Digital financial assets through the prism of the doctrine of undocumented securities

Digital reform puts on the agenda issues related to the legal regime of new digital phenomena - digital rights, including digital financial assets. Giving digital rights an independent legal status makes it necessary to differentiate the legal regime of digital financial assets and the legal regime of related objects of civil rights - non-documentary securities. The author focuses on the fact that the legal regime of digital financial assets is based on the legal regime of nondocumentary securities. The article makes general comments on the statuization of digital financial assets; identifies expert positions on the legal regimes of digital financial assets and non-documentary securities; examines doctrinal ideas about the relationship between the legal statuses of digital financial assets and non-documentary securities. As conclusions, the author made the following conclusions: a) the independent legal status of digital financial assets is mainly due to political motives; b) the general similarity of digital financial assets and nondocumentary securities is in the rights they certify; c) the differentiation of the phenomena being compared can be carried out on the basis of two criteria: 1) the presence/absence of an intermediary; 2) the architecture of the information system that makes up the infrastructure of the corresponding value.