Digital Economy and Law: Russian Experience

Abstract

The article deals with the problems of legislation establishment that ensure the formation and development of Russia's digital economy. Also, the concept of the "digital economy" is investigated, and a scientifically-based approach to its definition is formed. It is proposed to consider only those economic relations, which object is the new economic benefits created and functioning with the use of digital technologies as the core and the essence of the digital economy. The authors distinguish digitalization processes, which means the introduction of digital technologies, and the methods of automation and electronic document management. The article explores international leading experience in the legal regulation of new economic phenomena from the application of digital technologies. At the same time, the possible risks are also revealed, particularly technical errors and vulnerabilities in blockchain platforms that hackers can exploit. The process of economy digitalization has led to the formation of new property circulation objects, which have acquired a common name of digital assets. The article analyzes the "digital rights" category, which intermediates new objects of property circulation having digital nature. It reveals the legal digital rights definition's main drawbacks, which cause legal uncertainty for crypto investors. The authors conclude that the new Russian legislation on digital rights does not contribute to the harmonization of law in the digital economy, deprives Russia of the leading position in this sphere, and may negatively affect the investment prospects of the Russian digital assets market.