Singapore Convention on Mediation: The Main Provisions

Abstract

Technological advances are significantly affecting established legal and regulatory frameworks, offering their own rules of the game. Digital space is saturated with trends of decentralization and anonymity. Digital financial assets and the exchanges on which they are listed are a new challenge for modern lawmaking. Relevant issues are the relationship between the concepts of «digital financial assets», «digital currency», «cryptocurrency», as well as legal regimes of functioning of these market instruments.

When analyzing the characteristic features of cryptocurrency, the anonymous nature of the existence of such assets in the digital space is highlighted. Therefore, bankruptcy trustees are faced with the problem of search and foreclosure of cryptocurrency. The author proposes ways of solving this problem based on trends in practice, analysis of user agreements of leading stock exchanges, regulatory approaches of foreign countries.

The article draws attention to the issue of mechanisms to protect users of trading platforms and cryptocurrency exchanges from unauthorized actions of third parties, as well as interaction of government, in particular human rights bodies with these platforms. The article analyzes the market of cryptocurrency exchanges, which act as a platform for circulation of digital financial assets. Through the study and comparison of user agreements offered by exchanges, the tendency to cooperate with judicial and administrative institutions on the protection of creditors' rights is revealed.

However, it is worth noting the significant gaps in Russia's regulatory and legal regulation of the interaction of public authorities with exchanges when the need arises. At the moment, there are no legal provisions that would allow the active recourse to digital platforms to promote justice.