ASSET CONTROL IN THE WEB3 ERA: TRANSITIONING FROM BANK ACCOUNTS TO CRYPTOCURRENCY WALLETS

This study explores the evolution of asset control mechanisms within the emerging Web3 paradigm. Modern crypto assets (including coins and tokens), built on distributed ledger technology (DLT), constitute a fundamentally new class of digital assets that challenge the traditional banking system. Unlike conventional bank accounts, where control over funds is delegated to financial institutions, Web3 wallets grant users full asset sovereignty through cryptographic mechanisms. The focus lies on a comparative analysis of two fundamentally distinct asset management models: the traditional banking system and innovative Web3 wallets. The author examines key differences between these tools, with particular attention to security, decentralization, and user involvement in financial operations. The paper delves into the structural components, functionalities, and mechanisms of Web3 wallets, including their role in the decentralized finance (DeFi) ecosystem, and classifies them based on key management criteria, network access modes, and functional breadth. Special emphasis is placed on the trade-offs between autonomy and responsibility inherent in the shift from centralized to decentralized financial models. The analysis concludes that Web3 wallets represent a new paradigm of value ownership and transfer, grounded in self-governance and cryptographic security. The article highlights the need to rethink traditional economic models amid digital transformation and proposes clear terminological distinctions for modern financial instruments.

This study explores the evolution of asset control mechanisms within the emerging Web3 paradigm. Modern crypto assets (including coins and tokens), built on distributed ledger technology (DLT), constitute a funda- mentally new class of digital assets that challenge the tradi- tional banking system. Unlike conventional bank accounts, where control over funds is delegated to financial institu- tions, Web3 wallets grant users full asset sovereignty through cryptographic mechanisms. The focus lies on a compara- tive analysis of two fundamentally distinct asset manage- ment models: the traditional banking system and innovative Web3 wallets. The author examines key differences between these tools, with particular attention to security, decentral- ization, and user involvement in financial operations. The paper delves into the structural components, functionalities, and mechanisms of Web3 wallets, including their role in the decentralized finance (DeFi) ecosystem, and classifies them based on key management criteria, network access modes, and functional breadth. Special emphasis is placed on the trade-offs between autonomy and responsibility inherent in the shift from centralized to decentralized financial mod- els. The analysis concludes that Web3 wallets represent a new paradigm of value ownership and transfer, grounded in self-governance and cryptographic security. The article highlights the need to rethink traditional economic models amid digital transformation and proposes clear terminologi- cal distinctions for modern financial instruments.

Dyudikova E. I. Asset control in the Web3 era: transitioning from bank accounts to cryptocurrency wallets. Biznes. Obrazovanie. Pravo = Business. Education. Law. 2025;2(71):178—186. DOI: 10.25683/VOLBI.2025.71.1331.