Taxonomy and Typology of Crypto-Assets: Approaches of International Organizations

Abstract

Subject of research: current doctrinal and legal-technical issues of taxonomy and typology of crypto-assets by international organizations. In the paper the author analyzes approaches to taxonomy and typology of crypto-assets by standard-settings bodies such as IOSCO, FSB, FATF, IMF. Besides the global crypto-asset regulatory landscape, the author pays attention to the regulation of crypto-assets at the EU level, especially ESMA policy activities. Special attention is paid to legal regulation of investment tokens and regulatory approaches to a new type of intermediaries in the crypto-market such as crypto-asset trading platforms. The first and foremost issue for regulators to consider is the legal status of crypto-assets and, as a result, it is determined whether financial services rules are likely to apply and, if so, which piece of legislation provides the adequate level of protection to investors. Therefore, the author also concentrates on the legal qualification of crypto-assets. The results of the study of problematic issues of crypto-assets’ regulation at the global level and in the EU form the ground for developing the position on the opportunities to adopt the international regulatory experience to facilitate the development of Russian civil law.