The climate agenda has recently taken on new significance with global climate change threatening all of humanity. The regulation of green finance instruments needs to be improved in order to attract more money to fight global warming. To ensure investor confidence in green instruments, a common standard for them must be created. The European Union and Russia have been forming a regulatory framework aiming to create national standards for green bonds. The present article analyses the European Commission’s proposed package of measures to help improve the flow of money toward financing the transition to a sustainable economy. The author explores the problems of developing legal regulation of sustainable finance in Russia, especially with regard to the creation of a national taxonomy of green projects and national verification of sustainable financial instruments. The comparative legal study of the EU and Russian draft laws on green finance has demonstrated similar approaches to establishing regulatory rules. The article describes the prospects for green finance in the context of digitalization. Based on a study of best practices (Green Assets Wallet, green bonds, etc.), it is concluded that digital solutions for sustainable finance are currently still not well-developed. In the future, however, their use will significantly increase investor trust in green instruments and reduce costs, in particular through digitalization of the verification process.
The article analyzes the process of transformation of trust while digitalization. Interaction of people in the Internet became a reason of formation of a new digital environment of trust. A special role in this process is devoted to the technologies of distributed registers. The most famous of them is the blockchain technology. Blockchain provides technical opportunities for trust relations between unfamiliar remote partners, which are based on the transparency of transactions and the technical inability of changing them. The introduction of new digital technologies in all spheres of public life requires re-approaching of trust as multidisciplinary category. The authors conclude that such types of trust as interpersonal, generalized and institutional will remain in the digital society, but their forms of expression will change significantly, as they will be closely linked with the Internet. Keywords-digital society, interpersonal trust, generalized trust, institutional trust, blockchainI.
Currently we witness an active debate on whether legal mechanisms should be established to mediate the use of new technologies. The authors believe that digitalization of social relations has a global character, changes the foundations of the society and requires the development of adequate legislation based on the in-depth study of the processes. It is proved that, first, it is necessary to develop a scientific concept of the mechanism of legal regulation of relations using the technology of distributed registers (the TDR) in economic activity, in the spheres of public administration and implementation of public functions. The article, based on the problems of law enforcement practice, formulates the main characteristics of the study that could, in the authors’ opinion, give a really necessary legal solution to the state and society. Such research will allow us to formulate scientifically grounded proposals concerning legislative regulation of public relations with the use of the TDR that will include the development of legal frameworks of objects of relations arising as the result of the use of the TDR and being of economic value (digital assets, in particular tokens, cryptocurrencies, digital rights); in determining the legal status of entities using the TDR; in the formation of a system of indicators for assessing the use of the TDR in various spheres of public relations; in giving legal qualification of transactions in distributed registers and the legal consequences of their commission; in the creation of an integral legal mechanism for protection of participants in legal relations using the technologies of the distributed register. The main result of the study under consideration will be the developed scientific concept of the mechanism of the legal regulation of relations with the use of the TDR in economy, in the spheres of public administration and the implementation of public functions. Otherwise, this area will suffer from incomplete legislative regulation with the need for constant «patching of holes» associated with the hasty and ill-considered law.
The article is devoted to the new Russian law on digital financial assets. The adoption of this law was an important step towards the formation of a legal framework for cryptoassets in Russia. Four types of legal framework models for crypto-assets around the world are identified: adaptation, fragmentary, experimental, and innovative. The Russian model of the legal framework for digital financial assets is close to an innovative model. The article analyses legal definitions of new legal concepts, such as "digital rights", "digital financial assets" and "digital currency". They represent different types of cryptoassets and are considered property under Russian civil law. A special legal status has been established forthe exchange operator of digital financial assets and for the operator of the information system in which digital financial assets are issued.The article describes the legal requirements for such participants in the cryptomarket, which are established to protect consumers from fraud and mismanagement. Particular attention is paid to the legal regulation of the issuance and circulation of cryptocurrencies, which the law names as digital currencies. Digital currency is not recognised as a legal means of payment in Russia.It can only be issued and circulated using the Russian information infrastructure.Based on the analysis of the new law, it is concluded that the Russian monetary authorities are not interested in establishing a complete and clear legal framework for participants in the cryptomarket.Their new initiatives aim to tighten regulation of the circulation of digital financial assets, especially digital currency.
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