Development of Digital Financial Assets: Foreign Experience

Nowadays, actively developing digital technologies have a significant impact on all spheres of society. The digitalization of the economy and, in particular, finance is particularly dynamic. Blockchain, distributed ledgers technologies, Big Data and others became the basis for the emergence of cryptocurrencies, tokens, and then other forms of digital financial assets (digital assets). Since the beginning of the use of digital technologies in the financial sector, a separate market has been formed – digital financial assets, opening up to the world community not only new opportunities, but also challenges related to its regulation, control, taxation, and finally, the rules of interaction of participants and the protection of their interests. The article presents the main approaches to the definition of digital financial assets, their classification is considered, a historical overview of the emergence, formation and development of the digital assets market is made, the key directions of their legal regulation and taxation are outlined, the experience of interaction of foreign countries with different types of digital assets is described, with an emphasis on the USA, EU, China and the Middle East countries.