Comparative Analysis of Digital Financial Asset Regulation in Brazil, Argentina, and Russia

The article presents a comparative analysis of digital financial asset regulation systems using the examples of Brazil, Argentina, and Russia. The relevance of the topic is driven by the rapid growth of cryptoasset markets and the need to improve financial regulation. The study examines the legislative framework, the role of regulators, the tax regime, and the involvement of the banking sector in the circulation of digital financial assets. The findings show that Brazil has established a comprehensive legal basis (the 2022 Virtual Assets Law) and active oversight by the central bank and securities commission, including licensing of service providers and stablecoin controls. Argentina, amid extremely high inflation, is implementing financial oversight measures (a VASP registry under the Securities Commission, a ban on crypto operations for banks) and fiscal initiatives (asset amnesty including crypto holdings). The Russian Federation was among the first to pass a law on digital financial assets (2020), but its implementation is limited: domestic use of cryptocurrency as payment is prohibited, and development is focused on “digital rights” – tokenized assets under Bank of Russia supervision. The conclusion offers recommendations for Russia, taking into account Latin American best practices – in particular, the need for flexible stablecoin regulation, expanded licensing of fintech providers alongside enhanced risk controls and investor protection.