Defi-crime: condition, trends  and criminological models

Sidorenko, E. L.

doi:10.21202/2782-2923.2023.2.327-341

Cited by 3 publications

(1 citation statement)

References 14 publications

(5 reference statements)

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“…Планируется, что на Азиатско-Тихоокеанский регион (далее -АТР) будет приходиться подавляющее число (90 %) пользователей из общего числа (2,4 млрд чел.) новых пользователей, вступающих в мировую экономику в 2027 г. Основная часть этого роста будет связана с рынками Китая, Индии и стран всей Юго-Восточной Азии (Schwab, 2019). Здесь будет проживать наибольшее количество интернет-пользователей 6 , население будет активно использовать криптовалюты 7 и безналичные платежи 8 .…”

Section: Introductionunclassified

Tokenization of real assets: classification, platforms, applications, opportunities and challenges of development

Andryushin

2024

RusJEL

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Objective: literature review and basic characteristics of the asset tokenization; clarification of the types of token classification; identification of the stages of modeling the asset tokenization; analysis of applications of decentralized finance ecosystem protocols; study of the opportunities and systemic advantages of asset tokenization; presentation of the problems arising in the asset tokenization; analysis of the factors of asset tokenization efficiency growth.Methods: the article uses empirical, historical, logical, country-specific, corporate, comparative and statistical methods of economic analysis to study the peculiarities of the asset tokenization development in the digital transformation of modern economy.Results: the basic characteristics of the asset tokenization are disclosed; the types of standardized tokens involved in the asset tokenization are defined; the stages of the asset tokenization development are considered; the options of using decentralized finance applications under asset tokenization are shown; the opportunities of tokenization through the new forms of investment, increased financial accessibility, transparency and componentization of tokenized assets are studied; the problems of tokenization are analyzed; the factors of asset tokenization efficiency growth under the cross-chain compatibility of different types of blockchains are analyzed. Scientific novelty: the article shows that asset tokenization is a process of accounting and asset management transformation, in which each asset is represented in the form of a programmable digital token; tokenization is a new form of creating additional liquidity by expanding the circulation of idle illiquid assets. Tokenization guarantees greater transparency regarding the rights to real assets and the history of ownership of these rights; it contributes to transaction efficiency by reducing transaction costs, including costs associated with management, token issuance and possible forms of intermediation. By accessing the applications of the DeFi ecosystem, it allows the expansion of financial market potential through the fragmentation and compartmentalization of tokenized assets. All the challenges in the asset tokenization are related to the blockchain trilemma, where decentralization, security and scalability cannot be implemented together. The blockchain trilemma is now becoming a set of possible trade-offs that can preserve all three properties of the blockchain, but at different levels of compatibility. To form a set of possible trade-offs, it is necessary to develop a theory of interoperability, which should be built on the compatibility of factors such as anonymity and privacy, security and preservation of rights to tokenized assets.Practical significance: the main provisions and conclusions of the article can be used: to develop scenarios for the asset tokenization development under the digital transformation of modern economy; to analyze the applications of the decentralized finance ecosystem protocols; to increase the efficiency of asset tokenization under the cross-chain compatibility of different types of blockchains; to study additional opportunities and systemic advantages as a result of fragmentation and compatability of tokenized assets; to study the problems arising in the asset tokenization; and to search for additional growth factors for the asset tokenization efficiency.

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Section: Introductionunclassified

Tokenization of real assets: classification, platforms, applications, opportunities and challenges of development

Andryushin

2024

RusJEL

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Decentralized Autonomous Organizations in the System of Modern law: Towards the Problem Statement

Sidorenko

2024

Lex Russica

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The paper examines the issues of adaptability of legal structures to the needs of the digital economy from the angle of analyzing the status of decentralized autonomous organizations. It reveals key trends in the development of blockchain technologies, reveals deep systemic connections between the needs and instrumental © Сидоренко Э. Л., 2024capabilities of civil law in the digital age. The refrain in the article is the idea that the digital economy throws new challenges to the legislator and generates previously unknown forms of business process organization, to which the law simply does not have time to respond, and it is forced to look for new methodological solutions. One such solution is to regulate the status of decentralized autonomous organizations (DAO) as an alternative to traditional corporations. Among the legally significant signs of DAO, the nature of the interaction of participants based on a distributed registry system, the absence of a single management body, automated execution of decisions, etc. is noted. Based on the concept of functional equivalence, the author examines the existing models of DAO legal regulation and highlights their common legal properties, which in the future allow us to propose a universal matrix of regulation of decentralized societies. The paper also evaluates the prospects for the «implantation» of DAO into the Russian legal field and draws conclusions about the instrumental and conceptual inability of civil law to offer a legal matrix of DAO that meets modern economic and digital demands.

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Legalization of criminal income using DeFi: typical schemes and risk indicators

Sidorenko

2023

RusJEL

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Objective: to increase the effectiveness of countering the use of typical criminal money laundering schemes by identifying the technological and legal vulnerabilities of the DeFi infrastructure: decentralized exchanges, blockchain bridges, decentralized wallets, and privacy-enhanced currencies.Methods: general scientific (analysis and synthesis, induction and deduction, theoretical modeling, legal interpretation) and special methods of scientific cognition (structural-functional, constructive, situational, innovative, target-oriented, program-target, and risk-oriented).Results: the main trends in the development of money laundering using decentralized finance were outlined; the determinative significance of DeFi technological characteristics in the genesis of money laundering was revealed; the main types of money laundering using decentralized finance were identified; the schemes of committing crimes were studied and the criminogenic potential of DeFi infrastructure (decentralized exchanges, blockchain bridges, mixers, privacy-enhanced tokens, etc.) was assessed.Scientific novelty: it is proposed to consider money laundering using DeFi as a special type of digital financial crime. The article proposes the author’s typology of money laundering, substantiates the idea that the matrix of traditional financial regulation and AML standards cannot be applied to decentralized finance. It is argued that prevention of money laundering using decentralized finance should be carried out in close connection with the identification of risk indicators and the development of effective control measures at the points of entry of criminal incomes to centralized exchanges.Practical significance: the analysis of typical mechanisms of money laundering using DeFi allows a systematic approach to the organization of early crime prevention and can potentially become the basis to develop recommendations for financial intelligence and monitoring services.

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Defi-crime: condition, trends and criminological models

Cited by 3 publications

References 14 publications

Tokenization of real assets: classification, platforms, applications, opportunities and challenges of development

Tokenization of real assets: classification, platforms, applications, opportunities and challenges of development

Decentralized Autonomous Organizations in the System of Modern law: Towards the Problem Statement

Legalization of criminal income using DeFi: typical schemes and risk indicators

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