Introduction
Digital assets have become ubiquitous in modern society, playing an increasingly vital role in economic activities. These assets encompass a wide range of intangible properties, including but not limited to:
- Non-physical property forms
- Electronic records of personal rights or interests
- Server-stored data (e.g., social media accounts, digital currencies, online game items, domain names, and related intellectual property)
The effective circulation of such assets—particularly those deriving value from network service providers (e.g., social media accounts, virtual currencies)—could significantly boost digital economic growth and enhance competitive advantages.
Key Challenges
1. Legal Definition Ambiguity
- Digital assets lack clear legal categorization under existing property, intellectual property, or securities laws.
- Current practices rely heavily on private contracts between service providers and users, often favoring providers' terms and restricting users' rights (e.g., transfer, inheritance).
2. Trust and Transparency Deficits
Unlike physical assets, digital assets lack standardized methods to verify:
- Existence
- Ownership
- Transaction validity
- This undermines trust in digital economic activities.
International Approaches
United States: Wyoming's Digital Asset Framework
Legal Recognition:
The Wyoming Digital Assets Act (2019) classifies digital assets into three categories:- Digital Consumer Assets: Personal intangible assets (e.g., blockchain tokens, game items).
- Digital Securities: Assets meeting investment property criteria.
- Virtual Currencies: Mediums of exchange treated as money under the Uniform Commercial Code (UCC).
Trust-Building Mechanisms:
- Authorizes banks to offer custodial services for digital assets.
- Grants digital assets secured interest status under the UCC.
👉 Learn how Wyoming's laws enhance digital asset security
Russia: Digital Rights Legislation
Civil Code Amendments (2019):
- Introduces "digital rights" as a new category of civil rights客体.
Requires digital assets to operate on decentralized systems (e.g., blockchain) with:
- Real-time state visibility.
- Direct owner control (no third-party intermediaries).
- Excludes cryptocurrencies from this framework.
Comparative Analysis
| Aspect | Wyoming, USA | Russia |
|---|---|---|
| Legal Classification | Asset-type specific (UCC-aligned) | Broad "digital rights" category |
| Trust Mechanism | Bank custodial services | Decentralized system standards |
| Key Innovation | Financial sector integration | Infrastructure-focused legal reforms |
Policy Recommendations for Digital Asset Circulation
Clarify Legal Status
- Evaluate whether recurrent digital asset transactions could form customary law under civil codes (e.g., Taiwan’s Civil Code Article 757).
Build Trust Infrastructure
Adopt hybrid models:
- Wyoming’s approach: Leverage financial institutions for custody.
- Russia’s approach: Standardize decentralized systems for transparency.
Enable Ownership Rights
- Limit contractual overreach by service providers through statutory protections.
👉 Explore global digital asset regulations
FAQs
Q1: What are the main types of digital assets?
A: Consumer assets (e.g., game items), securities-linked assets, and virtual currencies.
Q2: How does Wyoming’s law improve digital asset security?
A: By allowing banks to provide custodial services and recognizing secured interests.
Q3: Why did Russia exclude cryptocurrencies?
A: To focus on non-currency digital rights and avoid regulatory overlap.
Q4: Can digital assets be inherited?
A: Currently dependent on service providers’ terms; legal reforms could standardize inheritance rights.