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The relevance of the study is due to the transformation of financial markets under the influence of digitalization, the growth of shadow financial practices and the emergence of decentralized digital assets, including cryptocurrencies and stablecoins, which creates new challenges for the financial and economic security of the Russian Federation. In the context of geopolitical instability, sanctions pressure and the need to strengthen national financial sovereignty, adequate legal regulation and supervision of new financial instruments and market participants is of particular importance. The purpose of the study is to analyze the current state of financial and legal regulation of financial markets in Russia in the context of ensuring economic security, as well as to identify gaps and risks associated with the development of digital financial technologies. The research uses methods of system analysis, comparative legal analysis, statistical analysis, as well as methods of forecasting and expert assessment based on regulatory legal acts and scientific literature for 2021-2024. The hypothesis of the study is that effective economic security is possible only with a balanced approach to regulating digital financial markets, combining innovative development, consumer protection and the stability of the financial system. The scientific novelty of the study consists in a comprehensive assessment of the impact of digitalization of financial markets on economic and legal security, including in conditions of sanctions isolation, as well as in the proposal of an adaptive regulatory model integrating approaches to supervision of crypto assets, fintech and the shadow banking sector. The results of the study include the identification of key risks associated with decentralized financial systems, the justification of the need to modernize legislation and strengthen the role of the Bank of Russia as a mega-regulator, as well as the development of proposals for the harmonization of national norms with international standards (in particular, with the recommendations of the FATF and the Basel Committee). In conclusion, it is emphasized that the sustainable development of the financial system in the context of digital transformation requires not only legal regulation, but also improving financial literacy of the population, developing institutions of self-regulation and Russia's active participation in the formation of global digital financial standards.
financial security, digital financial assets, cryptocurrencies, shadow banking, Bank of Russia, mega-regulation, economic security, fintech
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