The International Legal Regulation of Cryptocurrencies and Digital Financial Assets: Finding Balance between Innovation and Stability

The article aims to provide a scientific substantiation of models of international legal regulation of cryptocurrencies and digital financial assets (DFA). The central focus is on the analysis of the dilemma between stimulating technological innovation and ensuring financial stability, protecting investors' rights, and combating illegal transactions. The objective of the study is to conduct a comparative analysis of divergent national approaches (using the US, EU, China, Singapore, UAE, and Switzerland as examples) and supranational initiatives (FATF, IMF, and BIS) in order to identify key contradictions and legal gaps hindering the development of a coordinated global model. The work consistently examines the following: the economic role of digital assets; the evolution of regulatory regimes; the specifics of the cross-border circulation of cryptoassets; and the impact of central bank digital currencies (CBDCs) on the legal field. The methodological basis is formed by a comparative legal and systemic analysis of regulations, international standards, and doctrinal sources for the period 2019– 2025. The result is a comprehensive assessment of current trends and a proposal for possible scenarios for the convergence of regulatory practices to overcome the fragmentation of the legal space.

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