THE DEVELOPMENT OF DIGITAL ECONOMY IN THE FINANCIAL SECTOR AND ITS REGULATORY FRAMEWORK

Abstract

Introducing new technologies to the financial sector is a crucial component of creating the digital economy. This trend is typical for the most of countries and as well it can be observed in Russia. The banks, which succeeded in reshaping their activities on the basis of digital technologies, not only boost their positions on the domestic financial services’ market, but also ensure themselves competitive positions within global market. Current forecasts indicate that the share of digital services both on the global and Russian markets will be constantly increasing. The growing number of companies, offering services based on new technologies, and their solidified positions on the domestic and foreign market demand pertinent amendments to the regulatory framework, governing the functioning and the development of the financial sector. The specifics of digital technologies, which are used in the financial sphere, define the peculiarities of their legal regulation. It means the transnational nature of digital technologies and the fact that organizations, whose activities are based on digital technologies, typically dispose of significant experience of operating outside the regulation of the state authorities. Russia currently has a “Strategy for the Development of an Information Society in the Russian Federation for 2017—2030” as well as a “Digital Economy of the Russian Federation” program. The article analyzes two draft federal laws — “On Digita Financial Assets” and “On Alternative Means of Attracting Investment (Crowdfunding)”. The adoption of these laws will form the basis for the regulating of digital technologies in the financial sector and will create an alternative system for the attracting investments for the development of small and medium-sized business using digital technologies.