DIRECTIONS FOR IMPROVING LEGAL REGULATION OF CROSS-BORDER PAYMENT INFRASTRUCTURE BASED ON DISTRIBUTED LEDGER TECHNOLOGY
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Author(s): | Akulinkin S. S., Balandin S. B., |
| Number of journal: | 1(74) | Date: | March 2026 |
| Annotation: | The article examines the challenges of legislative regulation concerning the development of cross-border payment infrastructure based on distributed ledger technology (DLT), which operates through the decentralization of key infrastructure participants. This decentralization enables uninterrupted processing of cross-border payment transactions for foreign trade actors. Tokenization of payment instruments and the use of distributed ledgers are becoming a fundamental solution to the shortcomings of the traditional cross-border settlement system, while simultaneously introducing new regulatory requirements. The study results in the creation of a theoretical foundation and the development of practical proposals for the legal support of the formation and functioning of an innovative cross-border payment infrastructure. The paper formulates proposals for the structure of the legal framework governing cross-border payment infrastructure based on DLT, including the adoption of a special law and targeted amendments to existing legislation. The new law should define a conceptual framework, including such terms as “digital payment token” and “stablecoin,” and establish a legal construct ensuring the reliable operation of cross-border payment infrastructure utilizing digital payment tokens within the boundaries of a cross-border payment space. It is concluded that introducing a comprehensive special regulatory regime for cross-border payment infrastructure based on DLT is appropriate. The preliminary introduction of an experimental legal regime may partially address the issue of legalizing digital payment tokens, including stablecoins, within cross-border payment infrastructure. However, establishing a coherent regulatory system requires eliminating existing inconsistencies in the legal status of various types of digital assets and expanding currency legislation regarding foreign digital rights. | ||
| Keywords: | payment industry, cross-border payment infrastructure, distributed ledger technology / DLT, digital payment token, stablecoin, cryptocurrency, central bank digital currency, legal regulation, legal relations, cross-border payment space |
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| For citation: | Akulinkin S. S., Balandin S. B. Directions for improving legal regulation of cross-border payment infrastructure based on distributed ledger technology. Biznes. Obrazovanie. Pravo = Business. Education. Law. 2026;1(74):70—76. DOI: 10.25683/VOLBI.2026.74.1505. |
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