Year: 2025
Type: article
Abstract: The article systematizes the barriers and development trajectories of digital assets at the intersection of law, technology and markets. Drawing on statutes, supervisory materials and practice-oriented studies, it presents an analytical review with qualitative synthesis; special attention is paid to the Russian regulatory framework and cross-country differences in know-your-customer and anti-money-laundering rules. Legal ambiguity over status and taxation remains the dominant constraint. Material risks are concentrated in off-chain infrastructure (custody services, exchanges, bridges) and in unaudited smart-contract code; fragmented infrastructure and limited liquidity raise costs, while regulatory divergence hampers cross-border settlements. At the same time, digital assets can enhance settlement efficiency and transparency, broaden access to financial services, and foster decentralized intermediation and central-bank digital currencies. The paper outlines priorities: harmonized terminology and requirements, robust custody and code-audit standards, interoperable supervisory data formats, and effective loss-recovery mechanisms.
Source: Theoretical economics
Authors: Tatiana Gorbacheva, Nikita Kruglyy
Institution: Financial University
Language: English
Domain: Social Sciences
Open Access status: hybrid
OpenAlex ID: W7119994721