Emergence of Decentralized FinanceMmarket in the Russian Federation: Opportunities and Threats

Abstract

The author summarizes the knowledge about the processes of formation of the decentralized finance market in the Russian Federation and analyzes the main opportunities and threats to its functioning. It is shown that the concept of “decentralized finance market” in the most complete, in the author’s opinion, definition is interpreted as a parallel reality of the classical financial market, in which the decentralized issue and circulation of digital financial assets is implemented, allowing to carry out investment operations with capital. This, in turn, creates preconditions for the uncertainty of regulatory impact and the removal of responsibility for the actions of participants within the system. Thus, the development of this market in Russia may carry threats associated with the lack of single points of access (specific subjects of legal relations); anonymization of management and layout; and the global nature of its activities. To minimize the manifestation of these risks it is recommended to introduce a number of new regulatory requirements for market operators, for smart contracts; development of international standards for the construction of DeFi gates and recommendations for domestic DeFi market participants with motivation for the priority protection of their interests.