Foreign approaches to defining the principles of regulating the circulation of virtual assets

Virtual assets have become an important element of financial markets, but their legal status, regulation, and integration into the economic system are the subject of much debate. In many cases, this leads to the formation of new, conceptually rethought approaches to financial regulation and the definition of the principles on which it should be based. In view of this, it is becoming increasingly relevant to study foreign approaches to defining the principles of regulating the circulation of virtual assets. The article analyses a risk-based approach to virtual asset regulation, under which the intensity and frequency of supervisory measures and law enforcement are determined by the level of risk inherent in the relevant activity in the sector. The principle of self-regulation has been studied, which provides for granting the right to the entire industry or individual groups of entities providing services related to virtual assets to independently regulate their own activities without direct intervention by state authorities. The approach of regulation through coercion, which is implemented by regulatory authorities through the use of coercive measures, including fines, penalties and legal action, is considered. Key groups of IOSCO principles that have a decisive influence on the formation of approaches to the regulation of virtual assets have been identified. It has been noted that IOSCO principles contribute to the harmonisation of regulatory approaches in different countries, which promotes the integration of virtual asset markets into the global financial system. The principle of technological neutrality is analyzed as an approach to determining the principles and foundations of state regulation of legal relations related to virtual assets, which, among other things, provides that legislative regulation should be directed at the content of a transaction with virtual assets, and not at the technology by which such transactions are carried out. The conclusion is that international practice in regulating virtual assets demonstrates a variety of approaches to forming principles that ensure the security, transparency and stability of financial systems and is the result of adapting international standards, functional requirements and the needs of local markets.