22. Legal Regulation of Crypto-Asset Markets in the EU in the Post-COVID Period

This chapter examines the theoretical understanding and legal regulation of the European crypto-asset market in the post-COVID period, including compatibility of the proposed draft unified legal framework for the crypto-assets circulation with the legal order of the EU member states (Germany, Malta), as well as the competition between the EU legal order and the legislation of the advanced European countries (Switzerland, Liechtenstein) in the field of legalizing crypto-assets. The traced evolution of legal regulation in the field of crypto-assets circulation allows us to conclude that the EU institutions are working quite effectively and consistently to give a “pan-European response” to the challenges of digitalization, but there are some difficulties in synchronizing the created European legal framework with the interests of the EU member states and their often more advanced regulation. The results of the study of the problems of regulating crypto-assets in the European Union contribute to the development of the Russian scientific doctrine in the field of crypto-assets circulation allowing us to adjust the digital assets and digital currencies legalization model in Russia, also laying the foundation for forming supranational legal foundations that will let crypto-assets circulate in the Eurasian Economic Union.