Crypto currencies as a modern financial tool of digital economy: global experience of state regulation

Abstract

The purpose of the research is to determine the key directions of international experience of state regulation of application of crypto currencies in digital economy. The methodology of the research consists of the method of dynamic analysis – for determining the tendency of development of the international market of crypto currencies, and the method of comparative analysis – for determining common and different tendencies of state regulation of crypto currencies’ turnover in financial systems of various countries. As a result of the research, certain conclusions are made. The essence and principles of functioning of ICO are determined. ICO and IPO are compared as financial tools of digital economy. Comparative analysis of experience of application of crypto currencies in various countries is performed. The main preconditions of expansion of the scale of using crypto currencies as a model financial tool of digital economy are formulated. The factors of quick growth of the RUB/crypto currencies rate are shown. They include: high demand from financial institutes, migration of stock market players, increase of positive image, creation of new variations of virtual currency on the basis of existing technologies; issue of futures on crypto currency. Recommendations are developed for selecting directions for formation of the measures of control and monitoring of emission and turnover of crypto currencies at the legislative level in Russia in view of international experience in this sphere, which allows intensifying the development of state regulation of new virtual financial tools