Legal regulation of the international financial architecture in the context of digital transformation . The experience of the European Union and the Republic of Poland

Author: Svetlana Romanenko
Institution: Kunaev Eurasian Law Academy, Almaty, Kazakhstan
ORCID: https:// orcid.org/0000-0002-0946-1669
Year of publication: 2023
Source: Show
Pages: 7-21
DOI Address: https://doi.org/10.15804/CPLS.2023201
PDF: cpls/6/cpls601.pdf

The digital transformation of public relations has become possible with the introduction of artificial intelligence, the Internet of Things, cloud computing, immersive technologies, and data analytics. These technologies make it possible to create a metaverse where communication, knowledge acquisition, work, business, investment, creativity, and much more are available to everyone. The article offers an in-depth analysis of the institutional legal framework governing the international financial architecture within the realm of digital transformation. It explores regulatory mechanisms and developmental trends within the legal and financial systems of both the European Union and the Republic of Poland. The study delves into instances of commercial fraud involving digital assets, thoroughly examining their implications on the traditional financial system. In the virtual world, the capital market has no borders and jurisdictions. False and unreliable information has become an instrument of manipulation by society and is actively used by market participants. The conventional financial system experiences a loss of control over its functions, particularly in the process of converting fiat funds into digital assets. Decentralized finance regulated by cryptocurrency can replace the Bretton – Woods system. Blockchain is “a technology of utmost honesty” in data transmission. The task of society is to be guided by ethical, social, moral, and environmental aspects in the initial placement of information. The effectiveness of legal regulation of the digital environment is possible only with the adoption of regulations, rules, and recommendations of international organizations in the legislation of each country. A single principle of legal regulation will allow us to build a more just world and its sustainable development.

REFERENCES:

digital assets transnational organized crime token commercial fraud metaverse international financial architecture decentralized financial system digital transformation Blockchain cryptocurrency

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