issues of the national legal regulation are highlighted, which require further detailed study to be fixed in the relevant legislation in order to properly regulate the sphere of legal relations under study and ensure the rights and legitimate interests of individuals and legal entities. The definition of the concept of “Internet platform” any transactions that do not contradict the law. It is established that to profit from invested assets and (or) increase their value, Russian individuals and legal entities intensively use Internet sites and remotely participate in the turnover of investment objects. The concept of the turnover of investment objects is defined, which is a systematic transaction with cash and other objects of civil rights (property) that have a monetary value for the alienation and acquisition of rights to them, as a rule, at changing prices. The transactions provide for investors to receive offers through the Internet sites on the alienation and acquisition of rights to assets from the recipients of investments, as well as related services from investment intermediaries. It is proved that the Internet platforms are effective tools for expanding and modernizing the turnover of electronic equivalents of obligations and claims, which helps to reduce the time and financial costs of making calculations and increase the efficiency of processes in investment activities.

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