Regulation Regime of Digital Exchange Platforms: Perspective Models

The research is devoted to the study of the features of ensuring the regulatory regime of digital innovative products traded on digital exchange platforms. The study shows that the concept of “regime” exists in the legislation of a number of countries, while in most countries this regime is equipped with criminal law mechanisms for bringing to justice. According to the results of the study, the author identifies two key approaches in legal regulation. The first is typical of the countries of continental Europe, the second is more rigid, typical for the United States. Within the framework of the European approach, two already established areas of regime regulation are identified: the first is aimed at regulating digital assets in accordance with the legislation on the securities market, the second is aimed at previously unregulated digital assets, such as stablecoins. A pilot regime is being implemented in the EU to test the new regime. The US approach is based on the US SEC's application of the Howey test. The strengthening of imperative methods in the regulation of illegal manipulative practices on the digital market should be recognized as a distinctive feature of both approaches.