TOKEN AS A NEW CIVIL RIGHTS OBJECT: ISSUES OF LEGAL CLASSIFICATION OF DIGITAL LAW

Abstract

The paper is devoted to the study of the new object of civil rights — the token (digital law). The question of the legal nature, civil law regime of digital rights is explored. The norms of the law on the concept and content of digital rights are analyzed. Consideration of a token as a digital method of fixing property rights makes it possible to consider it as a certain property value, the legal regime of which is similar to the «valuable rights» (Wertrechte) distinguished in the European continental law of the German type. It is concluded that the token performs several functions in the information system: 1) recognition of the authorized person; 2) a digital unit of the price of the share of a person’s participation in a business project, in construction investment; 3) a digital unit of the asset balance of the property of a legal entity; 4) digital equivalent of non-documentary securities; 5) the fulfillment of monetary obligations in digital form; 6) digital means of payment. Existing in the form of a digital entry in the register on the blockchain platform and performing various functions, the token as a fairly flexible digital (primarily financial) tool allows digital civilian turnover participants to perform digital «transactions» in cyberspace. The question of the possibility of qualifying the actions of users of the information system for making tokens as civil law transactions is analyzed.