Features of a Business Company its Shares Are Issued In the Form of Digital Financial Assets

Federal Law No. 259-FZ dated 07/31/2020 "On Digital Financial Assets, Digital Currency and Amendments to Certain Legislative Acts of the Russian Federation" expanded the existing dispositive approaches to regulating the legal status of a non-public joint stock company. Since the beginning of 2021, the way has been opened for their creation, existence, and termination in the information and telecommunications network "Internet", namely in information systems with the functionality of issuing digital financial assets. In this law, digital rights, including the rights to participate in the capital of a non-public joint-stock company, are recognized as one of the types of digital financial assets. The legislator has outlined a legitimate "digital Internet equivalent" of a non-public joint-stock company; it is allowed to issue shares of the authorized capital in the form of digital financial assets. As a result, the authors proved that in the 4th year of the Federal Law No. 259-FZ dated 07/31/2020, there is not a single newly created non-public joint stock company whose shares would be issued in the information system in the form of digital financial assets. This confirms the complete lack of demand for the construction of "digital rights of participation in the capital of a non–public joint-stock company" due to non-viability, namely, the definitive vagueness and excessive bulkiness of this design according to the scheme "rights to rights to rights". On the other hand, taking into account modern legal regulation, the authors consider the procedures for issuing shares of a newly created non-public joint stock company to be simple in the traditional way. Inaccuracies and contradictions of legislative prescriptions are revealed, the excessive cumbersomeness of the design of digital rights, including the rights to participate in the capital of a non-public joint-stock company, is justified. Proposals are being made to improve and develop investment legislation.