The research objective of the publication is expressed in its content devoted to the
general analysis of the solutions adopted in the draft regulation of the European
Union on the digital asset market. The entry of this legal act into force will fill the
so-called ‘regulatory gap’ as the digital asset sector is not regulated in the EU. The
research approach has been determined by the subject of the legal analysis, namely
the provisions of the proposed new EU regulation on the digital asset market. The
study describes the proposed legal regulation and its systemic importance, as well
as indicates the similarity of the proposed solutions to well-known legal institutions
in the area of the capital market. The main theses are as follows: the proposed legal
act will order the digital asset market in terms of law (firstly); the proposed legal act
in terms of content is based on solutions provided for in the capital market law
(secondly); the proposed legal act provides for legal institutions ensuring the
so-called safety of trading (thirdly). The results should be considered original
because the publication constitutes a pioneering study on the proposed legal act.
With its entry into force (the date is unknown), a discussion on specific topics will
begin in the science of law. Therefore, it is worth speaking up and evaluating the
proposed regulation before the new law is passed. The cognitive value of the publication results from its pioneering nature, and the impact on social relations is
significant. The digital asset market is developing extremely dynamically, and the
interest in this sector is very high.

The research objective of the publication is expressed in its content devoted to the general analysis of the solutions adopted in the draft regulation of the European Union on the digital asset market. The entry of this legal act into force will fill the so-called ‘regulatory gap’ as the digital asset sector is not regulated in the EU. The research approach has been determined by the subject of the legal analysis, namely the provisions of the proposed new EU regulation on the digital asset market. The study describes the proposed legal regulation and its systemic importance, as well as indicates the similarity of the proposed solutions to well-known legal institutions in the area of the capital market. The main theses are as follows: the proposed legal act will order the digital asset market in terms of law (firstly); the proposed legal act in terms of content is based on solutions provided for in the capital market law (secondly); the proposed legal act provides for legal institutions ensuring the so-called safety of trading (thirdly). The results should be considered original because the publication constitutes a pioneering study on the proposed legal act. With its entry into force (the date is unknown), a discussion on specific topics will begin in the science of law. Therefore, it is worth speaking up and evaluating the proposed regulation before the new law is passed. The cognitive value of the publication results from its pioneering nature, and the impact on social relations is significant. The digital asset market is developing extremely dynamically, and the interest in this sector is very high.

The problems of the Russian transformation are strongly related to the policy model adopted by the chief financial regulator, which in the case of this article is the Central Bank of Russia. It is argued here that the policy followed by the CBR is obsolete and rooted in the 1990s, and not up to date with the needs of the current economic conditions. These conditions are specific only to Russia and deserve the name of a “small cold war”. The CBR continues to pursue a liberalisation policy based on concepts borrowed from the West. Their core is a complete liberalisation of the international currency flows, at the expense of protecting the domestic market from international speculative capital, and at the price of encouraging capital flow away from Russia. At the same time this policy has managed to discourage long term domestic investments.

Cash pooling is a method of managing financial resources, which works well primarily in enterprises with an extensive corporate structure and operating within capital groups. The choice of a given form of cash pooling will depend on the entrepreneur’s individual preferences. Although using this method has many advantages, it still raises legal doubts. There is a lack of provisions in Poland that would precisely regulate this type of greement. In many cases, the design of the cash pooling agreement is similar to a loan agreement. However, it is worth paying attention to the basic differences, such as the fact that the essence of cash pooling is not an obligation to transfer a specific monetary value to an entity specified in the contract. These and other specific features of cash pooling agreements mean that it is not always obvious to which entity and on what terms an entity can be granted the status of beneficial owner. An additional, verification obligations imposed on the Polish payer and the need to act with due diligence are practical impediments.