Regulation of virtual currencies: international experience and prospects for the development of the regulatory framework in Russia

The article examines the international experience of regulating virtual currencies and the prospects for the development of the regulatory framework in Russia. Various approaches of countries to the regulation of cryptocurrencies are analyzed: from a complete ban to the creation of favorable legal conditions. There are three main models of regulation and groups of countries according to the level of development of legislation in this area. The key problems of using cryptocurrencies related to the vulnerability of exchanges and users, the volatility of the exchange rate, the difficulties of determining the legal status and the risks of illegal use are considered. Successful regulatory practices are studied on the example of Japan, Germany, the USA and Switzerland, and key norms and approaches are highlighted. The current situation in Russia is analyzed, including the new law "On Digital Financial Assets", its main provisions and limitations. Recommendations are given on the further development of Russian legislation, taking into account foreign experience. It is concluded that it is necessary to form a comprehensive legal framework for regulating cryptocurrencies at the national and international levels, taking into account the specifics of this technology and ensuring a balance of interests.