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State Duma To Consider Digital Assets Law In April

11:01 21/03/2019
State Duma To Consider Digital Assets Law In April

The Russian parliament postponed the second reading of the draft law “On digital financial assets” to April 2019. Anatoly Aksakov, a co-author of the document and head of the State Duma Committee on Financial Markets, announced this at the plenum, TASS reports.


The draft law, which will partly regulate the cryptocurrency industry in Russia, was submitted almost a year ago. The first hearing took place at the end of May 2018, but lawmakers advised the authors to revise the document.


Later, it became known that the future law “On digital financial assets” would not include the definitions of cryptocurrency, token, mining, and smart contract. Lawmakers refused to regulate operations with cryptos since it is literally impossible to apply Russian law in open blockchains such as Bitcoin and Ethereum.


Instead, “digital financial assets” will mean digital rights. Earlier, the State Duma fixed this term in the civil code. In it, lawmakers also avoid the terms “cryptocurrency” and “token”, but the concept of smart contracts appears here. However, deputies consider such transactions not an independent operation, but a provision on the mandatory implementation of a contract.


The draft law “On digital financial assets” does not specify the dates for legalization of cryptocurrencies in Russia, and whether they will be legalized or not.


So far, Russian lawmakers continue to introduce some amendments and restrictions to protect users, as well as to prevent crimes. Since the end of January 2019, there is a law prohibiting to launder cryptocurrency obtained in illegal way.


At the same time, Russian Central Bank proposes to introduce limits on purchasing digital assets.

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