The Russian law “On digital of financial assets” no longer contains the concept of “cryptocurrency”

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The draft law “On digital of financial assets”, as it turned out, it will not regulate the cryptocurrency transactions. This follows from the new version of a document prepared for the second reading in the State Duma, and mining is no longer described as a way of mining cryptocurrency. Now mining in Russia will be considered as a mechanism for attracting investment and capital.

The new version of the legislative draft “On digital of financial assets” was missing the concept of “cryptocurrency” and mining the draft law now being considered only as a tool for production of tokens designed to attract funding. In the previous version of this document mining is described as the way of mining cryptocurrencies, and cryptocurrencies were assigned to one of the types of digital assets.

The bill also would no longer regulate financial transactions with the cryptocurrency, is now the subject of a regulation under this bill there will be only exchange and purchase and sale of tokens with the tokens. Token in this document is the “unit of account, which replaces the securities in the digital world and shall certify the right to ownership of an asset”.

The new draft law does not provide for the timing of the legalization of cryptocurrency in Russia. According to participants of the working group on preparation of the bill, the government aims to reduce the risks associated with cryptocurrencies, therefore, limits the stock market is quite narrow limits. Translation and the opening of business of the cryptocurrency and blockchain projects in Russia it is still impossible.

To issue tokens, however, as the Russian/foreign organizations and physical persons registered as individual entrepreneurs. To do this, organizations need to prepare a special decision on the issue. It is noteworthy that the issue of tokens must be secured by the property of the Issuer or a third party.

Digital of financial assets will be held in specialized facilities licensed by the professional participant of the securities market, listed in the register of the Central Bank.

The current version of the bill, according to experts, acquired forms more than the market, because it reflects the ability of tokenization debt and equity. In addition, simplified mechanisms for the transfer of shares of the company to third parties.

We will remind, recently the SKOLKOVO working group on the legal regulation has developed a draft law recognizing the legal value of contracts and transactions concluded in the electronic form, electronic signatures and smart contracts.

Note that the Deputy Prime Minister of the Russian Federation Maxim Akimov said recently that the bill on crowdfunding and digital of financial assets can be passed during the autumn session of the state Duma.

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