Tokens: Actual Problems of Determining the Legal Status and Classification

The subject of the study in this article is the tokens used today as part of the “blockchain” systems, as well as the relevant analysis of their legal regulation. Blockchain technology is one of the most promising areas in the field of digital economy, which continues to constantly and actively develop. The use of tokens as a means of payment in blockchain systems is becoming increasingly relevant. However, it should be noted that in this area, practice has significantly outstripped legal regulation. In the current civil (commercial) law relatively recently began to develop provisions defining the features of the turnover of the so-called digital assets, and this regulation is not deployed. This regulation is introduced today rather cautiously: among the objects of civil rights there are normative formulations of the tangent of digital rights, and this legislative regulation is not detailed. So far, the existing regulation regarding digital rights is not sufficient. Despite the active development of practice, legal theory (doctrine) does not even contain the uniform concept of a token. In this case, it is useful to refer to foreign experience and legislative practice. The article considers the examples of foreign legal regulation, the authors pay attention that the unity of legal understanding, approach to this legal instrument is necessary for sustainable practice. The article discusses the types of tokens, as well as some features of their use as a means of payment. The authors as a result of research and practical proposal draw attention to the need for an internationally unified concept of the use of tokens. © 2020, Springer Nature Switzerland AG.