DIGITAL CERTIFICATE — A NEW TYPE OF SECURITY

Digital certificates are used for securitization of utilitarian digital rights that are restricted in circulation. By introducing this institution, the legislator has not fully settled the issues related to it. In particular, it is necessary to define the procedure for interaction between the operator of the investment platform and the Depository in the accounting process related to the issuance of digital certificates. The owner of a utilitarian digital right that initially receives a digital certificate, according to the author, can be a Depository or an investor. It is possible to form investment pools in order to acquire utilitarian digital rights for their subsequent securitization. The legislator did not define the nature of the subjective civil law on the basis of which the owner of a digital certificate has a digital right. According to the author, this right is the right of ownership. Digital certificates are a type of securities constructed on the model of depository receipts and have features similar to documents of title. According to the author, there are prerequisites for the introduction by the legislator of the possibility of circulation of digital certificates at regulated markets.

digital economy, digital law, security, financial instrument, digital certificate, securities market, investment, investment platform, depository receipt, regulated market

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