the state Duma adopted in the second reading the draft law “On digital of financial assets”, and the next day assigned to third reading. Such efficiency is astounding, because the bill over two years. After the first reading in may 2018 document has changed beyond recognition. All this time the sponsors, the government and Bank could not agree on key provisions. In the latest version and does not tell directly about cryptocurrencies, but their excessive popularity and was once the reason for writing the law.
the Bill on digital of financial assets is needed by the authorities in the beginning of 2018, at the peak of cryptocurrency fever and a General fascination with bitcoin. When there were hundreds of miners, bred mining farm investors rush to invest in promising crypto-currencies. The governments of progressive countries quickly took allow or deny laws about digital money, to somehow regulate the virtual market. The Russian authorities with burning heels began for the creation of the law, fearing that bitcoin will be threatened by the ruble. However, the enthusiasm of the lawmakers was gone, along with the subsequent collapse of the exchange rate of cryptocurrency.
two years after the first reading, the document is repeatedly copied. Before his keynote was the prohibition of any “money substitutes” (as the head of the Central Bank Nabiullina called cryptocurrency). The current wording legalizes digital assets, but prohibits their use as means of payment. The bill is given a rather convoluted definition of digital currency is a digital code, a symbol or a set of electronic data contained in the information system. Under this definition, the idea, and fall of crypto currencies.
As explained by one of the authors, the head of the Duma Committee on financial market Anatoly Aksakov, the “cryptocurrency we define as digital code, which is used as a means of payment and as a means of savings and investment.” “In Russia, this means of payment may not be used for payment of goods and services,” he said.
At the same time deal with digital of financial assets (CFA) resolved. But the information system’s handling of them, shall enter in the register of the Central Bank. Such a register yet. The regulator will also be able to identify the signs of a CFA, is available for qualified investors and for private Nestorov-individuals.
Removed from the bill and the concept of “mining” (creation of codes of digital currency with the help of computers) and “tokens” (the digital equivalent to shares in companies or startups). As stated by Aksakov, directly digital currency will be devoted to another law. In addition, the law “On digital of financial assets” will not be spelled out criminal or administrative responsibilitythe value.
“Under the CFA refers to digital rights issue, registration and circulation of which is possible only by making entries in the information system based on a distributed registry. Such rights may be the object of collateral, the transactions of purchase and sale, exchange of one type to another. A similar asset can be called, for example, book-entry stock or bond. But we understand that the definition of crypto-currencies and tokens. That is, the CFA – these are assets that have value have rights, but exist only in digital form and recorded in the registry” – said a leading analyst of the Forex Optimum Ivan kapustyasky.
“In fact, the bill limits the turnover of crypto-currencies – it should be banned for Russian residents. Is called into question and the legality of mining, which will make Russia not a very comfortable jurisdiction for companies engaged in such activities. This is bad for the development of the digital market, but that is the position of the regulator. Financial authorities are trying, on the one hand, to protect the national currency, on the other – to protect citizens from fraud, the third – to prevent the uncontrolled settlements” – said the founder of the law firm Partners VK Vadim Konyushkevich.
to Enter into force the law shall January 2021, noted in the state Duma. “Even if the law is passed, in the future it will be adjusted and amended. The current bill market participants are waiting for the legislative framework on which to build further regulation of the industry,” added Ivan kapustyasky.
