The new version of the draft law “On digital of financial assets” does not include the term “cryptocurrency”

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The new version of the draft law “On digital of financial assets”, prepared for the second reading in the state Duma, does not contain legal rules governing transactions with cryptocurrencies and mining, is mentioned as a tool to raise capital: the possession of tokens, which can produce legal entities and individual entrepreneurs, certifies the rights to participate in the company or on the property.

In the previous version of the bill under the mining is proposed to understand the mining of cryptocurrency, which was understood to be one of the types of digital asset.

“The bill does not reglamentary cryptocurrency transactions – confirmed Executive Director of Sputnik DLT Artem Tolkachev. – Now subject to regulation began only with tokens. The latter can either confirm the rights to property and participation in the capital of the company, or to perform a technical role in the buying and handling of digital assets”.

According to experts, the bill still does not answer the question, when will be legalized cryptocurrencies in Russia.

“The government is trying to level the risks associated with cryptocurrencies, but it leaves market opportunities for development. This calls into question the translation of cryptobiosis in Russia and its legalization here,” he said.

The bill speaks of the need to prepare a special decision to issue to issue a token Russian and foreign companies and physical persons registered as individual entrepreneurs. Issue tokens must be secured by the property of the Issuer or a third party, say the legislators.

Under the bill, to place digital of financial assets (CFA) have for specific sites licensed by the thepromember securities market and registered in the special registry of the Central Bank. The site is also required to identify and keep track of customers, access to the data which will be required to provide to state agencies or the bankruptcy Trustee.

The operator for the exchange of digital assets responsible for the transaction for the sale, will be determined separately. CFA can be exchanged for rubles, foreign currency or other tokens.

“The current version of the bill looks much more market-oriented than the first – said Tolkachev. – Began to understand the themes associated with tokenization of debt and equity. Moreover, it is assumed the simplification of number of mechanisms. For example, the transfer of the shares in the capital of the company to a third party. Now to transfer shares in the company need to involve a notary. In the case of a CFA do not need exchange can be made at the site where treated the tokens, the supposed bill.”

The new version of the bill contains information about the advertising policies of the CFA is promoting them, you will need to specify a limit amount for which the assets will be able to buy unqualified investors, as well as to warn about the possible risks of such acquisition.

According to the President of RAKIB Yuri Pripachkin, the bill is still being finalized. In particular, RAKIB suggested edits allowing you to abandon the rigid framework, which may hinder the attraction of investment, especially for small and medium businesses.

“If the bill is not satisfied with cryptonote, companies will go to other jurisdictions,” – said the expert.

The first version of the bill was introduced in the Duma in March. In August, the Director of the legal Department of the Central Bank Alexey Guznov said that the updated version will be submitted for public discussion in the second reading in early October.

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