Virtual assets market infrastructure

Abstract

Analyses the virtual assets market infrastructure. It was found that the uncertainty about the definition of the virtual assets market infrastructure makes it impossible to identify the infrastructure elements. Given that, it is necessary to propose the definition of virtual assets market infrastructure, identify the elements of the mentioned infrastructure, and make proposals for the development of the legal regulation regarding the virtual assets market. Thus, it was given the definition of the virtual assets market infrastructure as a set of elements that provide, regulate and create conditions for the normal, efficient and smooth functioning of this market. The article considers scientific approaches to the classification of the market infrastructure elements into general elements and special elements. General elements could be considered as infrastructure elements in all kinds of markets. But special elements are functioning only on the virtual assets market. For this study, it was proposed to identify only the special elements of the virtual assets market infrastructure. According to the research, special elements include: 1) service providers related to the circulation of virtual assets; 2) issuers (miners); 3) self-regulatory organizations. At the same time, it was grounded that the market users could not be considered as an element of the virtual assets market infrastructure. It was substantiated that the virtual assets market is at its early stage of formation, and therefore new elements of the market infrastructure may emerge. Besides, it was grounded that the definition of virtual asset market infrastructure should be enshrined in the law governing the relations on the virtual assets market.