Financial privacy in the context of the development of digital settlement and financial instruments: legislative aspect

Abstract

The growing popularity of asset tokenization opens up new opportunities for its application in various sectors of the economy, but also raises new questions in terms of both ensuring the right to privacy and in the context of preventing criminal acts in the financial sector. One of the key issues is ensuring financial privacy, that is, protecting data on financial transactions, account status and assets of citizens. The present study aims to highlight the specific features of the legislative aspects of financial privacy in the context of using digital settlement and financial instruments. This goal is achieved by solving the problems of considering the concept of financial privacy, derived from the provisions of the current legislation and in comparison, with foreign experience, as well as the specifics of implementing this concept in relation to such types of digital instruments as digital currency, digital financial assets and cryptocurrencies. The main conclusions of the study contain a proposal for defining the concept of financial privacy, as well as individual proposals for the formation of a single comprehensive regulatory framework for regulating financial privacy in the context of new settlement and financial institutions.